Chapter 2.105
COMMUNITY REVITALIZATION
Sections:
2.105.010 Definitions.
“Account” means the Community Revitalization Fund Account. [Ord. G-2009-8 § 2, passed 7-6-09. 1983 Code § 3.33.01.]
2.105.020 Account created.
There is hereby created the Community Revitalization Fund Account (the “account” formerly known as the Economic Development Loan Account). The account shall be administered and managed by the Department of Metropolitan Development or its designee, under the general direction and supervision of the Executive Director of the Department of Metropolitan Development.
The account shall be non-reverting and shall be initially funded by transferring the balance then remaining, including notes receivable, in the former Economic Development Loan Account to the account. Future grants may be made from County Option Income Taxes, riverboat funds, funds available to the city for development programs from the State or the U.S. Department of Housing and Urban Development, other donations, grants and monies appropriated for economic development, community development or redevelopment and all other sources approved by the Common Council, subject to Common Council appropriation of such revenues. All account income and principal and interest loan payments from the account shall also be deposited into the Community Revitalization Fund Account.
The Community Revitalization Fund Account shall be used by the Department of Metropolitan Development for neighborhood stabilization, community development, economic development and redevelopment projects, loans to new business or housing prospects in furtherance of the goals and policies of the account and designating financial assistance to neighborhood development entities. The Department of Metropolitan Development shall have all authority and powers necessary to administer and manage the Community Revitalization Fund Account, including, but not limited to: (1) entering into loan agreements; (2) disbursing funds from the account; (3) designating account funds to appropriate entities, including the Board of Public Works, Board of Public Safety, Evansville Redevelopment Commission and Evansville Brownfields Corporation; and (4) adopting policies, procedures and guidelines for managing and administering account funds. [Ord. G-2009-8 § 2, passed 7-6-09. 1983 Code § 3.33.02.]