USA: The Children's Beverage Group, Inc. Receives Additional Rochester Funds
Amending The 1999 - 2000 Community Development Block Giant And-Approving A Section 108 Business Loan And An Economic Development Initiative Grant For The Children's Beverage Group Inc. Project
BE IT ORDAINED, by the Council of the City of Rochester as follows:
Section 1. The Mayor is hereby authorized to submit an amendatory application and to enter into an amendatory agreement with the United States Department of Housing and Urban Development for the 1999-2000 Community Development Program whereby the Section IDS Business Loan authority and the Economic Development Initiative Grant authority provided in ordinance No. 99-227 shall be available for the Children's Beverage Group, Inc, Project at 860.888 Maple Street and the amount of the Section 108 Business Loan shall increase from $2,000,000 to $3.459.000. The 1999-2000 Community Development Plan is hereby amended to add this project at this location for the Section 108 Business Loan and the Economic Development Initiative Grant Programs and to increase the amount of the Section 108 Business Loan. The loan to the Children's Beverage Group, Inc. under the Economic Development Initiative Grant Program may be converted to a grant by the hiring of City residents in accordance with the Job Growth Credit Program.
Section 2. The Council hereby approves a Section 108 Business Loan in the amount of $3,459,000 and an Economic Development Initiative Grant in the amount Of $566,000 to the Children's Beverage Group, Inc. and said amounts or so much thereof as may be approved, are hereby appropriated for this purpose.
Section 3. The Mayor Is hereby authorized to enter into Section 108 Business Loan and Economic Development Initiative Grant Agreements with the Department Of Housing and Urban Development and with the Children's Beverage Group, Inc. and to execute such other agreements or instruments as may be necessary to effectuate the Business Loan and Economic Development lnitiative Grant programs.
Section 4. The application, agreements, and other instruments shall contain such additional terms and conditions as the Mayor deems to be appropriate.
Section 5. This ordinance shall take effect immediately.
Jon Darmstadter President & CEO of The Children's Beverage Group, Inc. (OTC/BB:TCBG) states, "I would like to personally thank the mayor and the head of economic development from The City of Rochester for their efforts and applaud their diligence for securing this final approval."
The Children's Beverage Group, Inc. is a unique beverage company directed at the billion dollar plus children's beverage market. The company's mission and goal has been to create cutting edge products using the latest in packaging technology. It features a patented no. 5,941,642 09/005,627, "Self-Contained Fluid Dispensing System" known in the trade as the 'rip it sip it'(TM)system. The company's products have been marketed by national retailers like WalMart®(NYSE:WMT). The company has been featured on the nationally broadcast television program "Emerging Public Companies.... the Story Behind the Symbol".
The statements contained in this release which are not historical facts contain forward-looking information with respect to plans, projections or future performance of the company: the occurrence of which involves certain risks and uncertainties that could cause the company's actual results to differ materially from expected results. Such risks include the timing of the implementation and the scope and success of the program described here.
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