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Taco Bell Creates Foundation: Irvine-based Taco Bell Inc. has created the Taco Bell Foundation, a “public charity” that will fund nonprofit organizations that serve young people. The corporation, which made an initial $50,000 donation to the fund, also is seeking continued donations from the public through canisters in company stores. Employees and Taco Bell vendors also will be encouraged to make donations to the foundation, directed by Michele Myszka.

The foundation’s first donations include $150,000 to Catholic Community Services, to create a health-care clinic in Miami, and $160,000 to the American Red Cross Miami chapter, to purchase disaster relief vehicles.

The foundation hopes to raise $1 million during 1993 and to distribute more than $2 million during 1994.