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Reimbur <br />for the <br />t to Redevelopment Revolving Fund for Expenditures <br />h of August, 1965: <br />From <br />Pro <br />ect <br />Expenditures <br />Account <br />Fund <br />R -7 <br />$- 1,282.51 <br />From <br />Pro <br />ect <br />Expenditures <br />Account <br />Fund <br />R -29 <br />192.70 <br />From <br />Pro <br />ect <br />Expenditures <br />Account <br />Fund <br />R -56 <br />673.18 <br />From <br />Pro <br />ect <br />Expenditures <br />Account <br />Fund <br />R -57 <br />1,868.19 <br />Urban Re <br />evelopment Fund <br />fee of $23,000 has been agreed upon, which <br />DEMOLITION FOR <br />would include <br />3,003.74 <br />R -7 CONTRACT. <br />net cost <br />of approximately $18,000 on this settlement. -Mr. Louis <br />moved, Mr. <br />Koczan seconded, and the Commission approved that we <br />$ '7,020.32 <br />4. - COMMUNICATIONS <br />A letter was received from the Chicago URA Office dated August MATURITY OF PRE - <br />120 1965 informing us that the Preliminary Loan Notes for R -29 LIMINARY LOAN <br />are maturing and that a date has been set for future advertising NOTES, R -29. <br />of sale ofbonds. <br />5. B <br />FOR <br />i-7 <br />It was reported to the Commission that Mr. Walter Foreman of - <br />Walt's Delivery Service cannot offer more than $17,000 for the <br />purchase of 'Parcel No. S. This amounts to 17.74 cents per <br />square foot compared to the 23.7 cents per square foot which <br />was our original asking price. Mr. Foreman proposes to build <br />a $50,00 masonry structure; employs 25 persons; has 25 to 50 <br />trucks; and his work is primarily local but he does handle <br />out of state business for local deliveries. The Commission <br />approved a motion made by Mr. Kompar, seconded by Mr. Louis, <br />that the Executive Director be .authorized to negotiate with - <br />Mr. Fore an for acceptance of the purchase of Parcel No. 5 for, <br />$17,000, with the Federal approval. <br />COMMISSION <br />APPROVAL FOR <br />NEGOTIATION WITH <br />WALTFR `FOREMAN <br />FOR PARCEL 5, <br />R -7, WITH FED - <br />ERAL APPROVAL. <br />6. O <br />D BUSINESS <br />a. The <br />Commission voted to approve payment of 10% of the <br />R -7. APPROVAL <br />sale price <br />of the Hanson Engineering Parcel as fee to the <br />OF 10% COM- <br />Realtor, <br />John Pence, upon the motion of Mr. Koczan and seconded <br />MISSION TO JOHN <br />by Mr. K <br />mpar. Mr. Louis suggested that the staff review this <br />PENCE FOR SALE <br />policy of <br />giving a,10% fee to Realtors and to recommend any <br />OF LAND TO HAN- <br />appropriate <br />changes to the fee-schedule.' <br />SON PARCEL. <br />b. Our <br />Legal Counsel, Bruce Hammerschmidt, reported that <br />RESOLUTION #109 <br />Interstate <br />Demolition has filed suit for $79,000 for breach <br />FOR $23,000 <br />of contract, <br />R -7. It has been reviewed by the legal counsels <br />SETTLEMENT FEE <br />representing <br />both Interstate and the Redevelopment Department, <br />TO INTERSTATE <br />and a settlement <br />fee of $23,000 has been agreed upon, which <br />DEMOLITION FOR <br />would include <br />what we owed them on the contract, giving us a. <br />R -7 CONTRACT. <br />net cost <br />of approximately $18,000 on this settlement. -Mr. Louis <br />moved, Mr. <br />Koczan seconded, and the Commission approved that we <br />adopt Resolution <br />No. 109 authorizing the Attorney for-the <br />Department <br />to pay the $23,000 agreed upon to-the Interstate <br />Demolition <br />Corporation. Copy of Resolution No. 109 is attached <br />and hereby <br />made a part of these minutes. <br />-3- <br />