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7. <br />REPORTS (Cont'd) <br />Mr. Wilhelm <br />inquired how we are moving on the loan? <br />Mr. B <br />llinger stated he received word today that <br />the loan <br />for interim finance bas been provided and <br />we shi <br />uld receive confirmation within a, week's time.: <br />Mr. H <br />lmen asked how much = money is-Involved? He <br />was apprised <br />approximately Two,Mil-lion Dollars for <br />three <br />months, which is a direct .loan from the <br />Federal <br />Government. Mr. Hammerschmi:dt, Commission <br />Legal <br />Counsel stated we are also making application <br />for project <br />loan notes from private source, and the <br />target <br />date for bi ddi ng iis .February, 8, 1970. <br />Mr. C <br />enney raised the question inr'what sequence <br />will v <br />a be acquiring the ` property? Mr. Be1linger -- <br />said i <br />n attempt wi 11 be made to acquire: proper =_.', <br />ty as <br />soon as we receive =concurred= iii��val ue's'. <br />Mrs. <br />anet Allen inquired on why .we advertise for <br />private <br />financing when we have a, Federal .loan from.-: <br />the Government? <br />President Wiggins stated the Federal <br />Gover <br />ment will only finance for an interim period <br />of th <br />ee months maximum, and the "contract rate ins 6%. <br />The d <br />rect loan from the Federal Government will be <br />repaid <br />immediately upon private financing, and the <br />private <br />financing is for a considerably longer period <br />of time. <br />This is to have money to- acquire the proper- <br />ties <br />s soon as possible. <br />b <br />Industrial Ex ansion Pro'ect, - R -56:. This <br />INDUSTRIAL EXPANSION <br />is co <br />on y re erre to as= ithe GummUs :project, <br />PROJECT, R -56 <br />which <br />is South of Cummins,:.a total clearance larea <br />with <br />approximately 60 structures =, in &14 -acre <br />tract <br />The land has been acquired and -vvirtually <br />all c <br />eared. The successful developer is South Bend <br />-. <br />Supply <br />Company. The original plan was for Cummins <br />expansion <br />plans, with no internal street work. With <br />South <br />Bend Supply Company _being the successful bid- <br />der, <br />additional internal street work is necessary, <br />and an <br />amendatory application has been filed with <br />HUD for <br />additional funds -to cover ,the, street improve- <br />ments, <br />We have been apprised the application should <br />be completed <br />by the early part of next year, to be <br />sent <br />in the Regional Office for review and approval. <br />Chas. <br />W. Cole & Son, Inc. is the engineer for the <br />site <br />improvement work. <br />c <br />Code Enforcement Program: Mr. Bellinger ap- <br />CODE ENFORCEMENT <br />prise <br />he was p eased to report that the-Mayor signed <br />PROGRAM <br />the C <br />de Enforcement Program. The program is centered <br />in th <br />Northeast section of the community. Loans and <br />grant <br />will be made to rehabilitate property by the <br />Federal <br />Government. Favorable -- approval must be re- <br />ceived <br />from HUD and could take several months. How- <br />ever, <br />the staff will continue to meet with area resi- <br />dents <br />-5- <br />