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6. NEW BUSINESS (Cont'd <br />Mr. Bellinger <br />apprised the Commission last week <br />a check <br />had been received from HUD, in Chicago, <br />for 1.7 <br />Million Dollars, an advance received. <br />to begin <br />acquisition of parcels in the Downtown <br />area. <br />The large sums needed will be obtained <br />by Preliminary <br />Loan Notes:. <br />r: <br />Mr. Wilhelm <br />asked what the interest rate will be <br />on the <br />investments and was .apprised it`w1iIT be <br />approximately <br />7 -1/2 %. Mr. Helmen said h'e'would <br />like <br />o go for a longer investment period.'' Mr: <br />Bellinger <br />apprised he didn't believe we can and <br />the advance <br />is based on what-we felt we needed.-, <br />Mr. Hammerschmidt <br />advised 'that i°f we get any ' <br />sizeable <br />options, we wt 11 need the funds, and <br />if we <br />do not need it, it can be re- invested. <br />On mo <br />ion 'by Mr. "Wiggins; secondedby Rev. <br />Williams, <br />authorization was 'granted' 'to invest <br />the above <br />sums for the designated period. . Ap- <br />proval <br />was unanimous by 'all' Commissioners,: <br />c.. <br />Option Agreement: Approval and authori- <br />OPTION AGREEMENT <br />zation <br />was- requested for the President 'to-.sign- <br />APPROVED, PARCEL NO. <br />the first <br />Optieon' Agreement -- Parcel No'. 23-5--''' <br />23 -5, CENTRAL DOWNTOWN <br />i`n the <br />Central Downtown 'Urban 'Renewal Project,' <br />URBAN_ RENEWAL PROJECT, <br />R -66. <br />Mr. Hubert - M. Weaver, our Downtown. Negoti= <br />R-66 <br />ator, <br />has 24 properties released to bjm, to'negoti- <br />ate for <br />options. Mr. Wi l h`eI'm� as.ked when' this' <br />option <br />is approved, if it needs to be submitted <br />to Chicago <br />for further approval; Mr.' Bellinge r <br />said: <br />"No. These options :-wi l'fi Ue` handled the <br />same as <br />the other options in" other project`s :" <br />Mr. Helmen <br />asked when the tlbsi ng check will be <br />delivered? <br />Mr. Bellinger said the closing will <br />be accomplished <br />as quickly as possible. Mr. <br />Helmen <br />suggested this first option would be a <br />wonderful <br />opportunity for a story -- giving the <br />first <br />seller in. the Downtown Project.a check._ <br />Mr. Belli`.nger' <br />apprised this possibIlity 40s. been <br />explored <br />arro'the owner `is reluctant to. be'. part : "- <br />of any <br />story and would rather have no- pub 1icity <br />in this <br />matter. We whould request 'the o'wner's <br />permission <br />for any publici -ty. <br />Mr. Wi <br />owner <br />tremen <br />veal in <br />is in <br />3gins apprised he talked to the property <br />Tuesday and he believes this could be a ` <br />dous story of human interest, without re- <br />3 the actual sum involved. This parcel' <br />the Post Office area. <br />5- <br />