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i <br />x: <br />s <br />t` .d <br />l� <br />6. <br />NEW BUSINESS (Cont'd) <br />b. Rehabilitation Grant: Approval was re- <br />quested for one (1) rehabilitation grant, in the <br />LaSalle Park Urban Renewal Project, R -57, for <br />Parcel No. 35 -3, in the maximum amount of $3,500, <br />On motion by Mr. Wiggins, seconded by Rev. Williams, <br />th rehabilitation grant for the above - stated parcel <br />wa unanimously approved. <br />REHABILITATION GRANT <br />APPROVED, PARCEL NO. <br />35 -3, LASALLE PARK <br />URBAN RENEWAL PROJECT, <br />R -57 <br />c. Investment of Project Funds: Authoriza INVESTMENT OF PROJECT <br />ti n to invest funds for the following were requested: FUNDS <br />Project Expenditures <br />Period <br />2 Months <br />4 Months <br />5 Months <br />6 Months <br />7 Months <br />8 Months <br />9 Months <br />Project Expenditures <br />Period <br />unt Fund R -66• <br />Amount <br />$ 400,000.00 <br />750,000.00 <br />750,000.00 <br />1,000,000,00 <br />1,000,000.00 <br />1,000,000.00 <br />3,000,000.00 <br />Fund R -57: <br />Amount <br />1 Month <br />$ 50,000.00 <br />2 Months <br />50,000.00 <br />3 Months <br />50,000.00 <br />4 Months <br />50,000.00 <br />Urhan Redevelo <br />Period <br />t District Capital <br />Amount <br />3 Months $ 150,000.00 <br />Checks have been received for the sale of Pre- <br />liminary Loan Notes from the First National <br />Bank of Boston, on the First Series, in the <br />amount of $510,31.5.18, for the LaSalle Park <br />Urban Renewal Project, R -57; and from the <br />Mo an Guaranty Trust Company, on the Second <br />Se ies, in the amount of $8,099,896.65, for <br />the Central Downtown Urban Renewal Project, <br />R -6 . <br />Mr. Helmen stated he believed the investments <br />were for too short a time and felt spending <br />Nina Million Dollars in a nine -month period is <br />a 13t of money, and we have spent 2 -1/2 Million <br />-5- <br />