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6. NEWT <br />BUSINESS (Cont'd <br />owner's obligation to'the person who leases the <br />property--not if it is a long lease. The owner <br />and tenant get together, and in the option they <br />agree to give us possession at a certain date. <br />This may be at the closing, or on "x -day." <br />Mr. Wiggins asked whether the public liabi.lity <br />on the part of ownership was properly covered <br />in the management policy? Mr. Barbe advised that <br />we do carry owner- tenant liability and public <br />liabili y insurance on any property we, own--a <br />blanket property- -as required by HUD. <br />Mr. Hammerschmidt <br />advised that the Commission is <br />permitted <br />to enter into temporary leases fora <br />property <br />that we have demolished for various <br />purposes--parking, <br />landscape for park area before <br />we dispose <br />of the land._ We can have temporary <br />use and <br />can even build temporary structures. We <br />may, un <br />er certain conditions, use the land after <br />the building <br />is demolished. Mr. Wilhelm said this <br />permits <br />us, on unsightly vacant land, to go ahead <br />and do something <br />about it, instead of leaving it <br />as is. <br />In resp <br />nse to Mr. Wiggins' question, Mr. Hammer- <br />schmidt <br />stated he has reviewed this policy and <br />finds it <br />satisfactory. On motion by Mr. Wiggins, <br />secondec <br />by Mr. Chenney, the Policy of Management <br />of Acquired <br />Property, R -66, was approved and unani- <br />mously carried. <br />c. <br />Option Agreements: Approval and.authori- <br />OPTION AGREEMENTS <br />zation was <br />requested for the President.to sign <br />APPROVED, PARCEL NOS, <br />seven O <br />Option Agreements, in the Central Down - <br />17 -2, 18 -5, 21 -5, 22 -10, <br />town Urban <br />Renewal Project, R -66, for the following <br />23-4, 27 -12, and 27 -24, <br />parcels: <br />CENTRAL DOWNTOWN URBAN <br />RENEWAL PROJECT, R-66 <br />Parcel Nos. Addresses <br />17 -2 410 L.W.E. & 312 Columbia <br />18 -5 309 Alexis Court.& 314 -16 -18 <br />Carroll Street <br />21 -5 320 South Main Street <br />22 -10 413 -17 South Michigan Street <br />3 -4 414 South Michigan Street <br />7 -12 517 -19 E.:Monroe Street <br />7 -24 510 Lincoln Way.East <br />On motioi <br />by Mr. Helmen, seconded by Mr. Wiggins, the <br />option a <br />reements for the above -- stated parcels were <br />unanimou <br />ly approved. <br />-9- <br />