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8. QUOSTION AND ANSWER SESSION (Cont'd go over there. The traffic is tremendous in this building. The lawyers and courts are very anxious to move. How firm the December date is Idontknow." Mr. Helmen stated that Mrs. Allen's report about five years from now is rather pessimistic and he certai ly hopes that it will be much less than five y ars from now. Mrs. Allen remarked that this operation is supposed to take ten. Mr. Wiggins stated that we have already surpassed the fi e years in getting the project approved. Mr. Helmen said we are acquiring real estate in the downtown area and we now have owner tenant situation. He asked what we are doing insofar as our tenants are concerned in collect- ing re t and on what basis are they paying rent- - if this has been established or not? Mr. Miller stated that we do execute a lease and the rent' is favorable to the tenant. HUD provides that we cannot charge more rent than the tenant paid before. If no rent has been paid, it is gener- ally based on 1% of the selling price. Mr. Helmen asked if we are collecting rent now? Mr. Miller advised we have a 30 -day grace period after purchase for the owners, and owner occupant 60 days. We have lease agreements with these people. Mr. Ebel stated we have an established property management division to handle the accounts and that it will be located in our Downtown Site Office. President Wilhelm stated that this is well defined by HUD as to what we can and cannot do. 9. NEXTT MEETING Th next regular meeting of the Redevelopment NEXT MEETING, Commission will be at 10:30 A.M., Friday, June 5, JUNE 5, 1970 1970, in the Office of the Department of Redevelop- ment. 10. ADJOURNMENT On the me rl L. otion duly made and passed by Mr. Helmen, in adjourned at 11 :15 A.M. ,-Executive Director ADJOURNMENT (SEAL) I -10-