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6. NEW BUSINESS (Cont'd i. Demolition Contract No. 21: Commission authori - ADVERTISING AUTHOR zati n -was requested to- advert.se.for Demolition Contract IZED FOR DEMOLITION No. 1, for demolition of four frame houses .in hazardous CONTRACT NO. 21, R -66 condition located at 309 Alexis Court and 314 -16 -18 S. Carr ll Street, on Parcel No. 18 -5, R -66 Project.': On m tion by Mr. Chenney -, seconded by Rev. Williams; ad -. verti sing was authori zed . far `Demolition Contract Wo. 21. Moti n unanimously carried. j. Option Agreements; R -66: Commission approval was FIVE.(6) OPTION AGREE- requested of f.i;ve 5)Opti,on Agreements, in the Central MENTS.AUTHORIZED, R -66 Downtown Urban" Renewal Project, R -66,, for the following: Parcel No. Address- 4-9 120 N. Michigan Street 4-14 113 E. Washington Street 9-1 120- S. Main Street. 21 -1 30.1'S. Michigan'Street 28 -1 625 E.., Monroe "Street On Parcel No. 9- 14,.Mr.-Hammerschmidt, Commission Legal: Counsel, requested. additional_ act.ion._ The amount of rental is left open on this.option, as they .are. request- ing a reduction in. 'present rental- -from $350.00 to $175.00, on a month -to -month lease basis, with one month's free rent when we close. The new rent will take effect after that period. - The -rent reduction re quest is due to.a reduction -in sales volume, and rents have een adjusted, based on sales. On motion by Mr. Wiggins, seconded by Mr. Chenney, the above stated Option Agreements are accepted and the President authorized to sign, and included in the. motion is the Commission' -s, counter -offer of rent'to be charged, in the amount of $200.00, to satisfy the owners of the property at Parcel No. 9 -14 for a reduetion,in rent. Motion unanimously carried. k. Investment: Commission author.izationwas re- quest d to re -inves .$100,000.'00 in Project' Temporary Loan epayment Plan from.1.1 -1 -71 to 12- 15 -71. Also invest $750X00.00 in P.E.A., R -_66, from 11 -1 -71 to 12.16 -71. Mrs. orothy Deane said:the money came in to us at the end oF October and rather than wait for the next Com- missi n meeting for approval, it was invested immedi- ately and we are requesting Commission_ approval for action taken. Mr. Wiggins moved we give the postdated approval, se- conded by Mr. Wade and unanimously carried. -12- INVESTMENTS AUTHORIZED