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9. INEW BUSINESS (Cont' <br />period. No large expenditures would be eligible <br />for the supergraphic area. This loan would be re- <br />paid in equal payments over the next three years to <br />the Capital District Fund. <br />Mr. King explained that it would take approximately <br />sixty (60) days before they could have declarations <br />from the I.R.S. on charitable donations. They will <br />be expanding their present activities in the River <br />Bend Plaza area. He outlined the funds coming in, <br />budgets, etc. The aesthetics would be within the <br />guidelines of our designers - -the joint venture of <br />Environmental Planning and Design and Clyde E... <br />Williams & Associates, and with Louis N. Wilcox's <br />leadership, Mr. King said he felt sure a good job <br />will be done. <br />President Nimtz said he wanted to compliment Mr. King <br />on the leadership he has taken on this and wanted <br />to express the Commission's appreciation for all he <br />has done. <br />Mr. Lennon advised that we do not have a legal opinion <br />at this time, but the recommendation is to approve the <br />above, subject to the controller's office and consulta- <br />tion with the city attorney's office. Mr. King advised <br />at the last meeting with the Board of Works, Mr. Barcome <br />said this would meet with his approval if our Commission <br />approves the loan. Mr. Charles Sweeney, Commission Legal <br />Counsel, said in lieu of Mr. Butler's absence, if <br />that is the fact and there is no problem with the City <br />Controller's office, then he would see no reason to <br />withhold approval. <br />As to whether interest would have to be charged, Mr. <br />Lennon advised that this is our money - -not HUD'S- -and <br />it would be up to the City Controller, and that for the <br />good will of the group, the interest should certainly <br />be waived. <br />Mr. Lennon advised we have $700,000 remaining from the <br />'72 Bond Issue, earmarked for construction, design, <br />development and Mall related costs. Reverend Williams <br />asked if this is tax money involved and Mr. Lennon <br />answered that it is and we are getting interest on it. <br />The motion was made to loan the River Bend Plaza Founda- <br />tion, Inc., $30,000 for a three -year period, at no inter- <br />est charge, subject to Commission Legal Counsel, City <br />Counsel, and City Controller, if needed, approval. Said <br />motion was made by Mr. Wade, seconded by Mr. Wiggins, <br />and unanimously carried. <br />- 14 - <br />