RM 11-15-74 - Laserfiche WebLink

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4. 5. COMMUNI:CATIONs (COnt'd) They also stated that until such time as the major proposed developers of Block 6 display development intent and activity, it is critical to keep the tract whole. Premature subdivision may weli reduce future site potential for significant uses. On motion by Mr. Wiggins, seconded by Mrs Wade and unani- mously carried, the above communications are to be re- ceived and placed on file. PUBLIC HEARING a. on two previous occasions, the Commission has been asked to adopt program guidelines for this project (Commission Meetings of June 21 and September 20, 1974). The guide - lines for non - profit groups was adopted in Commission meeting of October 18, 1974. The Commission is being asked, in effect, to re -adopt the entire guidelines for the Program upon the recommenda- tion of the Advisory Committee. Ms. Marzy Bauer advised what we are basically changing from the original guidelines is that we had anticipated that our program would be primarily a loan and grant combination program for the people in the area, and a sliding scale was based on family size and income for the percentages. We have not found any feasible way to administer a 3% loan program over ten (10) years and wP cannot really commit ourselves to have a staff administer the loans over a ten -year period. We first thought we would be able to contract with a bank to handle the loans, but no banks are interested in 3% loans at this point. We do not want to strike the loan provisions from the guide- lines totally, because we feel that in the future we may be able to work somethinc out. We don't want to hold up a program because we can't work these loans out, so for the first phase of this project, at least, we are re- commending making all the rehabilitation monies available on a grant basis. The only thing we have done on the guidelines is to take out the sliding scale, but the Advisory Committee still would have the right to work out a loan program in the future if we can do that. Ms. Bauer said the Commission is being asked to re -adopt these guidelines and the other changes in the guidelines are just really incorporating these other guidelines and the amendments already adopted. President Nimtz asked if any of the Commissioners have any comments or questions, Legal Counsel? PUBLIC HEARING, SOUTHEAST NEIGH- BORHOOD DEVELOP- MENT PROGRAM GUIDELINES RE- ADOPTED WITH AMENDMENTS,E -7