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10. BOCK 6 DEVELOPMENT, R_66 (Cont'd) <br />Mr. Miller asked if Mr. Brownell can furnish thE: Common Council with <br />a list of those? Mr. Brownell advised that we can; it is always <br />Ii re. The appraisals are confidential and are not open to the <br />p blic. We have had parcels re- appraised as the need has arisen. <br />C mmissioner Wade said he wants to make sure that information is kept <br />c nfidential so that someone is not taking advantage of us, and he is <br />t ying to protect the public. <br />Mr. Brownell emphasized the reuse appraisal value is determined by the <br />a praisers and that we do not have the power to change the price. Com- <br />missioner Wiggins said that you may sell the property for less than you <br />a--quire it for, but the creation of the value that results from the <br />d velopment more than makes up for it. The times make the incentives <br />f r what you make of the property. <br />Mr. Miller said the Common Council has to "plan for that. The City <br />still has to pay the Notes off, if there is a deficit on the land. <br />Tie E -5 Project,.the Northeast and R -57, are projects the City owes <br />y u fellows for. We must figure out where we will have to get the <br />m ney. There is $1 -1/2 Million we have to come up with and will have <br />to float more new Notes. We may be able to get it out of the Com- <br />m nity Development Funds, but we do not know if we can at this time." <br />President Nimtz said that Wayne Brownell and the Mayor have been working <br />oi that problem. Mr. Brownell said that earlier in the meeting and <br />listed on the Agenda, under Communications 4a, we had talked about the <br />1 tter from HUD and the grants they allowed which are credited against <br />tie R -57 Project, which decreases our loan balance for that project. <br />Mr. Miller inquired on Block 6 if it is contingent to the developers <br />p rchasing this land, that they be successful in the subsidy award <br />f om HUD on the 200 units? Mr. Brownell said that we have not set <br />u any conditions as yet. The developers have set that up as a <br />c ndition. <br />Mr. Miller said, as he understands it, the City is backing another <br />proposal. Mr. Brownell said that is on Section 8 of the Housing and <br />Urban Development Act of 1968. This Commission has nothing to do <br />with it and is not under the jurisdiction of this Commission. Mr. <br />Miller said they were backing another site, to which Mr. Brownell <br />a vised that this had been announced in the Press and that Mr. Medlock <br />t ought they had a better chance on land downtown than people in the <br />r sidential area, and thought that HUD would favor the elderly hous- <br />i g downtown. <br />Mr. Miller said the 200 units would not have to go to the same person; <br />if it was split up 100 could go to each developer. Mr. Brownell said <br />he thought that they were trying to get HUD to assign more units to <br />this area but that he did not think they had succeeded. <br />Mr. Miller said that the land price was not a major factor as Mr. <br />Brownell had indicated. Mr. Brownell said the developer only made <br />a formal bid, and that all we have is the letter and the conversation <br />we had with them in the meeting. President Nimtz said that this is <br />- 14 - <br />