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5. OLDIBUSINESS (Cont'd June, and then there is no reliability on when that timing is going to come about, so you may possibly wait two years. Another thing, with respect to Section 8, Elderly Housing, this is one of the largest to come out in the Midwest, and, naturally, one of the most attractive for redevelopers. I think Washington has been monitor- ing this very closely, inasmuch as there has.been a lack of con- fidence on the part of private developers on Section 8 program. I think as you fellows have taken the initiative today to award the bid to St. Joseph River Bend Development Corporation group, our firm, I know, is prepared to take this case to Washington, and I think we can do something, if we can get a letter of intent that you folks are going to enter into a contract with St. Joseph River Bend Development Corporation - -Lloyd Taylor's group." Mr. Medlock said he would just like to amplify what Mr. Cofer is say- ing and go one step further. "As I understand it, it is difficult to rezone Block 6 for a motel. I understand the procedure to remove the restriction of 200 units is something that can be accomplished by a declaration or proclamation, or whatever the Redevelopment Commission can do with prior concurrence of HUD, in Indianapolis, and I under- stand that they would be glad to concur. The advantage to indicating this, would be that in the case of the two bids I am most familiar with - -the Oxford Development Corporation, who are friends and clients of mine for financing I have done, as well as the competitors of the developments - -in both cases, I am sure, we would be happy -- whoever is successful - -to try to build the full 225 units, and I think that would be very much to the advantage of the community, and so if you could include that in your deliberation in this letter, I think that would be beneficial." Mr. Brownell said he wouldn't want to delay this and the letter he was suggesting would be to put up the 193 units he had referred to, rather than have a delay; that we dan't write a letter at this time that we are going to change the land use. Mr. Medlock agreed but suggested he could say we would make it avail- able on one basis or the other, and would like for them to know that they would expect to be able to negotiate the two proposals, that being 193 housing units, up to'225.That can be done under HUD procedures. They couldn't do it without our cooperation and St. Joseph River Bend Development Corporation's cooperation in allowing the larger number of housing units. President Nimtz said unless there is an objection from the other Com- missioners, the Chair will authorize and direct the Executive Director to write such a letter. No objections were forthcoming and the motion was carried unanimously and authorized. b. Plaza Construction Continuation Announcement: Mr. Brownell advised MERCHANTS at our last Commission meeting, the Commission authorized the state- ADVISED ment that we would not start construction until January, 1976. This OF PLAZA information was hand - carried to each of the merchants fronting on CONSTRUC- 100 South Michigan Street and 100 North Michigan Street, Project TION, Indiana R -66. Said announcement stated that we would not start con- 1 -76, struction until January, 1976. R -66 - 13 -