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9. QTHER DISCUSSIONS (Cont'd <br />10. <br />(SEAL) <br />It is included in the contract and the St. Joseph River Bend <br />Development Corporation will be paying the Department of Re- <br />development for the two acres. The HUD regulations specify <br />the land must be resold for the same amount - -a profit cannot <br />be made from the sale of the land. The total acreage of Dis- <br />position Parcel No. 6 -1 is 16.3 acres, which has been referred <br />to as Block 6. This includes the two (2) acres discussed <br />above. <br />Mr. Brownell advised the take -down price on 6 -1F is $108,900 <br />for the two -acre parcel; the entire selling price of Disposition <br />Parcel No. 6 -1 is $651,111. The first take -down date is April 1, <br />1976. Take -down date means the last day that they can wait to <br />buy the property; they have to buy it on that date or before. <br />Commissioner Wiggins further explained the stage contract is <br />where they pay us for the land as they develop it; that is what <br />take -down means. They do not pay us $651,111 as of today. <br />On the first construction which will be the St. Joseph Bank with <br />drive -in windows and the date of construction is April 1, 1976, <br />with a completion date of April 1, 1977. The completion date <br />of the entire project is October 1, 1980. The two kinds of <br />penalties are: One is the penalty of interest, and the second <br />is the penalty that they lose the right to the property, and we <br />go back on their letter of credit, or whatever security is held. <br />President Nimtz further added the questions asked here on the <br />two acres were originally one of the points of negotiation with <br />this group of developers, to give other builders and developers <br />an opportunity to get into the housing program so that if they <br />are successful they have an option to go ahead then. We have <br />had excellent cooperation from the St. Joseph River Bend Develop- <br />ment Corporation in working out arrangements. The St. Joseph <br />River Bend Development Corporation is not a bidder for Section 8 <br />Housing, but if someone else is the successful bidder on the <br />designated two acres, the St. Joseph River Bend Development <br />Corporation has agreed to sell it to them. This is basically <br />what it amounts to. <br />The meeting was requested for adjournment with further discussions <br />thereafter. <br />NT <br />e motion was duly made by Mr. Wiggins, seconded by Mr. Chenney and ADJOURN - <br />rried, for adjournment at 10:42 a.m. MENT <br />rownell, Executive <br />- 13 - <br />mtz, Presiden <br />