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5. OLO BUSINESS (Cont'd <br />Credit expires in one year, and this one provides that before <br />it runs out they are required to issue another Letter of <br />Credit, or we can make claim for their failure to issue a new <br />one. <br />Motion was made by Mr. Donaldson, seconded by.Mr. Cira and <br />carried, that the amended Letter of Credit from St. Joseph <br />River Bend Development Corporation, on Disposition Parcel No. <br />6 -1, be approved and placed on file. <br />b. Report on NDP Project, Indiana A -10: Mr. Brownell advised <br />this Project consists of the Southeast Neighborhood (SE #1) <br />and the Model Neighborhood (MN #1) on the west side of the <br />City. In a letter, dated December 29, 1975, to Mr. Richard <br />Bird, Department of Housing & Urban Development, Regional <br />Office, Chicago, we enclosed a check for $73,561.00 to pay <br />off the balance on our loan and interest, through December <br />31, 1975. We computed, for our own purposes, that our <br />progress payment would be $8,207.00 and this amount was <br />subtracted from the total due us, leaving a payment amount <br />due from us to be: $73,561.00. <br />Mr. Brownell said the Regional Office has not as yet indi- <br />cated approval of this payment, but that we paid this on <br />account to stop the accrual of interest on the loan balance. <br />No action is required on this item. <br />6. NEW BUSINESS <br />a. Lease request from Ritschard Bros., Inc.: This request came <br />in letter form dated December 22, 1975, which Mr. Brownell <br />read in its entirety. The request is over the signature of <br />Mr. Carmelo Ritschard stating they are in the process of sub- <br />mitting a bid on the demolition of the Wyman complex, and in <br />connection with this, they would need a place to store the <br />fill material necessary to fill the basement. Their request <br />is to lease the sloped area from old Michigan Street east to <br />the low area presently being used for parking. <br />The letter further states that since the intent is to get the <br />buildings off the tax rolls for next year, they assume they <br />would need this area from January, 1976, through possibly <br />April at the very latest. The demolition would have to be <br />substantially completed by March 1st and the job should be <br />completed no later than April. <br />For the use of this property, they are offering $75.00 per <br />month for the period of time that it is used. A lease would <br />be contingent upon their success in getting a contract for <br />the demolition of the Wyman Complex. <br />- 4 - <br />NDP PROJECT, <br />INDIANA A -10, <br />REPORT <br />LEASE REQUEST <br />FOR FILL <br />MATERIAL TO <br />BE STORED, <br />R -66 <br />