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6. NEW BUSINESS (Cont'd ir. John R. Kagel, Executive Director, Downtown South Bend Council, sked if this came about as a result of Mayor Nemeth when he went to lashington, D.C. and met with some of the HUD people, and reading that ,he Mayor had indicated there is'a possibility of receiving funds, if his relates to that? Mr. Brownell said that this is correct, and layor Nemeth had attended a Mayors' Conference in Washington, and ,hile there the Mayor checked with HUD on our application for Urgent eeds Funds. In a constant effort, Mr. Nimtz and other people involved ave been asking both Republicans and Democrats to assist in obtaining his money. The Chair further added that this has been a combined ffort of a number of people, as Mr. Brownell,had stated, on both sides f the political fence to get this through. Ms. Jeanne Derbeck, South end Tribune Reporter, said that she was of the opinion that we had tated earlier that we had heard it would be approved, and the Chair onfirmed her statement; that we have had telephone notification some eeks ago, but this is our formal notification to submit our applica- ion and the credits will be forthcoming. t this point, the Chair stated we have a motion that Resolution No. 26 be adopted and it has been seconded; is there any further discussion? here being none, the Chair requested the vote. The "Ayes" were unani ous by the four (4) Commissioners present. The motion was carried nanimously and Resolution No. 526 is adopted. Ir. Dave Anderson, WNDU -TV Reporter, inquired whether the 2.5 Million collars is lower or higher than we expected, or applied for, and what mpact would the lowering of the balance have on the R -66 Project? Mr. ,rownell advised it is precisely the amount we asked for, and that the ffect of it is that our appraisals of our real estate left for sale ndicate that the value of the real estate, instead of being 5 Million, s more like 2 -112 Million Dollars. We had estimated it to come out hat way, and in our forms that we are sending to HUD, we will lower he funds estimated to be obtained from the sale of real estate by -112 Million Dollars; we will, increase the grant amount by 2 -1/2 illion Dollars and we will pay this 2 -1/2- Million Dollars when we et it on the Project Notes this September, when we refinance them, o it will reduce the amount of the Project Notes from roughly nearly Million Dollars down to $4,165,000.00 or thereabouts. He confirmed his is a grant, not a loan. Commissioner Wiggins added this would e a grant to be paid against what we owe, and in that effect this akes the downtown property that we hold far more marketable and reatly increases our opportunities to do something with it. r. Brownell affirmed that is correct and that we are in the process f doing this. We have had two appraisals made by independent ap- raisers, and in today's meeting, he will be asking the Commission or authorization to hire a reviewing appraiser to complete the re- iew and the determination of the fair market value based on the wo appraisals that have been made and the review. the question raised by Mr. Larry Ford, WSJV -TV Reporter, if we ve any examples of what the new prices will be on certain pieces property now, Mr. Brownell advised he did not know the actual ices, but he does know what the appraisers came in with and re-