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6. NEW BUSINESS (Cont'.d
<br />ommended, but until that is reviewed, and whether it is correct or
<br />ot, at this time he does not know. The properties involved are the
<br />8 parcels in our downtown area which have all been re- appraised,
<br />nd they will be reviewed. A number of them are coming out in the
<br />eighborhood of 60% to 70% of the value on them before.
<br />n answer to further questions, the Chair advised the Project Notes
<br />re scheduled in September, and when we did our last Project Notes
<br />nd worked this out, we were hoping we would get this 2 -1/2 Million
<br />ollars in time to apply it against the next renewal of the Project
<br />otes. The fiscal effect is that it reduces our overall indebted -
<br />ess, and, consequently, _reduces our monthly interest charges. We
<br />omputed that and what it is going to save us is really astronomical.
<br />elating to Ms. Derbeck's question if the overall indebtedness then
<br />s really 4 Million Dollars then, Mr. Brownell advised, "No. It
<br />as about 7 Million Dollars on the Project Notes including the inter -
<br />st. We think by September, we will be able to get the indebtedness
<br />own to just something over 4 Million Dollars. My estimate is
<br />4,165,000. Now, HUD may change the estimate when they review it.
<br />hey always do. I always give them the estimates and they then
<br />stimate it differently."
<br />r. Dan Caesar then asked, "How can the 2.5 Million Dollars reduce it
<br />rom 7 Million to 4 Million Dollars?" Mr. Brownell advised that we
<br />ave some money from the sale of land and funds to pay interest,
<br />nd when you add those together to the 2 -1/2 Million and subtract
<br />t from $6,951,000 the figure will result in $4,1'65,:000.
<br />b. han e Order No. 1 to Rehabilitation Contract No. 53, in Southeast
<br />ode Enforcement Program, Project E -7: Commission approval was
<br />equested for this Change Order, with Barany Sheet Metal & Heating
<br />ompany, for a decrease in contract amount of $130.00, (Contract:
<br />4,851.00), or an amended contract total of $4,721.00, for rehabi-
<br />itation work at: 622 East Broadway Street, in the Southeast
<br />ode Enforcement Program, Project E -7.
<br />Ir. Keith P. Crighton, Director, Bureau of Housing, advised essen-
<br />A ally what happened is that the homeowner did some of the work
<br />imself, and these items were deleted on the contract which amounted
<br />.o $337.00; i.e., replacing tank fixtures in the water closet; seal -
<br />ng repairing and painting the dining room walls and ceiling. Since
<br />;he time of the initial inspection, the condition of the kitchen
<br />:eiling has further deteriorated, and the contractor proposes to
<br />Irywall and paint two coats the entire kitchen ceiling. This work
<br />s an addition to the contract amount totalling $207.00, or a de-
<br />:rease to the contract amount of $130.00, with an'amended contract
<br />otal of $4,721.00.
<br />r. Wiggins moved for the approval of Change Order No. 1 to Re-
<br />abilitation Contract No. 53, which is a decrease in contract
<br />mount of $130.00, or an amended contract total of $4,721.00,
<br />ith Barany Sheet Metal & Heating Company, in the Southeast Code
<br />nforcement Program, Project E,7. Motion was seconded by Mr. Cira
<br />nd carried.
<br />- 7 -
<br />CHANGE
<br />ORDER NO. 1
<br />TO REHAB.
<br />CONTRACT 53
<br />APPROVED,
<br />E -7
<br />
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