RM 03-04-77 - Laserfiche WebLink

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5. OLD BUSINESS a. Redevelopment Agreement for Disposition of Land and execution of O-uit-Claim Deed for transfer of title in connection with land to be disposed of in downtown Project Indiana R -66, Parcels 6 -1E and 6 -1F to St. Joseph River Bend Development Corporation. Commis- sion action on this transfer has been tabled in prior meetings a aiting HUD approval of the assignment by St. Joseph River Bend Development Corp. to International Constructors Company, IV, an Indiana Limited Partnership. Mr. Brownell: HUD has indicated that they would like this trans- fer -- this right to purchase from the St. Joseph River Bend Development Corporation to the International Constructors Company, IV, an Indiana Limited Partnership. I pointed out to HUD that in order to do that the regulations require certain things to be done. A first they seemed to think they were going to waive that, and then they came back with a letter to me,_dated February 22, 1977, which stated as follows: in answer to your call of February 18, 1977 to Mr. Lerch. The requirement of 7214.1, paragraph 75 and 71, will have to be met if state law requires it. e proposed amendments to the contract and the consent form ntained in my letter of 2 -1 -77 are still applicable." His letter of February 1st suggests that in order to have the elderly project insured under the FHA Article 4, Section I, we w uld have to amend our contract as follows: provided, that if a mortgage securing money loaned to finance mprovements or any part thereof is insured by the Secretary of ousing and Urban Development, then the aforesaid completion time hall not apply but instead the construction of the improvements r any part thereof shall be completed within the time specified n the applicable building loan agreement approved by the Secre- ,ary of Housing and Urban Development ..." Mr. Brownell: I have no quarrel with making that change in our a reement, when we get to an agreement with the International Con - svructors Company, but right now we are waiting for the River Bend Development people. I talked to Lloyd Taylor yesterday at noon, and he said he would drop by in the afternoon to discuss this matter, because he has a number of things he is required to do. However, he didn't show up. He is required to certify by a certified public accountant that the price he is charging International Constructors contains no profit, and they are required to do all of the things that the St. Joseph River Bend Development Corporation did before. I thought T would explain that this morning. T e Chair; Actually, then there is nothing we can do on this this m.rni.nq? ,33., TRANSFER OF TITLE ON PARCELS 6 -1E & 6 -1F FROM ST. JOSEPH RIVER BEND DEVELOPMENT TO INTERNATIONAL CONSTRUCTORS CORP.