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RM 04-15-77
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RM 04-15-77
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7. PROGRESS REPORTS, Contnued- <br />r. Medlock and Mr. Deahl are here for, that the Commission does <br />pprove that transfer subject to the meeting of the requirements <br />f HUD regulations and Indiana State law." <br />r. Wiggins moved to approve this proposed transfer of real estate <br />or the Elderly Housing Project, Parcels 6 -1E and 6 -1F, to Inter - <br />ational Constructors Co. IV, an Ohio partnership, subject to com- <br />liance with the requirements of the HUD regulations and Indiana <br />aw, and subject to legal counsel approval. <br />r. Brownell thought some explanation was needed and stated that <br />nder HUD regulations, the documents must be prepared and submitted <br />o HUD (unsigned), for approval, then returned to us for signatures. <br />hat is what we are talking about when we say "subject to HUD regu- <br />ations <br />otion was seconded by Mr. Cira and carried. <br />r. Brownell: I believe that we also will need a resolution on the <br />eed. <br />r. Butler: I would imagine the initial resolution authorized the <br />ontract and the deed. <br />r. Wiggins: As you can guess so far, we are mighty happy to approve <br />his. We are very glad to have you and happy you are able to build. <br />r. Medlock: We appreciate your encouragement over the past years. <br />r. Wiggins: The sooner we see steel coming up out of the ground, the <br />etter we are going to like it. <br />r. Medlock: The only thing really good about the delay is that it <br />ill be easier to start now than it would have been around the 15th <br />f January. <br />he Chair asked Mr. Butler if it would be necessary to have a <br />pecial meeting on the 25th, to which he replied, "no, that will <br />of be necessary - assuming that my interpretation of the very am- <br />iguous regulations is correct ". <br />r. Medlock: It has not been reviewed by the partners in Milwaukee <br />o determine if the terms are entirely acceptable. There is the <br />ffer by a reputable brokerage firm to provide financing, and if <br />hat materializes, the institution which has indicated an interest <br />onfirms it and the terms are satisfactory and acceptable to the partners, <br />hen in a very short time we can disclose our construction plans, <br />eadlines, etc. <br />1r. Brownell then stated that it is necessary to show in the Minutes <br />;hat the Public Disclosure documents are here at this meeting. Mr. <br />I <br />utler replied that the notice really covers that. Mr. Wiggins asked <br />f the notice was authorized in a previous meeting and it was de- <br />;ermined that the publication of notice was not previously authorized. <br />
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