RM 04-15-77 - Laserfiche WebLink

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