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COMMISSIgNER'S REGULAR MEETING <br />Friday, arch 17, 1978 <br />FLOOR DISCUSSIONS <br />(Questions asked of Mr. Brademas regarding his proposal): <br />(Mr. Brademas continues to answer Mr. Kagel's question) ..... The bonds are <br />40-year bonds, and they are for 100% cost of the construction and the <br />mortgage or financing on the project, so that there are two very reliable <br />ways to carry out the financing. In our discussions with some of the local <br />lending institutions we have suggested that any additional funds be obtained <br />by using an E.D.C. bond issue, which might be necessary to carry out the <br />commercial portion of what would be done, and we have had some positive <br />response to that. I don't really think that the financial aspect is a major <br />problem. What we need are two things. One is the support of the Commission <br />to take actions that they have the ability and power to do, and secondly, <br />the support of the administration to secure a reservation for funds for the <br />housing, which they can also do. <br />Ms. Jeanne Derbeck: Did you say you had presented this to the city <br />admi istration? <br />Mr. Jrademas: I have had an opportunity to present this briefly to the <br />Mavo . <br />Ms. eanne Derbeck: Did you get any kind of reaction from him? <br />Mr. rademas: I had presented to the Mayor a series of proposals, which <br />we will be presenting later on to the Commission, and to the public. This <br />was dust one of them, and I think the Mayor is still contemplating all of the <br />proposals that were presented to him. <br />Ms. eanne Derbeck: Then this Commission would have to make available the <br />fina cial.....then, they wouldn't have to clear anything? <br />Mr. drademas: That is correct, we could start construction tomorrow. <br />Ms. eanne Derbeck: So what would they have to do? Would they have to make <br />the tyman's property available to you? <br />Mr. imtz: We would have to acquire it first. <br />Ms. eanne Derbeck: Acquire it? Then that does take money, but could you <br />get the money back? <br />Mr. rademas: Well, you could get a portion of it back by the resale of the <br />land. <br />-16- <br />