RM 04-20-79 - Laserfiche WebLink

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South Bend Re velopment Corrmaission Regular Meet' - April 20, 1979 6. NEW BUSINESS (continued) a. 312 lcan applications (continued)...... Name Amount Loan No. Southhold Heritage Foundation, Inc. $111250.00 18/8MC- 0011/53/1 1016 V. Washington Avenue South Bend, Indiana 46625 Joni Ladewski $ 8,400.00 18 /SOU- 1/53/1 1040 awndale South Bend. Indiana 46628 Mrs. Yattie Valentine $ 5,900.00 - 18 /8MC- 0011/52/1 601 W. Indiana Avenue South Bend, Indiana 46613 John & Christine Bidlack $ 8,900.00 18 /SOU- 1/54/1 909 N th Cleveland Street South end, Indiana 46628 Mr. Ellison: In reference to the Southhold Heritage Foundation, Inc. 312 loan application, it should be noted that this would represent the first commercial 312 loan we have processed. Regulations allow the use of some cf our 312 reserve typically set aside for single family residential units to be utilized in a commercial way. Southhold will utilize this loan to repair a building on W. Washington Avenue inorder to use it as their office. It is expected as well that RENEW, Inc. will occupy space in that building as well as possibly some other agencies.. Mr. N' tz: The Chair has checked a list of some of the organizations in which he belongs and he finds that he is also President of the Southhold Heritage Foundation, Inc. therefore, I'am disqualifying mvself on this vote. (The Chair has been relinquished to Mr. Donaldson) .... Mr. C' a: How long have they been in business, and how do you detern#ne if they qualify? Mrs. ungartner: We of course, take a financial statement and Southhold Heritage showed enough assets to not only cover their mortgage payments, but also a 312 loan payment, and their utilities. Also, they are charging rent to RENEW, so in effect, the building will be paying for itself. The structure itself is appraised for $35,000-00 Mr. C' Do you think that this is going to leave the door open to any other retail outlets in that particular area? Mrs. This is a one -shot deal, as I explained.