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South Bend Redevelopment Commission <br />Regular Me ting - November 16, 1979 <br />6. NEW BUSINESS <br />a. Mr.1 Harcus continues. <br />M1 <br />flexibility of the program, have the renter who is the <br />ultimate buyer invest sweat equity in the property, to <br />create his viability as the ultimate buyer. So frequently <br />you rent to the ultimate buyer, you encourage them to put <br />in two or three thousand dollars of sweat equity which <br />re uces the `initial investment in the property for total <br />re abilita'tion. <br />Ruth Price I think the uniqueness of this project is <br />that it builds into the conventional system of home buy- <br />ing and mortgaging in the community. It takes no outside <br />government subsidies, other than the $8,000.00 grant. The <br />$8,000.00 gives us abase from which we can operate, <br />Incidentally, we already have a firm buyer for one of them, <br />so there are buyers and people are coming back into the <br />city. They are looking for reasonably priced houses and <br />what we are trying to do is to try to phase out government <br />activity and put it back into the private sector. <br />Mr. Ellison: I think this opportunity to approve these <br />grants indicates something significant going on in the <br />community. That is that the non- profit organization, and <br />a man in the housing and lending business of Art Largent's <br />caliber who speaks to support this issue, suggest that <br />we're at a period in South Bend where those forces neces- <br />say to cause the city to turn around exist. Certainly, <br />the approval. of these four non- profit grants will serve <br />to reinforce that process. I think we ought to acknow- <br />ledge that and be proud of it. <br />Mr.l Robinson: Hearing no further comment, do I hear <br />a otion for approval? <br />On motion by Mr. Cira, seconded by Ms. Auburn the request <br />for four (4) non - profit grants in the amount of $8,000.00 <br />each to Southold Heritage Foundation, Inc. for rehabili- <br />tation was unanimously carried. <br />ission approval requested for Change Order #6, with <br />. u,. Stickler Plum in ,fora decrease in contract rice <br />?7.00, for an ., <br />amended contract total of 0 ,a at th e <br />s of 1305 E. Sorin <br />in letter from Mr. <br />-12- <br />Bend, In <br />us.* Di rec <br />ana as set <br />r, Bureau <br />CHANGE ORDER #6 <br />WITH R.A. STICKLER <br />PLUMBING APPROVED <br />