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RM 09-05-80
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RM 09-05-80
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South Ben4 Redevelopment Commission <br />Regular M eting - September 5, 1980 <br />6. NEW <br />c. continues..... <br />Mr. Ellison: I agree but I would <br />probably recommend that it might <br />be reasonable to look at the numbers <br />again and particularly to re- evaluate <br />t eir operating expenses. I notice <br />f r instance that they show $100.00 <br />for janitorial supplies for a year <br />f r a.4-unit building. To me that <br />is probably not sufficient. I <br />t ink in some respect your operating <br />e enses are slightly understated. <br />personal opinion is that if in <br />fact they could achieve 90% <br />occupancy then the loan will probably <br />rk financially. If they were to <br />h ve a lower occupancy rate I believe <br />t e loan would be marginal. <br />. Cira: What is the length of the <br />an Mr. Ellison? <br />Mr. Ellison: It is for twenty (20) <br />years. Actually Brookins is probably <br />a very good customer and I am not <br />raising these questions to in any <br />w y discourage their capacity to do <br />e loan. The loan paper presented <br />at this time somewhat understates the <br />o erating costs and does not include <br />t e cost of taxes, and because of <br />t e debt already associated with the <br />house (because of the transaction <br />with Southold where the house is <br />being moved) when you look at their <br />income from the property, minus their <br />eypenses, I think it could get to a <br />point where it is very close. Obviously, <br />the nature of 312 dollars is that to a <br />d gree you are permitted to take some <br />risk. The 3% interest rate is designed <br />to stimulate interest and to make it <br />possible for people like the Brookins <br />tc take on a very, very risky venture. <br />I still think we have a responsibility at <br />least to make sure that the numbers are <br />r tional. <br />. Cira: If the Brookins default on <br />-ir payments what would happen? <br />17 <br />
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