My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
RM 09-05-80
sbend
>
Public
>
Redevelopment Commission
>
Minutes
>
1980-1989
>
1980
>
RM 09-05-80
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/5/2012 4:14:58 PM
Creation date
9/25/2012 2:53:14 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
28
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
South Ben4 Redevelopment Commission <br />Regular M eting September 5, 1980 <br />6. NEW <br />c. Ontinued.... <br />. Ellison: It is a whole compli <br />ted process if that were to occur. <br />;ically, the property would become <br />governments'. <br />. Robinson: Is there a different <br />fling for single family dwellings <br />an there is for a commercial venture <br />r a 312 loan? <br />M i s. Baumgartner: It is $27,000 for a <br />sngle family dwelling maximum. <br />. Robinson: Mr. Nimtz, was this loan <br />proved by Southold? <br />. Nimtz: Yes. <br />Mr. Robinson: Then you are speaking of the <br />cost of this home being in excess of $100,000 <br />when you include the cost of moving? Is this <br />the actual loan ($100,000) or are we talking <br />a out a lien on the property? <br />Mr. Ellison: We are talking about two loans. <br />An $80,000.00 loan and a $30,000.00 loan. <br />The $80,000.00 loan would have first position, <br />d the $30,000.00 loan would be subordinate <br />d take second position. <br />Mr. Nimtz: They have to pay off the Southold <br />loan in one year. <br />W. Ellison: Normally what happens is that <br />a borrower in this situation would have a take <br />out commitment from a bank. Once the house is <br />r habilitated and once it is appraised, the bank <br />can then lend on its after rehab value. They <br />en take out the Southold loan which is a <br />sort term interim loan. <br />Butler: Do they have a take out in this <br />e Mrs. Baumgartner? <br />. Baumgartner: No they don't, but they do <br />a number of properties free and clear. <br />18 <br />
The URL can be used to link to this page
Your browser does not support the video tag.