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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 ehing - September 5, 1980 <br />6. NEW <br />c. cdntinued......... <br />M�. Cira: You are going to have at least <br />a first year payment of $35,000.00. <br />Ellison: They do have enough assets <br />other real property as Mrs. Baumgartner <br />icated and they could in fact generate <br />ficient dollars. <br />Mr. Butler: You indicated that relative <br />tc the contractor's bids that we have an <br />o ligation to protect them against them- <br />s lees, do you do the same thing in a <br />situation such as this with the borrower? <br />Dc you scrutinize this closely relative <br />tc the debt obligation and debt service <br />r lative to projected income and of <br />course in this case you indicated that <br />ey do have other assets, to help them <br />m e a business determination? <br />. Baumgartner: Yes. <br />Ellison: I should correct one thing... <br />aid the address had a property to be <br />abilitated at 701 W. LaSalle, whereas it <br />actually 617 W. LaSalle. The Brookins <br />e at 701 W. LaSalle and they also own <br />perty at 620, 713, 609 W. LaSalle, as <br />1 as 601 N. Scott Street. So, they <br />eed have substantial holdings. <br />Nimtz: I might say without trying to <br />J udice the Commission that the LaSalle <br />ple are forming a neighborhood organi- <br />:ion and some of us who are on the <br />toric Preservation Commission recommend <br />them that there be historic district <br />m Washington to Lincolnway as they <br />ibine with Colfax to West Washington area <br />r. So the next area of rehabilitation <br />,ement of rehabilitation is LaSalle <br />,nue but the LaSalle Avenue people may <br />Lt to stay by themselves., I really don't <br />w. It is the next neighborhood that <br />being worked on by the Historic Preser- <br />:ion Commission and by Southold, redevelop - <br />.t and rehabilitation, so that the neigh <br />hood is coming back. <br />M` <br />
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