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South Bead Redevelopment Commission <br />Special meeting - September 15, 1980 <br />3. OLD BUSINESS <br />a. Comission approval requested for the <br />ollowing Section 312 loan application: <br />Name <br />Oscar & <br />Brook <br />701 W. L <br />South Be: <br />Amount Loan No. <br />thryn $81,600.00 18 /OMC- 0011/92/1 <br />s <br />alle <br />IN 46601 <br />. Nimtz: As you recall, Southold <br />involved in this matter, so I <br />squalify myself and place Mr. Robinson <br />the chair. <br />rs. Baumgartner: At the last meeting the <br />pplication showed 100% occupancy figures, <br />nd it was suggested that we change those <br />igures to 90% as well as provide an updated <br />nnraisal. <br />. Ellison: Kathy, did you recalculate the <br />come for the property based on the lower <br />cunancv level? <br />rs. Baumgartner: Yes. <br />r. Ellison:. I presume you still come up <br />ith more income than expenses? <br />rs. Baumgartner:. We have no of estimat <br />ng taxes on the property other than to take <br />he appraised value and divide by three which <br />ivies us the assessed value, then using the <br />resent tax rate to come up with the taxes due <br />n the property. <br />r. Ellison: If they don't maintain 90% <br />ccupancy and if taxes are higher than estimated <br />t is possible expenses could exceed income. <br />rs. Baumgartner: Yes. <br />r. Ellison: Do you expect they would leverage <br />ome of their other resources if necessary to make <br />ood on the payments? <br />rs. Baumgartner: Yes. <br />-3- <br />