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South Bend Redevelopment Commission <br />Regular Me ting - November 6, 1981 <br />7. NEW BUSINESS (continued) <br />h. cohtinued... <br />Mr Robinson was placed in the Chair for considera- <br />ti n of this item. <br />Mr <br />3. Kolata explained that the agreement establishes <br />a <br />)ne-year revolving loan fund of $90,0000.00 that <br />will <br />be deposited in Tower Federal Savings & Loan <br />As <br />ociation. Tower will then make one -year loans at <br />3% <br />interest to people who are moving houses within <br />tha <br />Monroe - Sample area. The loans will cover the <br />co <br />3t of moving and rehabilitation of homes. At the <br />en <br />of that one year period, Tower will give a per - <br />ma <br />ent mortgage to the homeowner at 1% below the <br />cu <br />rent market interest rate:, but in no case higher <br />than <br />18 %. After the one year period, when the loan <br />fund <br />expires, the money will return back to the City <br />and <br />will be reprogrammed into Community Development. <br />AGREEMENT WITH TOWER <br />Up <br />)n motion made by Mr. Donaldson, seconded by Mr. <br />FEDERAL SAVINGS & LOAN <br />Ro <br />inson and unanimously carried, the agreement with <br />ASSOCIATION AND SOUTHOLD <br />To <br />er Federal Savings & Loan Association and Southold <br />HERITAGE FOUNDATION, INC. <br />He <br />itage Foundation, Inc., was approved. <br />WAS APPROVED <br />Mrs Nimtz abstained from voting. <br />8. PROGRESS REPORTS <br />Mr. Horton reported that the Marriott Hotel has so far <br />hired 40 people in conjunction with our Targeted Jobs <br />Program, and we expect the final number to be about <br />60 -70. We are pleased with the cooperation of the <br />Marriott people in this regard. <br />Mr. McMahon reported that we had hired two real estate <br />people last summer to handle real estate closings for us <br />in the Monroe- Sample area. We contracted with Peggy <br />Forrest and Judy Rosheck, and they closed 99 properties <br />fora total cost of $5,000. They did an outstanding <br />job ano performed in a timely manner. <br />9. NEXT CgMMISSION MEETING <br />The ne :t commission meeting will be held on Friday, NEXT COMMISSION MEETING <br />Novemb r 20, 1981 at 10:00 a.m. <br />11 <br />