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South Bend Redevelopment Commission <br />Regular Meet ng - May 14, 1982 <br />5. OLD BUSINESS (Continued) <br />b. Review of bid opening and staff recommenda- <br />tion to award bid for 'Dis ositioh Parcel #1 <br />in Ole Monroe - Sample Development Area. <br />Mrs. Kolata stated that Curtis Products sub- <br />Mitt Ed a bid of $6,000.00 for Disposition <br />Parc 1 #15 in the Monroe- Sample Development <br />Area The minimum offering.price was $5,815.00. <br />If they are awarded the bid, Curtis Products <br />woulc expand an existing building by 7,200 <br />square feet and use the remainder of the land <br />to a comodate their parking needs. It is our <br />understanding that they also intend to bid on <br />another parcel in the area when it is offered <br />for sale. <br />Upon a motion made by Mr. Donaldson, seconded <br />by Ms. Auburn and unanimously carried, the bid <br />of Curtis Products, Inc., for Disposition Par- <br />cel M5 in the amount of $6,000.00 was accepted <br />and the president and secretary of the Commission <br />were authorized to execute all necessary papers <br />to complete the transaction. <br />c. Commission approval requested for adoption of <br />Rehaq r iliatation Loan Program Guidelines. <br />Mrs. Baumgartner explained that a study recently <br />completed by the Community Development Department <br />of existing housing programs concluded that the <br />prog ams that did not require a pay back did not <br />result in lasting repairs. With that in mind the <br />new housing programs were designed as loan programs, <br />with interest in the range of 0.3 %. Applications <br />will be taken throughout the year but will only be <br />considered four or five times a year, in bulk, <br />based on the amount of funding available at the <br />time. This will give the City the opportunity to <br />target certain areas within the City in which more <br />rehabilitation might be needed. The recipients <br />must be credit worthy and able to assume this <br />debt. All loans will be secured by a mortgage <br />or promissory note and no loan will be made for <br />more than 110% of the after rehabilitation value <br />of the property. All of the loans will be recom- <br />mended to the Commission for approval or rejection <br />by an advisory board that you will appoint. All <br />code items must be corrected and all work will be <br />let f r proposals and contracted out. <br />-3- <br />COMMISSION APPROVED THE SALE <br />OF MONROE- SAMPLE DISPOSITION <br />PARCEL #15 <br />