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South Bend edevelopment Commission <br />Regular Me ing January 28, 1983 <br />5. PUBLIC WHARING (Continued) <br />expacted that we would forward any inquiries <br />over to St. Joseph Bank as they are the owner <br />of the building. <br />Ms. Auburn stated that if there was any way pos- <br />sible, Redevelopment would prefer to keep the <br />property on the tax rolls, but it doesn't appear <br />that that is going to be a possibility. <br />Ms. Jeanne Derbeck asked the status of the studies <br />that have been done on the specific need for more <br />subsidized housing for the elderly. <br />Mr. Ford explained that it is the.point of sane <br />people that they would prefer to live in subsi- <br />dized housing rather than government owned housing. <br />I think that the Federal Government recognized the <br />same thing and that's why they have moved away from <br />sponsoring ownership of proprety by government and <br />mov into making money available through loans and <br />gramts for private ownership. He also noted that <br />the City's Department of Economic Development fur- <br />nishes HUD with the Housing Assistance Plan which <br />supports housing for the elderly. <br />Mr. Brewer stated that the hotel is an asset of <br />the St. Joseph Bank Trust Department and it serves <br />as collateral for the debt of the former owners. <br />The Bank, as a trustee, has the responsibility to <br />look for someone to purchase the building so the <br />bond can be paid off. He also stated that St. <br />Joseph Bank supports the proposal of St. Joseph <br />Towner, Inc., the petition for rezoning and the <br />petition for the land use plan. <br />Mr. Nimtz noted that the bank bid at the Sheriff's <br />Sal of the building as a trustee for the bond <br />holders and whatever money they get out of the <br />salE, of the land of the building goes to pay off <br />the bond. <br />Ms. Glenda Rae Hernandez noted that in September, <br />1984 the Housing Allowance Program will come to <br />an End. She stated that is one more reason why <br />people might want to consider subsidized housing. <br />Mr. Nimtz inquired whether there were any further <br />caments, recommendations, suggestions or any re- <br />monstrances to be presented to the Commission con- <br />cer ing this petition. Hearing none, the public <br />hearing was declared closed. <br />-7- <br />