Laserfiche WebLink
South Bend 1tedevelopment Commission <br />RescheduledlRegular Meeting - September 30, 1985 <br />5. OLD BUSMSS (Cont.) <br />a. uon*r-inuea... <br />Bureau is recommending B &C Construction for <br />$16 641.00. This was the low bid. <br />The other property located at 606 W. Colfax is <br />proposed to have a 50% federal Rental Rehab in <br />the amount of $11,700.00. The Community <br />Development Rental Rehab loan would be <br />$5,1350.00 at 3% for ten years. The private <br />firiancing is in the amount of $5,850.00 for a <br />total project cost of $23,400.00. There were <br />two bids received for this work and the Bureau <br />is reconmiending the low bie of K &C <br />Construction in the amount of $22,468.00. <br />The Commission is being asked to approve these <br />to s, award the contracts and authorize the <br />Pre ident and Secretary to enter into the <br />nec ssary documents for the different loans. <br />Boti properties are covered currently with an <br />exi ting mortgage with St. Joseph Mortgage <br />Co any. It is the intent that the loan <br />do nts cover both properties rather than <br />separate documents for each property. <br />Mrs Kolata noted that the local Rental Rehab <br />guidelines were recently amended to make the <br />pr ram more affordable in accordance with the <br />federal guidelines which require 50% private <br />and 50% federal funds. Community Development <br />loais are available for up to 25% of the total <br />project cost. As of October 1, 1985 there <br />wilL be a moratorium on accepting applications <br />for the Rental Rehab Program. There are <br />pre ently 28 properties that are being <br />wn idered for this program. <br />Upon a motion made by Ms. Auburn, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Comnission awarded bids to K &C Enterprises for <br />606 W. Colfax and to B &C Construction for <br />608-610 W. Colfax, approved loans in <br />connection with the federal Rental Rehab <br />Pr ram, and approved loans in connection with <br />the Community Development Rental Rehab Program <br />in e amounts listed above. <br />-4- <br />THE COMMISSION AWARDED BIDS <br />TO K &C ENTERPRISES'FOR 606 <br />W. COLFAX AND TO B &C CON- <br />STRUCTION FOR 608 -610 W. <br />COLFAX, APPROVED LOANS IN <br />CONNECTION WITH THE FEDERAL <br />RENTAL REHAB PROGRAM, AND <br />APPROVED LOANS IN CONNECTION <br />WITH THE COMMUNITY DEVELOPMENT <br />RENTAL REHAB PROGRAM IN THE <br />AMOUNTS LISTED ABOVE <br />