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South Bend edevelopment Commission <br />Rescheduled Regular Meeting - September 11, 1987 <br />6. NEW BUSINESS (Cont.) <br />b. Continued... <br />Mrs. Kolata noted that NHS owns these <br />properties and will be the general <br />contractor for the work. When <br />rehabilitation is complete, they will be <br />used as rental properties. Mrs. Kolata <br />alsc explained that the Commission is <br />approV4 ng only the Federal Rental Rehab <br />(Public) portion of these loans. <br />Mr. Piasecki asked how heavily the <br />Housing Development Corporation wants to <br />get into property management. Ms. <br />Baungartner stated that cost effective <br />property management requires a large <br />number of properties. That is why the <br />not-for-profits combine their efforts on <br />so many of these projects. <br />Upon a motion by Ms. Auburn, seconded by COMMISSION APPROVED THE PROPOSALS <br />Mr. Piasecki and unanimously carried, the AND LOANS IN CONNECTION WITH THE <br />Conirnission approved the proposals and RENTAL REHAB PROGRAM <br />loans in connection with the Rental Rehab <br />Program in accordance with the <br />recoinmendation from the Bureau of <br />c. Commission approval requested for a <br />contract for consulting services. <br />Ms. Kolata noted that this is a contract <br />with Springsted, Inc. They have served <br />for the last two years as a financial <br />advisor to the Commission on our tax <br />incr2ment bond. The proposal is similar <br />to tae previous contracts with them. The <br />pro sal covers 1987 and 1988 to provide <br />a variety of financial consulting <br />services and the rate schedule for each <br />service. We expect to require their <br />services regarding the financing of the <br />parking garage, among other things. <br />am <br />not <br />are <br />?iasecki asked if these services were <br />3sary in light of the state decision <br />-o pay property tax replacement <br />Lts. Mrs. Kolata indicated that they <br />'fighting this decision, but even if <br />