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South Bend edevelopment Commission <br />Rescheduled Regular Meeting - November 12, 1987 <br />6. NEW BUSMSS (Cont.) <br />d. Continued... <br />Mr. Piasecki asked how it is determined <br />tha the proposals of owner - general <br />con ractors are realistic proposals when <br />there is no bid against them. Mrs. <br />Kol to explained that they are compared <br />to the Bureau of Housing cost estimate. <br />Ms. Schwartz asked if the owner- general <br />is required to demonstrate that he is <br />capible of doing general contracting. <br />Ms. Baumgartner responded that he is. <br />Mr. Piasecki asked for an explanation of <br />the use of Community Development money. <br />Ms. Baumgartner explained that the <br />maximum. Rental Rehab amount which can be <br />allocated is $87,000 per unit (federal <br />pub is money). One quarter of the total <br />project cost must be conventionally <br />financed (private money). The remainder <br />can be allocated from Community <br />Development Block Grant funds to make the <br />project more feasible to the owner. <br />Mr. Piasecki asked for an explanation of <br />how the HDC would be the general <br />con ractor. Ms. Baumgartner explained <br />that the Housing Development Corporation <br />wou d solicit and retain subcontractors <br />for the various aspects of the <br />re bilitation work. <br />Upon a motion by Mr. Donoho, seconded by COMMISSION APPROVED THE PROPOSALS <br />Mr. Piasecki and unanimously carried, the AND LOANS IN CONNECTION WITH THE <br />Comaission approved the proposals and RENTAL REHAB PROGRAM <br />loans in connection with the Rental Rehab <br />Pr ram in accordance with the <br />rec mmendation from the Bureau of <br />a. (1) Commission approval requested <br />for Resolution No. 821 Finding and <br />Determining that Payments of Propert. <br />Proceeds from the Allocation Fund to <br />Respective Taxing Units shall not be <br />zed. <br />Tax <br />