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RM 01-08-88
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RM 01-08-88
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South Bend Redevelopment Commission <br />Regular Meeting - January 8, 1988 <br />6. NEW BUSINESS (Cont.) <br />a. Conttinued... <br />1 Rehab loan in connection with the <br />1 Rehab Program as listed above. <br />Comnission approval requested for <br />S rdination Agreement with Leonard <br />Leffel for property located at 730 N. <br />Cleveland St. <br />Ms. Baumgartner explained that Mr. Leffel <br />received a Rental Rehab loan <br />approximately one and one -half years ago. <br />At 1hat time he had private financing and <br />has paid about $5,000 of that off. He <br />wishes to borrow additional money from a <br />private lender who requires that all <br />other loans be subordinated to theirs. <br />This Agreement would subordinate our <br />Rental Rehab loan to the new private loan <br />which is the same position we were <br />originally in. <br />upon a motion by Mr. Combs, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved the Subordination <br />Agreement with Leonard Leffel. <br />7. PROGRESSIREPORTS <br />Mr. Hunt asked Ms. Baumgartner to give an <br />update o the Broadway Hotel project. <br />Ms. Baumgartner explained that the Stuart B. <br />McKinney Homeless Assistance Act, which was <br />passed late last summer, has brought a <br />coalitiom of people together to make the best <br />use of the various sources of money that are <br />available for assistance to the homeless. One <br />part of the City's contribution to this effort <br />was to Pitt together the Comprehensive Homeless <br />Assistance Plan. The Plan proposed a <br />three-phased approach to the needs of the <br />homeless. The first phase is a 24 -hour <br />shelter/multi-service center (Gilberts Bldg.) <br />where the immediate need for shelter would be <br />met as well as personal counselling, <br />job/educational counselling, counselling for <br />substanO abuse. The second phase is a <br />transiticInsal housing site (Broadway Hotel), <br />-3- <br />COMMISSION APPROVED THE SUBORDIN- <br />ATION AGREEMENT WITH LEONARD LEFFEL <br />PROGRESS REPORTS <br />
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