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South Bend Redevelopment Carmnission <br />Regular Meoting - April 28, 1989 <br />6. NEW WAINESS (Cont.) <br />d. cdntinued... <br />tract to the HDC for $108,000. She <br />ed that the Rental Rehab Doan is a <br />givable loan at the rate of 10% per <br />r aver a ten year period, as long as <br />property is available for rent to <br />and moderate income individuals and <br />long as it meets Code standards each <br />r. <br />. Kolata noted that Mr. Piasecki is a <br />rid member of the Housing Development <br />ooration and has a conflict of <br />Brest on this item. <br />. Auburn asked about the difference <br />tween the cost estimate at $118,800 <br />d the HDC proposal at $108,000. Ms. <br />abazz explained that the cost estimate <br />s profit built into it for the general <br />ntractor. The HDC is not trying to <br />ke a profit, but to cut costs. The <br />oposal reflects the savings. <br />. Gilbert asked what percentage the <br />gets for its general contracting. <br />Shabazz responded that it takes no <br />n a motion by Mr. Combs, seconded by COMUSSION APPROVED THE $45,000 <br />Auburn and unanimously carried, the PM?rAL REHAB IRAN TO THE HOUSING <br />mission approved the $45,000 Rental DEVELOPMENT CORPORATION FOR <br />ab Loan to the Housing Development PROPERTY LOCATED AT 901, 905 AND <br />poration. Mr. Piasecki did not vote 909 LNCOLNWAY WEST <br />this item. <br />Auburn questioned the apparent <br />xepancy between the $108,000 <br />asal listed on the agenda and <br />x,800 listed on the cover letter. <br />Leverman responded that the $118,000 <br />udes a contingency fund of $10,800. <br />Kolata noted that if the <br />:ingency fund ever needed to be <br />t, it would have to be approved for <br />nditure, either now or later. <br />m._ <br />