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South Bend edevelopment Commission <br />Regular Mee ing - September 28, 1990 <br />6. NEW BUSnIESS (Cont.) <br />a. contnnued... <br />Bend Heritage SB Heritage <br />Corner <br />- LaPorte <br />$49,360.00 contingency <br />JosOrph MacHatton Joseph MacHatton <br />413 Jackson <br />*' ludes $2,210.00 contingency <br />Saim iel Wright Samuel Wright <br />509 Howard <br />$1,445.00 contingency <br />$585,570.00* $112,500.00 (public) <br />$423,710.00 (private) <br />$ 51,700.00* $ 22,500.00 (public) <br />$ 29,200.00 (private) <br />$ 19,860.00* $ 8,500.00 (public) <br />$ 11,360.00 (private) <br />Mrs Kolata stated that there are three <br />Ren Rehab applications. The first is <br />an application frarn South Bend Heritage <br />tha includes 15 residential units in 7 <br />str.ictures near the intersection of <br />Colfax and LaPorte. The area is called <br />His oric Dunbar Corner. South Bend <br />Her tage would be purchasing the entire <br />cor ier and renovating all of the <br />pro ies. They are requesting a Rental <br />Rehab loan in the amount of $112,500. We <br />are also reaming acceptance of South <br />Berxi Heritage as the general contractor <br />for the project. Their proposal is to do <br />the renovation for $585,570. A variety <br />of private sources have been put together <br />to bring $423,710 of private financing to <br />the project. That includes a loan from <br />Stwidard Federal Bank, a grant from the <br />Affordable Housing Program and <br />syrx�ication of tax credits to enable this <br />pro ect to occur. <br />Mr.Luecke stated that this is a project <br />th# South Bend Heritage has been working <br />-5- <br />