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South Bend fZedevelcpment Commission <br />Regular Mee ing - September 28, 1990 <br />6. NEW BUSVESS (Cont.) <br />a. conranuea... <br />Mr. Donoho asked if it was possible to <br />appmve a loan for property that South <br />Beni Heritage doesn't own yet? <br />Mrs Kolata said that we have done that <br />in the past where part of it has been <br />buyLng out a land contract. If the sale <br />wenB not to go through and if the rest of <br />the financing were not to come in place, <br />we cn't draw down any money. <br />Mrs Kolata asked if we are only to <br />forclive 1/15 of the Rental Rehab loan <br />ev year over the 15 years or are we <br />going to forgive 1/10 of the loan for the <br />1st 10 years. <br />Mr. Wecke said that because of the tax <br />'t the federal dollars get treated in <br />a different way as they are in effect <br />lowied at the applicable federal rate for <br />the 15 years. We are requesting that <br />thi be a no payment loan and the <br />int xest would accrue. At the end of 15 <br />y the loan will be forgiven if South <br />Ben I Heritage meets all of the <br />recOirements of the Rental Rehab <br />Upon a motion made by Mr. Combs seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the Rental Rehab <br />of $112,500 and awarded the contract <br />for the construction to South Bend <br />Her tage in the amount of $585,570 for <br />the Historic Dunbar Corner project. <br />Mr. leverman asked that the Rental Rehab <br />application for 413 S. Jackson be tabled <br />until the next meeting. <br />Ms. Auburn asked if there were objections <br />to tabling this application. Hearing <br />norm!, the Rental Rehab application for <br />413 S. Jackson was tabled until October <br />12, 1990. <br />-7- <br />•• 7 I 7 I • • ..'• �� 1 <br />:+ r• - • • • <br />/ '�@i� 1 • •' 1 <br />ICI' IP 1 • • <br />JIM <br />•- �' •- <br />LO-eJ <br />