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South Bend evelopment Commission Meeting <br />Regular Meeting - June 14, 1991 <br />3. APPRM OF CLAIMS (Cont.) <br />4. <br />5. <br />Upon a motion made by Mr. Combs, seconded by <br />Mr. Faamnda and unanimously carried, the <br />Commission formally approved the claims <br />submittAd May 29, June 5 and June 12, 1991 <br />and ord checks dated May 31, June 7, and <br />June 14 1991 to be released. <br />There w6re no communications. <br />a. <br />C KIISSION FORMALLY APPROVED THE <br />CLAIMS SURIITTED MAY 29, JUNE 5, <br />AND JUNE 12, 1991 AND ORDERED <br />aiFOG DATED MAY 31, JUNE 7, AND <br />JUNE 14, 1991 TO BE RELEASED <br />THERE WERE NO COMMUNICATIONS <br />e Woodworth Northern Oak Homes $53,038.00* <br />Woodworth <br />hern Oak Homes <br />S. William <br />* includes $2,746 contingency <br />Mrs Kolata noted that this Rental Rehab <br />is structured so that Northern Oak Homes, <br />as part owner, would share in the profits <br />from. the operation of the rental units as <br />well as be the contractor. As originally <br />presented to the Commission, the profit <br />margin was higher than allowed by HUD. <br />The Rental Rehab was tabled while we <br />sought a recommendation from HUD. It <br />comes before the Commission now <br />structured so that Northern Oak Homes can <br />make a 10% profit. Also, Northern Oak <br />Hams is now included as an owner due to <br />the profit sharing arrangement that has <br />been established. The financing <br />s cture has been approved by HUD. <br />Mrs Kolata noted that the property <br />presently contains four units. It will <br />be converted to two three - bedrooms units. <br />-3- <br />$17,000.00 (Public) <br />$36,038.00 (Private) <br />