|
South Bend edevelopment Commission
<br />Special Meeting - November 12, 1991
<br />6. NEW BUSINESS (Cont.)
<br />a. continued...
<br />Her tage has contributed $396,000 in
<br />equ ty; and they have taken out an
<br />$82 ,000 mortgage.
<br />South Bend Heritage will hire a general
<br />contractor for the project. Construction
<br />will begin in March /April 1992 with an
<br />estimated completion date of May 1993.
<br />Since the Low Income Housing Tax Credit
<br />Pro ram requires that 10& of the project
<br />cos be invested before the end of 1991,
<br />Sou h Bend Heritage will be purchasing
<br />mat rials and appliances before that
<br />Mr. Piasecki asked if the project would
<br />be successful without tenants who use
<br />Section 8 vouchers. Mr. Gibney responded
<br />that the rents were structured separate
<br />fro Section 8. The rents are feasible
<br />on heir own.
<br />Upom a motion by Mr. Combs, seconded by
<br />Mr. Faccenda and unanimously carried, the
<br />Commission received the bid for Parcels
<br />W58 19, W58 -20, W58 -26, W58 -27, W58 -28,
<br />W58..29, W58 -30, W58 -31, W58 -32, W58 -33,
<br />W58 34, W58 -35, W58 -36, W58 -37, W58 -38,
<br />W58 42, W64 -1, W64 -2, W64 -3, W64 -4,
<br />W64 5, W64 -6, W64 -7, W64 -8, W64 -9,
<br />W64 10, W64 -11, W64 -12, W64 -13 in the
<br />Wes Washington- Chapin Development Area
<br />and referred the bid to staff for its
<br />rec mmendation at the next Commission
<br />mee ing.
<br />b. Pub:
<br />ame3
<br />Devi
<br />Mrs
<br />itei
<br />ori4
<br />on 1
<br />Cor:
<br />Plai
<br />the
<br />. Kolata asked that the following
<br />1s be entered into the record: 1) an
<br />final of the Notice of Public Hearing
<br />:he amendment to the Studebaker
<br />:idor Development Area Development
<br />1; 2) an affidavit from Carol Smith of
<br />South Bend Tribune stating that the
<br />-4-
<br />COMMISSION RECEIVED THE BID FOR
<br />PARCELS W58 -19, W58 -20, W58 -26,
<br />W58 -27, W58 -28, W58 -29, W58 -30,
<br />W58 -31, W58 -32, W58 -33, W58 -34,
<br />W58 -35, W58 -36, W58 -37, W58 -38,
<br />W58 -42, W64 -1, W64 -2, W64 -3,
<br />W64 -4, W64 -5, W64 -6, W64 -7,
<br />W64 -8, W64 -9, W64 -10, W64 -11,
<br />W64 -12, W64 -13 IN THE WEST
<br />WASHINGTON - CHAPIN DEVELOPMENT
<br />AREA AND REFERRED THE BID TO
<br />STAFF FOR ITS RECOMMENDATION AT
<br />THE NEXT COMMISSION MEETING
<br />
|