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South Bend Redevelopment Commission <br />Regular Meeting - August 6, 1993 <br />6. NEW BUSINESS (Cont.) <br />n. continued... <br />Commission is making the mortgage on <br />behalf of the City of South Bend. If it is <br />foreclosed, the house will belong to the City <br />and we would try to dispose of it. We ( the <br />loan fund) would have lost some of the <br />money we put into it. Mrs. Kolata noted <br />that she thinks that the after -rehab value is <br />estimated low. Any potential loss is <br />weighed against the value of upgrading the <br />neighborhood. <br />Mr. Donoho commented that he would <br />support the loan as long as the owner <br />understood the loan to value ratio. Ms. <br />Richmond said that they did. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved the Loan in <br />connection with the West- Washington- <br />Chapin Rehabilitation Loan Program in the <br />amount of $63,650 for property located at <br />210 LaPorte. <br />7. PROGRESS REPORTS <br />Mr. Cierzniak asked for the opportunity to <br />comment on the report made by Economics <br />Research Associates related to the feasibility of <br />the College Football Hall of Fame project. He <br />presented the information which is attached to <br />these minutes in its entirety. <br />8. NEXT COMMISSION MEETING <br />The next Regular Meeting of the Redevelopment <br />Commission is scheduled for August 20, 1993 at <br />10:00 a.m. <br />COMMISSION APPROVED THE LOAN IN <br />CONNECTION WITH THE WEST <br />WASHINGTON - CHAPIN REHABILITATION <br />LOAN PROGRAM IN THE AMOUNT OF <br />$63,650 FOR PROPERTY LOCATED AT 210 <br />LAPORTE <br />PROGRESS REPORTS <br />NEXT COMMISSION MEETING <br />