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South Bend Redevelopment Commission <br />Regular Meeting - December 3, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. Commission approval requested for Loan in <br />connection with the West Washington-Chapin <br />Rehabilitation Loan Program in the amount <br />of $59.900.00 for property located at 1010 <br />W. Jefferson. (Carol Smith) <br />Mrs. Kolata noted that this is a 30 year loan <br />at 0% interest with payments of $166.39 per <br />month. The after rehab value of the property <br />is $59,000. <br />Ms. Richmond noted that, in order to get <br />clear title, the $59,900 includes the <br />refinancing of a $6,000 loan which uses the <br />house as security. <br />APN Upon a motion by Mr. Donoho, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved the $59,900 Loan in <br />connection with the West Washington - Chapin <br />Rehabilitation Loan Program for property <br />located at 1010 W. Jefferson. (Carol Smith) <br />e. Commission approval requested for <br />Certificate of Completion for Disposition <br />Parcel 9B in the Sample -Ewing Development <br />Area. (Wheel and Rim) <br />Mrs. Kolata noted that the Contract for Sale <br />of Land with Wheel and Rim included certain <br />specifications for the improvements. The <br />Certificate of Completion states that the <br />improvements meet our requirements, <br />authorizes the return of their performance <br />guarantee, and gives them clear title to the <br />land. The staff recommends approving the <br />Certificate of Completion. <br />dA <br />COMMISSION APPROVED THE $59,900 LOAN <br />IN CONNECTION WITH THE WEST <br />WASHINGTON - CHAPIN REHABILITATION <br />LOAN PROGRAM FOR PROPERTY LOCATED <br />AT 1010 W. JEFFERSON. (CAROL SMITH) <br />