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South Bend Redevelopment Commission <br />Regular Meeting - October 15, 1993 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />Ms. Richmond explained that the City <br />previously subordinated its rental rehab loan <br />on this property to a regular mortgage. This <br />subordination is a refinanced mortgage at a <br />lower interest rate and slightly higher <br />principal in place of the original mortgage, <br />not a subordination to third position. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the Subordination <br />Agreement with Standard Federal Bank for <br />Thomas B. Brademas, Jr. and Michelle C. <br />Brademas for property located at 1003 N. <br />Sherman Ave. <br />C. Commission approval requested for <br />Exclusive Leasing Agreement <br />between CB Commercial Real Estate Group <br />and Venterra. Inc. <br />Mrs. Kolata asked that this item be tabled. <br />d. Commission approval requested for <br />Resolution No. 1196 relating to acquisition <br />of property in the Sample -Ewing <br />Development Area by Eminent Domain. <br />Mrs. Kolata explained that Resolution No. <br />1196 sets the price for 18 pieces of vacant <br />land and authorizes the staff to send <br />purchase offers. The resolution also <br />authorizes the use of Eminent Domain to <br />acquire the property if necessary. If <br />approved, we expect to send purchase offers <br />next week. <br />In <br />COMMISSION APPROVED THE <br />SUBORDINATION AGREEMENT WITH <br />STANDARD FEDERAL BANK FOR THOMAS <br />B. BRADEMAS, JR. AND MICHELLE C. <br />BRADEMAS FOR PROPERTY LOCATED AT <br />1003 N. SHERMAN AVE. <br />ITEM 6. C. WAS TABLED <br />