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South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />Ms. Richmond explained that William <br />and Eliza Jenkins received a loan under <br />the Roof Loan Program in December. <br />The Roof Loan Program requires that <br />they bring the rest of the property up to <br />code. The Jenkins' needed additional <br />financing in order to bring the garage up <br />to code. Ford Consumer Finance <br />Company will refinance a $3,000 first <br />mortgage and loan an additional $6,700 <br />but want to be in first position on the <br />mortgage. <br />Upon a motion by Mr. Piasecki, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />approved the Subordination Agreement <br />with Ford Consumer Finance Company, <br />Inc. for property located at 2005 W. <br />Kenwood Street. ( William and Eliza <br />Jenkins). <br />C. Commission anvroval requested for <br />Subordination Agreement with Valley <br />American Bank & Trust Company for <br />property located at 313 E. Ewing Street. <br />(George G. Athens) <br />Ms. Richmond noted that the Athens' <br />Rental Rehab Loan was before the <br />Commission in December. However, <br />there was an error in the bank's figures <br />and more money was needed than <br />refinancing the $20,000 debt. The total <br />amount of the Valley American Bank <br />loan is $38,000. <br />-5- <br />COMMISSION APPROVED THE <br />SUBORDINATION AGREEMENT WITH FORD <br />CONSUMER FINANCE COMPANY, INC. FOR <br />PROPERTY LOCATED AT 2005 W. KENWOOD <br />STREET ( WILLIAM AND ELIZA JENKINS) <br />