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RM 04-15-94
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RM 04-15-94
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0 <br />South Bend Redevelopment Commission <br />Regular Meeting - April 15, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mr. Sharp asked the location of the property <br />being added to and deleted from the <br />acquisition list. Mrs. Kolata pointed the <br />location out on a map in the Development <br />Plan. <br />b. Commission approval requested for <br />Resolution No. 1238. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission modified Resolution No. 1238 <br />by deleting those provisions of Resolution <br />No. 1238 concerning expansion of the <br />economic development area and expansion <br />of the tax increment allocation area, and <br />then approved Resolution No. 1238 as <br />modified. <br />C. Commission approval requested for <br />Subordination Agreement with First Source <br />Bank for Loan in connection with the Rental <br />Rehab Proeram for DroDertv located at 916 <br />South Bend Avenue. (Neighborhood <br />Housing Services). <br />Mrs. Kolata explained that Neighborhood <br />Housing Services is refinancing their <br />mortgage with 1st Source Bank. The <br />Commission's Rental Rehab Loan was in <br />second position to the 1st Source mortgage, <br />but moves to first position with the <br />refinancing. 1st Source wants to be in first <br />position and we are willing to remain in <br />second. This agreement subordinates the <br />Commission loan to the 1st Source <br />In <br />COMMISSION MODIFIED RESOLUTION <br />NO. 1238 TO DELETE THOSE PROVISIONS OF <br />RESOLUTION NO. 1238 CONCERNING <br />EXPANSION OF THE ECONOMIC <br />DEVELOPMENT AREA AND EXPANSION OF <br />THE TAX INCREMENT ALLOCATION AREA, <br />AND THEN APPROVED RESOLUTION <br />NO. 1238 AS MODIFIED <br />
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