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South Bend Redevelopment Commission <br />Regular Meeting - June 6, 1997 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />Ms. Kolata noted that this property is <br />owned by Paul Quinn. He would like to <br />obtain a loan from Norwest Bank that <br />would total approximately $19,000. She <br />stated that the Rental Rehab Loan <br />Program has a loan agreement with Paul <br />Quinn and the balance of the loan is less <br />than $2,500. Paul Quinn requested that <br />the Commission subordinate their interest <br />to that of Norwest Bank. Ms. Kolata <br />stated that the Commission has done this <br />in the past and the staff recommends <br />approving the Subordination Agreement. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the <br />Subordination Agreement for property <br />located at 829 E. Miner. (Paul Quinn) <br />h. Staff report on acquisition of property <br />in the Sample Ewing Development <br />Area. <br />Ms. Kolata noted that a counter offer was <br />received for property located at 1221 S. <br />High Street. The counter offer is from <br />Jerome C. Smith in the amount of <br />$16,000. The original purchase offer was <br />$13,500. The staff recommends <br />accepting the counter offer. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission accepted the counter <br />offer for property located at 1221 S. High <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSM060697.MIN -16- <br />COMMISSION APPROVED THE SUBORDINATION <br />AGREEMENT FOR PROPERTY LOCATED AT 829 E. <br />MINER. (PAUL QUINN) <br />COMMISSION ACCEPTED THE COUNTER OFFER <br />FOR PROPERTY LOCATED AT 1221 S. HIGH <br />STREET IN THE SAMPLE EWING DEVELOPMENT <br />AREA <br />