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r <br />South Bend Redevelopment Commission <br />Regular Meeting - July 18, 1997 <br />6. NEW BUSINESS (CONT.) <br />w. continued.... <br />Development Area. <br />Ms. Kolata stated that the property <br />located at 628 Rush Street was purchased <br />by Redevelopment and leased to the <br />Housing Development Corporation. <br />They in turn used the property as a local <br />contribution to match HOME money that <br />was invested in the rehab of the property. <br />She also noted that the Legal Department <br />recommended approving the Leasehold <br />Mortgage and Security Agreement. <br />Upon a motion by Ms. Schwartz, <br />COMMISSION APPROVED THE LEASEHOLD <br />seconded by Mr. Faccenda and <br />MORTGAGE AND SECURITY AGREEMENT FOR THE <br />ASK unanimously carried, the Commission <br />ST. JOSEPH COUNTY HOUSING CONSORTIUM FOR <br />approved the Leasehold Mortgage and <br />PROPERTY LOCATED IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />Security Agreement for the St. Joseph <br />County Housing Consortium for property <br />located in the South Bend Central <br />Development Area. <br />x. Commission approval requested for <br />Addendum to Contract for Sale of <br />Land for Private Development between <br />the South Bend Redevelopment <br />Commission and Management <br />Consortium, Inc. <br />Ms. Kolata stated that this Agreement <br />will extend until February 28, 1998, the <br />obligation of the Management <br />Consortium to obtain financing for the <br />proposed hotel project. She also noted <br />that the deadline is March 31, 1998, by <br />which Management Consortium must <br />H:\ HOME \CPHI PPS \WPDATA \COMMSN\071897.MIN -27- <br />