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South Bend Redevelopment Commission <br />Regular Meeting - October 3, 1997 <br />5. OLD BUSINESS (CONT.) <br />a. continued.... <br />Mrs. Kolata asked if the debt being <br />subordinated in item 6.f. is the Rental <br />Rehab loan. Mary Beth responded that it <br />is. The mortgage company, for the new <br />owner, wants to subordinate the remaining <br />5 years of the Rental Rehab loan. <br />Ann Kolata noted that fifty percent of the <br />loan is still due and that the new owner <br />could receive the ten - percent forgiveness of <br />the loan for the remaining 5 -years if he <br />meets the contracted requirements of the <br />Rental Rehab loan. <br />Ms. Schwartz asked Anne Bruneel if the <br />Commission is obligated to provide the <br />Waivers if the new property owner passes <br />the full -home inspections. Anne Bruneel <br />responded that the Commission is obligated <br />to approve the Waivers if the conditions of <br />the loan are met each year. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission approved the Certificate of <br />Waiver in the amount of $1,700 as of <br />March 31, 1997, for Timothy D. Hancz in <br />connection with the Rental Rehab Loan <br />Program for property located at 445 S. <br />Meade. <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1542 approving an <br />application for real property tax <br />H:\HOME\CPHIPPS\WPDATA\COMMSM100397.MIN -5- <br />COMMISSION APPROVED THE CERTIFICATE OF <br />WAIVER IN THE AMOUNT OF $1,700 AS OF MARCH <br />31, 1997, FOR TIMOTHY D. HANCZ IN CONNECTION <br />WITH THE RENTAL REHAB LOAN PROGRAM FOR <br />PROPERTY LOCATED AT 445 S. MEADE <br />