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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />p. Commission approval requested for <br />Loan and Grant in connection with the <br />Affordable Loan Program for property <br />located at 1119 Kinyon. (Deborah <br />Riggs) <br />Mrs. Kolata stated that the loan is in the <br />amount of $3,450 at 8% for five years with <br />monthly payments of $69.95. The grant is <br />in the amount of $820.60. <br />Upon a motion by Ms. Schwartz, seconded <br />by Ms. Auburn and unanimously carried, <br />the Commission approved the Loan and <br />Grant in connection with the Affordable <br />Loan Program for property located at 1119 <br />Kinyon. (Deborah Riggs) <br />q. Commission approval requested for <br />Subordination Agreement for property <br />located at 918 Amhurst. (Zacarias <br />Santos) <br />Mrs. Kolata stated that this Subordination <br />Agreement is requested because the <br />property owner is refinancing his first <br />mortgage and wants his loan from the <br />Redevelopment Commission to continue <br />to be a second mortgage. <br />Upon a motion by Ms. Schwartz, seconded <br />by Ms. Auburn and unanimously carried, <br />the Commission approved the <br />Subordination Agreement for property <br />located at 918 Amhurst. (Zacarias Santos) <br />-20- <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE AFFORDABLE LOAN <br />PROGRAM FOR PROPERTY LOCATED AT 1119 <br />KINYON. (DEBORAH RIGGS) <br />COMMISSION APPROVED THE SUBORDINATION <br />AGREEMENT FOR PROPERTY LOCATED AT 918 <br />AMHURST. (ZACARIAS SANTOS) <br />