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South Bend Redevelopment Commission <br />Regular Meeting -July 07, 2000 <br />6. NEW BUSINESS (CONT.) <br />t. Commission approval requested for Loan <br />and Grant in connection with the Affordable <br />Loan Program for property located at 1525 <br />W. Linden. (Arthur Lawrence) <br />Ms. Thompson stated that the loan is secured by <br />a mortgage, so the home is used as collateral <br />and if anything happens to the client, recovery <br />can be made through sale of the property. The <br />amount of the grant is $4,845.50. The amount <br />of the loan is $5,050 at 0% interest. Monthly <br />payments are $42.08 for a term of 10 years. <br />Upon a motion by Mr. Caldwell, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved request for Loan and <br />Grant in connection with the Affordable Loan <br />Program for property located at 1525 <br />W. Linden. (Arthur Lawrence) <br />u. Commission approval requested for Mutual <br />Release between the Redevelopment <br />Commission and Mr. Joe Poul. (Legal <br />Department) <br />Ms. Greene noted that Mr. Poul was a property <br />owner for four (4) separate properties that were <br />subject to two separate condemnation <br />proceedings. We subsequently entered into a <br />settlement agreement with him in order to settle <br />all disputes related to the two outstanding <br />condemnations. She stated that this release <br />provides that the Commission will pay a certain <br />sum of money and release its claims against <br />Mr. Poul and he will in turn release his claims <br />against the Commission. This will close out the <br />two condemnation files and settle the case. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />-14- <br />COMMISSION APPROVED REQUEST FOR <br />LOAN AND GRANT IN CONNECTION WITH <br />THE AFFORDABLE LOAN PROGRAM FOR <br />PROPERTY LOCATED AT 1525 W. LINDEN <br />(ARTHUR LAWRENCE) <br />COMMISSION APPROVED REQUEST FOR <br />MUTUAL RELEASE BETWEEN THE <br />REDEVELOPMENT COMMISSION AND <br />