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>f�pOTH� ;o��� 1Qo CITY o f SOUTH BEND rn <br /> O O <br /> m M \\\ i 'o ROGER O. PARENT, Mayor 2 <br /> �e I V <br /> C \P � t e COUNTY-CITY BUILDING • SOUTH BEND,INDIANA 46601 • • • <br /> 0 S iY.a i <br /> °°'41,..x∎ , <br /> DIVISION OF COMMUNITY PLANNING <br /> AND DEVELOPMENT 1200 County-City Building <br /> South Bend,Indiana 46601 <br /> (219)284-9335 <br /> Donald E. Inks <br /> Director <br /> May 1, 1987 <br /> South Bend Common Council <br /> 4th Floor County-City Building <br /> South Bend, IN 46601 <br /> RE: APPROPRIATION OF $1,638,455.05 FOR A LOAN TO ONE <br /> MICHIANA PARTNERS <br /> Dear Council Members: <br /> Enclosed is an Ordinance appropriating funds to be granted to the Business <br /> Development Corporation for the purpose of making a loan to One Michiana Partners. A <br /> loan in the same amount is currently outstanding, but due to a technical need related <br /> to closing out the UDAG this loan will be paid off early. <br /> The original 10 year loan was made to One Michiana Partners (formerly One Michiana <br /> Square) under terms of the Urban Development Action Grant which provided the funds. <br /> None of the terms will be changed under the new loan. Payments from One Michiana <br /> Partners will be received in the same amounts, and on the same dates as originally <br /> scheduled. The loan will mature during 1995 as initially scheduled. <br /> The early pay-off,and new loan are necessary to effect a close-out of the UDAG. <br /> During 1986 the original One Michiana Square Project was syndicated. As a result of <br /> the syndication, an amendment of the UDAG documents was required, but over the past <br /> several months it has proven very elusive. After discussion with the U.S. Dept. of <br /> Housing and Urban Development it was decided the best route would be to close-out the <br /> UDAG. Close-out is necessary in any case since the project is virtually complete, <br /> but it also means the amendment will not be necessary. <br /> The attached Ordinance is presented in anticipation of the early loan repayment, and <br /> allows the Business Development Corporation to reloan the same amount. Loan <br /> repayments beginning in 1989 will be returned to the City through the Dept. of <br /> Economic Development. <br /> If you have any questions, please contact me at 284-9278. <br /> Ve truly yours <br /> I / ( 2_14____ <br /> Donald r. Inks <br /> Director <br /> DEI/ed <br /> ENC. <br /> D/10 <br />