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South Bend Redevelopment Commission <br /> Regular Meeting—January 10. 2013 <br /> 5. OLD BUSINESS <br /> There was no Old Business. <br /> 6. NEW BUSINESS <br /> A. Receipt of Bids <br /> (1) Receipt of Bids for 1202 S. Lafayette (former Pool Table Doctor) <br /> Mr. Inks noted that notice of the offering of 1202 S. Lafayette was advertised in the South <br /> Bend Tribune and Tri-County-News on December 7 and December 14, 2012. No bids have <br /> been received. By law the Commission is then prohibited for thirty days from entering into <br /> any sale or lease of that property that does not meet the Bid Specifications. After thirty days <br /> the Commission can consider any negotiated offer. <br /> B. South Bend Home Improvement Program <br /> (1) Subordination Agreement with American Bank for refinancing (Shannon Root) <br /> Mr. Inks noted that Shannon Root was approved for a South Bend Home Improvement <br /> Program (SBHIP) loan at a regular meeting by the South Bend Redevelopment Commission. <br /> Ms. Root received repairs on her home through the SBHIP; repair costs were funded by <br /> Community Development Block Grant (CDBG) funds appropriated to the program by the <br /> City of South Bend; Ms. Root received a $7,500 grant and the remaining $3,400 in a due- <br /> upon-sale loan with 0% interest. Ms. Root is not required to make monthly payments on the <br /> City of South Bend loan. The SBHIP loan is in second position to the mortgage. Ms. Root is <br /> in the process of refinancing the first mortgage, with her bank, for a(much) better interest <br /> rate and without taking out equity; she is asking the SBHIP to subordinate its 0% interest <br /> loan back to second position. The credit union's closing documents for the new loan have <br /> been reviewed by SBHIP staff, the Transmittal Summary (1008), Uniform Residential Loan <br /> Application (1004), Truth-in-Lending Disclosure (TIL) Good Faith Estimate (GFE), and <br /> Title Policy were reviewed. Certain details of the new loan are confirmed; details consist of <br /> interest rate, lending terms, and loan amount. Staff asks that the Subordination be allowed <br /> and the agreement signed. <br /> Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br /> Commission approved the Subordination Agreement with American Bank for refinancing <br /> (Shannon Root). <br /> C. South Bend Central Development Area <br /> (1) Management Services Agreement with Cressy & Everett Management Corp for <br /> management of the former College Football hall of Fame. <br /> 4 <br />