Issuance of $650,000.00 Economic Development Revenue Bonds (East Race Housing Project)

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KRAMER & MURPHY PROFESSIONAL CORPORATION ATTORNEYS AT LAW SUITE 200 F. RICHARD KRAMER 205 W.JEFFERSON BLVD. MICHAEL C. MURPHY SOUTH BEND, INDIANA 46601 219-233-8275 DEAN A.COLVIN November 13 , 1985 Members South Bend Common Council County-City Building South Bend, Indiana 46601 Re: T. Brooks Brademas or His Assigns - East Race Housing Project - $650 , 000 . 00 Economic Development Revenue Bond Dear Council Members : T. Brooks Brademas , or The Madison, an Indiana limited partnership of which T. Brooks Brademas is the general partner, has requested the passage of an Ordinance authorizing the issuance of $650 ,000 . 00 Economic Development Revenue Bonds for the East Race Housing Project. The project will be developed as part of a major historic restoration project in the Old South Bend Lathe Works on Niles Avenue in South Bend, Indiana. The project will consist of 25 one bedroom apartments which will be leased to Madison Center for use by chronically mentally ill persons . The Indiana State Housing Board will, on behalf of the Federal Department of Housing and Urban Development , enter into a fifteen year contract with T. Brooks Brademas or The Madison to make rental payments on behalf of the tenants in the housing units . A copy of the proposal to the Indiana State Housing Board which was submitted by Madison Center is attached for your review. The project, during construction, will generate approxi- mately 50 jobs with an estimated payroll of $400 ,000 . 00 . After completion, there will be four permanent jobs created with a payroll of approximately $60 ,000. 00 per year. Please put this item on the agenda for the meeting of the Common Council scheduled for November 18 , 1985 . Your favorable treatment on this matter will be greatly appreciated. Very; i y yours �y /. �( lit ae C. Mur P y Attorney for T. Brofik- :r_demas and The Madison MCM:mm Enclosure