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South Bend Redevelopment Commission <br />Regular Meeting —March 28, 2013 <br />6. NEW BUSINESS <br />A. Housing <br />(1) Subordination Agreement with Inova Federal Credit Union for loan in connection with <br />the South Bend Home Improvement Program (Dawn L. Martin, 1017 S. 30`' Street) <br />Mr. Inks noted that Dawn Martin was approved for a South Bend Home Improvement <br />Program (SBHIP) loan at a regular meeting of the South Bend Redevelopment Commission <br />in 2005. Ms. Martin received repairs on her home through the SBHIP. Repair costs were <br />funded by CDBG funds appropriated to the program by the City of South Bend. Ms. Martin <br />received a 50% grant and the remaining 50% in a loan with 0% interest. Ms. Martin makes <br />monthly payments to the City of South Bend and the account is in good standing. The <br />SBHIP loan is in second position. Ms. Martin is in the process of refinancing the first <br />mortgage with her credit union for a (much) better interest rate and without taking out equity; <br />she is asking the SBHIP to subordinate its 0% interest loan back to second position. Staff <br />asks that the subordination be allowed 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 Inova Federal Credit Union for a <br />loan in connection with the South Bend Home Improvement Program (Dawn L. Martin, 1017 <br />S. 30th Street) <br />B. South Bend Central Development Area <br />(1) Resolution No. 3132 approving and authorizing the execution of an Addendum to the <br />Master Agency Agreement (Studebaker Plaza Project construction) <br />Mr. Kain noted that on March 14, 2013, the Redevelopment Commission approved a contract <br />for services with Joseph Dzierla & Associates to create construction and bidding documents <br />for this project. This agency agreement will make the Board of Public Works responsible for <br />the public bidding and awarding of the bid for the project. Staff requests approval of <br />Resolution No. 3132. <br />Mr. Varner asked how the city is protecting its investment, since we don't own the property. <br />Mr. Kain responded staff is working on a development agreement with Citizens Bank. <br />Upon a motion by Mr. Downes seconded by Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 3132 approving and authorizing the execution of an <br />Addendum to the Master Agency Agreement (Studebaker Plaza Project construction) <br />(2) Extension to Listing Agreement with Hallmark Realty for 620 Columbia St. <br />Mr. Relos noted that on September 27, 2011, the Redevelopment Commission entered into <br />Listing Contracts with Hallmark Real Estates for the marketing and sale of five former <br />Housing Development Corporation houses in Monroe Park. Those contracts were for <br />13 <br />