HomeMy WebLinkAbout6A(1) Loan & Grant1200 COUNTY —CITY BUILDING
227 W. JEFFERSON BOULEVARD
SOUTH BEND, INDIANA 46601 -1830
PHONE 574/235 -9371
FAX 574/235 -9021
TDD 574/ 235 -5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY & ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
November 2, 2010 EXECUTIVE DIRECTOR
To: Redevelopment Commissioners
From: Kaye Trowbridge, Community Development
RE: Type of Loan
Amount of Loan Request
Grant
Loan Client
Property Street Address
Property City, State, Zip Code
South Bend Home Improvement Program
$9,300.00
$9,148.50
Gloria Whittaker
2522 Fredrickson Street
South Bend, IN 46628
We are submitting for your review and approval the above application. This transmittal includes
the following:
1. Final Application
2. Contractor's Bids- Roof & Gutters - House only, Plumbing Repairs
3. Contractor's Bids- New Furnace & A/C Unit
4. Contractor's Bids- Electrical Update
5. Agreement for Supervision
If you have any questions, please contact me at 235 -9660.
APPROVED
Donald Inks
Director
Department of Redevelopment
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM
fAusers \share"IcIose \transmit DONALD E. INxs MANAGEMENT
574/235 -9660 574/235 -9371 ELIZABETH LEONARD
FAx: 574/235 -9697 574/235 -9371
AGREEMENT FOR SUPERVISION OF REAL PROPERTY
REHABILITATION
This Agreement is entered into by and between the City of South Bend
Redevelopment Commission and Gloria Whittaker (Owner), residing at 2522
Fredrickson Street, South Bend, IN 46628.
1. Owner has entered into an agreement with City of South Bend -
Redevelopment Commission dated November 2, 2010 for a Home Improvement Loan
in the amount of Nine Thousand Three Hundred & 00/10 ($9,300.00) to be used for
the sole purpose of rehabilitating the premises commonly known as 2522 Fredrickson
Street, South Bend, IN, 46628 and more full described as:
Lot 20 Lincoln Manor Add
2. Owner has entered into an Agreement for Rehabilitation of Real Property
dated with Tri -M Construction, Ernsperger Heating & Cooling and
Schwartz Electric (Contractor) for the rehabilitation of said premise.
3. Owner & Commission hereby authorizes the Division of Community
Development to monitor and inspect the rehabilitation work, to approve or disapprove
Contractor's performance, to approve or disapprove proposed changes, to issue stop
work orders when Supervisor determines that such action is in the Owner's best
interest and to perform all other acts necessary to insure that Contractor fulfills its
obligations under the Agreement for Rehabilitation of Real Property, including all
terms and conditions thereof.
4. Owner & Commission hereby authorizes the Supervisor to disburse the
proceeds of Owner's Home Improvement Loan to pay the costs of rehabilitation
performed at the above described premises, pursuant to the Agreement for
Rehabilitation of Real Property. Disbursement of said loan proceeds shall be made
pursuant to the terms and conditions of said Agreement for Rehabilitation of Real
Property.
Executed this 2ne day of November, 2010.
OWNER
Gloria Whittaker
STATE OF INDIANA )
) SS:
ST. JOSEPH COUNTY )
City of South Bend
- Redevelopment Commission
Before me a Notary Public, personally appeared
and acknowledge execution of the foregoing agreement
this 2nd day of November, 2010.
Cheryl K. Phipps, Notary Public
Residing in St. Joseph
County, Indiana
My Commission Expires: January 7, 2015
STATE OF INDIANA )
) SS:
ST. JOSEPH COUNTY )
Before me a Notary Public, personally appeared Gloria Whittaker and
acknowledge execution of the foregoing agreement this day of , 2010.
My Commission Expires: February 6, 2016
Kaye Trowbridge - Notary Public
Residing in St. Joseph
County, Indiana
1200 COUNTY -CITY BUILDING
227 W. JEFFERSON BOULEVARD
SouTH BEND, INDIANA 46601 -1830
PHONE 574/235 -9371
FAx 574/235 -9021
TDD 574/ 235 -5567
CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR
COMMUNITY & ECONOMIC DEVELOPMENT
JEFFREY V. GIBNEY
EXECUTIVE DIRECTOR
Community Development
SOUTH BEND HOME IMPROVEMENT PROGRAM
Loan Application
Applicant's Name Gloria Whittaker 2522 Fredrickson Street South Bend, IN 46628 70
Name Address City /State /Zip Age
Co- Applicant's Name South Bend. IN _
Name Address City /State /Zip Age
PLEASE NOTE: Hereafter Individual and joint applicants will be referred to as the "applicant ".
Age of Dependents: _ _ _ _ _ Total Number of Dependents: 0
2.
3.
4.
PROJECTED LOAN TOTAL
Rehabilitation Cost
A. Amount for Construction Work $16,634.00
B. Unexpected Costs (10% of line 1A) $1,663.00
C. Title Report, Recording Fees
Credit Report, Legal Fees, etc. $146.00
D. Amount of Mortgages Being Refinanced
E. TOTAL (sum of lines 1A through 1D)
Funds to be Furnished From Other Sources
A. Grant Funds To Be Furnished (SBHIP grant)
B. Other Funds To Be Furnished ( )
C. TOTAL (line 2A +2B)
Line 1E Minus Line 2C
TOTAL AMOUNT OF APPLIED LOAN (line 3 rounded to the next highest $50)
Interest Rate Per Annum 0010 Number of Months 72
Monthly Payments of Principal and Interest (Do not round)
1E $18,443.00
$9,148.50
2C $9,148.50
3 $9,294.50
$9,300.00
$129.17
Age of Structure Remaining Economic Life
"As -Is" Value "After Rehab" Value
TOTAL LOAN PAYMENTS
1. Total Gross Monthly Income
$2,384.62
2. Monthly Housing Expense
$425.89
3. Liabilities
$000
4. Total Monthly Fixed Charges
$222.50
5. TOTAL (lines 2, 3 & 4)
$648.39
Balance (line 1 minus line 5)
$1,736.23
COMMUNITY DEVELOPMENT
ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM
PAMELA C. MEYER
DONALD E. INKS MANAGEMENT
574/235 -9660
574/235 -9371 ELIZABETH LEONARD
FAx: 574/235 -9697
574/235 -9371