No. 0279 authorizing/adopting an insurance, retirement plan for employees of the Department of Redevelopment, COSB

Home Browse Search

4. he acquisition prices were not disclosed,as President Wiggins tated these amounts cannot become public record until they are pproved by HUD, in Chicago, as they are not final until approved. e requested a motion to submit the concurred -in values to the hicago Regional Office of the Department of Housing and Urban evelopment for their approval. On motion by Mr. Wilhelm, seconded y Mr. Chenney, Resolution No. 275 was adopted, which authorizes he filing',of HUD -6144, "Request for Concurrence in Acquisition rices for'88 Parcels," in the Central Downtown Urban Renewal roject, Ind. R -66. Said motion was unanimously carried. he question was raised by several Commissioners as to when the roperties' will actually be acquired and what answer can be given o the public when raised. Mr. Hammerschmidt apprised that after ixty (60) days, options can be taken and the staff can start ac- uiring the properties. President Wiggins stated this will depend. n both the market and the availability of funds. Some options can e taken, but until we get a large volume of money, we cannot buy he property. Mr. Hammerschmidt stated: "The first part of January, 970 we will definitely be in a position to acquire property from eopife who'.want to sell." President Wiggins asked what the ceiling s on temporary loan notes now. 'Mr. Hammerschmidt said he believed t was 6 %.' 'resident Wiggins requested the Commission Legal Counsel, Mr. Hammer - ,chmidt, to consider setting up an insurance and retirement program `or our staff, which has been discussed previously. He apprised the 3 ty's pension program has been ruled out. The Park Department and 'he Housing Authority have their own programs, and, if the Commission iould so desire, this Department may also have their own program. Mr. lammerschmidt apprised that there is a question of the legality of these programs and this will require further. evaluation.. He stated :he State Board of Accounts has thrown out four programs, as not be- ing qualified, or permitted plans, under the state law and under the lttorney General's interpretation of the law. The State Board of Ac- :ounts is via the state plan.. Park Department and Housing Author- ity's pension plans are not under, the state plan. 'HUD add NAHRO have ;uidelines for programs they permit. Ten (10) programs qualify with IUD. 5. ith the conclusion of the business for which this meeting was called, n motion 'duly made and passed by Mr. Chenney, the meeting adjourned it 4:35 PM. .. -3-