HomeMy WebLinkAbout1986-02-10; Rehabilitation Loan Committee Ad Hoc; MinutesMeet incr : MINUTES Rehabilitation Loan Committee
Meetin; Date: February 10, 1986 Meeting Time: 2:OO P.M. Meeting Place: Redevelopment Office Conference Room 2965 Roosevelt St., Suite B
:ALL TO ORDER:
..
leeting Lalled to order by Chairman McCoy at 2:15 PM
?OLL CALL:
?resent: John McCoy, Housing and Redevelopment
f Advisory Committee, Chairperson
Jim Elliott - Finance Director
Michael McDermed - Bank Representative
Marty Orenyak - Building Director
ibsent: None.
jtaf f Present:
Patricia A. Cratty, Administrative
Assistant/Redevelopment
Chris Salomone, Community Redev. Mgr.
CTEMS :
ILD BUSINESS:
I. COMMERCIAL LOAN - WALKER/GILBERT
Staff member Cratty gave report presentation
regarding Walker/Gilbert commercial rehabilitation
Loan request. Ms. Cratty stated that this loan has
3een reviewed by the committee and is being returned to discuss two conditions that were requested by
the committee at their meeting of December 20, 1985.
rls. Cratty stated that two bids have been received.
She spoke to Ted Rhodes who was going to bid on
?roposal but has decided to decline bid. The two
3ids received were from Richardson Brothers
Jontractors and Michael Straub.
4s. Cratty stated that she has spoken to Mr. Garner
Df the Bank of America and he has agreed that the quote for appraisal on property was to high. Bank
Df America would commit to $800 for appraisal.
4pplicant is requesting a grant for the appraisal bu
dll consent to amount being added to the loan.
3iscussion held on estimates and bids given with questions raised regarding costs for overhead,
xchitectural fees and supervision. Committee felt
that these items were bid very high and unnecessary. auestion also raised on cost bid regarding
Malks and exterior stairs in the amount of $7,000.
h \ f
MINUTES
Rehabilitation Loan Committee 2/10/86 PAGE 2
Walker/Gilbert Commercial Loan, continued:
Ms. Cratty stated that the applicant has spent approximately $37,000 of their own money and the loan request was basically for public improvements
and those imposed as a condition of the redevelopmenl permit.
Motion to approve loan in the amount of $27,744 to include repairs to roof and appraisal costs.
After further discussion, committee approved loan
in the amount of $24,744 for specific items listed
in bid as follows:
Items: 2, 3, 4, 5, 6A, 9, 10B, 11A, 13, 14, 15 and
17B. Also to include $800 for appraisal to be paid
by applicant and reimbursed by adding to loan if appraisal is acceptable to Bank of America.
Conditions of approval to also include:
1. Applicant will uphold all prior conditions
of approval imposed by the Design Review Board
regarding "Carlsbad Crossing" Redevelopment
Permit, including those conditions which are no1
part of commercial rehabilitation loan
application.
2. 25% of loan amount to be withheld until all
improvements and conditions of approval are met
3. Loan to be in the amount of $24,744 or not to
exceed $25,000.
INFORMATIONAL ITEMS:
2. RESIDENTIAL LOAN PROGRAM OUTREACH
Staff member Cratty referred to flyer contained in
committee packet. Staff would like to see this
flyer regarding residential rehabilitation loan
program distributed throughout the City. Item
informational, no action required.
3. ' RESIDENTIAL LOAN - FRNECH (update)
Staff member Cratty stated that it was time for 6
month review of French residential rehabilitation
loan. Staff stated that deferred loan was still
eligible and monitoring of income status to be
continued.
No action required.
Meeting of Rehabilitation Loan Committee adjourned
at 3:OO P.M.
PATRICIA A.
Administrative stant/Redevelopment
BIB1 LEAK
Minutes Clerk
Secretary 11/
?IC COY 3RENYAK
MC DERMED
ELLIOTT
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