HomeMy WebLinkAbout1986-08-09; Rehabilitation Loan Committee Ad Hoc; MinutesMINUTES
MEETING OF: Rehabilitation Loan Committee
MEETING DATE: August 9, 1986
MEETING TIME: 9:00 A.M. MEETING PLACE: Redevelopment Office
2965 Roosevelt Street, Suite "B"
MEMBERS \
CALL TO ORDER
Meeting called to order by Chairperson John
McCoy.
ROLL CALL
Members Present: John McCoy, Jim Elliott, Marty Orenyak Mike McDermed.
STAFF PRESENT
Lynn FitzGerald, Administrative Assistant I/
Redevelopment
Chris Salomone, Community Redevelopment Manager
APPROVAL OF MINUTES
amended. Minutes of July 30, 1986 were approved as
ITEMS :
OLD BUSINESS:
ITEM 1: RESIDENTIAL LOAN/IGOE
Staff member FitzGerald brought this application
back with the requested supplemental information
- Escrow Agreement for 3280 Roosevelt St. - An additional income statement for Susan
Igoe with a list of verified clients - Leave and earning statement for Michael Igo
Discussion was held on the financial arrangements
of the sale of the 2965 Roosevelt Street property.
The Committee considered the best method of
approach on this project. The issue was whether
to rehabilitate the existing structure or to
demolish/rebuild the structure. The Committee had
concerns about potential loan default and what
the outcome would be for the City. Staff suggested
that this property be used for Section 8 Housing -
thereby assuring loan repayment - in the case of
default .
The Committee next considered what amount could
feasibly be loaned on this property. It was
determined that the qualifying level of the Igoes
would be the loan request level for this project.
John McCoy asked if another unit could be placed
on this lot? Discussion followed - idea was
dropped.
MINUTES
Rehabilitation Loan Committee 8/9/86 PAGE 2
The Committee directed staff to locate a drafter to
draw up plans for this project. Then to get
contractors to bid on the project. They also
asked for the final loan amount to be determined
for the Igoes in relation to their income. An on
site meeting with the Committee and a contractor
was requested.
No action required.
Respectfully Submitted,
LY + FIT Z GE itL
Admin i s t ra t ic6e As s is tan t I
Redevelopment
LF:al