HomeMy WebLinkAbout1987-11-05; Rehabilitation Loan Committee Ad Hoc; MinutesM I N UTES
MEETING OF: REHABILITATION LOAN COMMITTEE MEETING DATE: NOVEMBER 5, 1987 MEETING TIME: 4:OO P.M.
2965 WF.1.T ST SIllTE R MEMBERS MEETING PLACE: REDEVELOPMENT OFFICE
'ALL TO ORDER:
leeting called to order by Chairperson John McCoy.
.OLL CALL
resent: John McCoy, Jim Elliott, Mike McDermed
taff
resent: Chris Salomone, Housing and Redevelopment Director Lynn FitzGerald, Managment Analyst/ Redevelopment
LD BUSINESS:
I'EM 1: RESIDENTIAL LOAN - DOOSE
taff advised the Committee of the response to the loan from ank of America.
oan Committee discussed the options and methods of approachin
?is loan request.
im Elliot made the suggestion that Ms. Doose be granted a - deferred loan - 3% interest - request an annual review of financial status to determine
loan eligiblilty - with tax returns
- and a TRW report
Staff informed the Committee that an Agenda Bill will go to Cit]
Council to request a single exception to the Rehabilitation Loan Limit of $7,500.
Mike McDermed requested that the City not weaken its position on this loan that they remain in strong fourth position.
John McCoy requested that the City apply for a Request of gotice on this loan.
[TEM 1: COMMERCIAL LOAN - CALVERT
Staff presented an overview of the lease agreement on the Calvert property.
The ban Committee recommsnded that the Section 4 of the Lease Agreement be restructured for a nine year period of time instead of the existing three year negotiable time frame.
Mike McDermed requested that the Loan Committee be allowed to review the Lease document again during the loan processing,
By proper motion meeting adjoured at 4 : 30 p. m .
Pespectfully Submitted.
LF:ec I
ELLIOTT McCOY McDERMED
,