HomeMy WebLinkAbout1988-05-31; Rehabilitation Loan Committee Ad Hoc; MinutesMINUTES
MEETING OF: Rehabilitation Loan Committee MEETING TIME: 2:OO p MEETIING DATE: MAY 31, 1988 MEETING PLACE: Housing and Redevelopment Offices 2965 Roosevelt St., Suite B
CALL To ORDER: Meetinq called to order at 2:OO pm by Chairperson John McCoy.
ROLL CALL:
Present : John McCoy, Marty Orenyak, Michael
Absent: Jim Elliott, Finance Director
Staff Present: Chris Salomone, Housing and Redevelopment Director; Lynn FitzGerald, Management Analyst/Redevelopment.
APPROVAL OF MINUTES:
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McDermed.
Minutes of April 7, 1988 approved as submitted.
ITEH 1. RESIDENTIAL IBAN - Sc"B ERG
Staff Member Lynn FitzGerald distributed quick claim deed on Julie Schlenberg's property stating that her parents never intended to be part of the loan. Staff stated that a request was made by applicant for $15,260 for rehabilitation and three bids have been received. Ms FitzGerald added that the applicant would like to accept bid from Inland Company for costs plus sewer fees. Staff also asked that $100 appraisal fee be taken off documents distributed, the amount should not be there.
Discussion held on how figure was calculated to arrive at the total. Staff gave breakdown on costs and how figure was derived. Staff also stated that there was another failing system at this area and it may be coming forward as well which would divide costs three ways. of a plot map staff showed City easement needed and route of lines for sewer. Committee questioned cost of $23,550 or $23,450 as far as - total cost for Carol Doose. Staff gave break down of loan pulling off $1,000 for permit fee and $100 for appraisal. of the Doose line to $22,450. Chairman McCoy stated that the shared amount would be $11,225. Ms FitzGerald added that the changes would be made.
Discussion held on the size of the line (six inch). Chris Salomone stated there should be no problem with this area having a six inch line.
Ms FitzGerald pointed out the document enclosed in the packet is a reimbursement agreement from the City. Ms Doose's attorney requested that a simple document be drawn for the Doose loan. Sample documents were included with packet. Member McCoy added that any legal documents should be drawn by
the City Attorney and he should review. Discussion followed regarding the checks to be issued in name of City and applicant.
Ms FitzGerald stated that there was a question of easement rights. Member McCoy stated that Ms Doose should have signed a portion of her easement
With the aid
This would bring the shared cost
\' y MEMBERS
ORENYAK MCDERMED MCCOY
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Rehab. Loan Committee May 31, 1988
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PAGE MEMBERS ‘
Mr. Orenyak gave motion that percentage of easement be question be referred to Assistant City
Attorney.
After further discussion regarding loan amount, motion made to approve loan in the amount of $14,935 plus bank costs. Loan to be 3% for 15 years, low interest loan.
2. LOAN STATUS
Staff member FitzGerald gave verbal report on loan status included in packet.
Suggestion made to hold another meeting in June (mid) to discuss new loans- Calvert, Carlsbad Theater for Feasibility Study. Also residential loan requests, three very small loans. Discussion held on possible pending activities.
On loan status chart Member McCoy had question on dollar figures. Committee stated that they would like to see a chart that was clearer on balance and available balance. Suggestion made that it resemble a spread sheet. Committee also stated
that they would like to see statement showing collateralized, T.C.D. and accounting of funds available.
Member Orenyak stated that more information on status report is needed i.e., add “Current Column: showing delinquency or not.
MEETING ADTOURNED AT 2:40 PM
Respectfully Submitted,
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LYNK PITZGEI& Management lyst/Redevelopment
BIB1 LEAK Acting Minutes Clerk Secretary I1
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ORENYAK MCDERMED MCCOY
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