HomeMy WebLinkAbout1992-11-23 Community and Economic Development Committee Minutes iCOMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
Monday, November 23, 1992 @ 7 :15 PM
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MEMBERS _�£.,;�;: _�4, �� ::,a,.� �,..
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PRESENT: Councilor Marshall Frankel
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Councilor Bill Cohen �:.u��::�:� ' . ' �
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Councilor pon Soucy 3 �= ''�' "�����-`;
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OTHERS
PRESENT: Renneth R. Gibb, Director of Community & Economic Dev.
Rodney G. McKay, Community Development Director
T.J. Martzial, C.D. Housing Resources Coordinator
The meeting was called to order at 7:15 PM.
AGENDA ITEM #1 - Rehab Loan - 12 N. Park Street, 2 Family
Ann Davis is the owner of this property; she is eligible for a
deferred loan and a loan. The repairs to be done include exterior
work such as roof, siding, windows, and driveway. She has
excellent credit; plenty of equity in the property; good income.
Total of loan is for $26,677 ($10,000 deferred; $16,677 loan) ;
total indebtedness is $61,742 .
Loan was unanimously approved.
. AGENDA ITEM #2 - Rehab Loan - 145 Stillwater Ave. , Single Family
Clarence & Beth Young are the owners of this property. Work to
be done includes new siding, new roof, new steps, gutters,
insulation, furnace, walls, floors and ceilings repaired;
electrical repair, smoke detectors, and replacement windows.
Clarence is a contractor and will be doing a considerable amount of
the interior work which will keep the cost down to $12,000. Their
first mortgage, balance of approximately $24,200, is at 12 1/2�
interest. Their payment is too high for their income so Staff has
proposed that they refinance their first mortgage (through C.D. ) at
market rate of 8� for 15 years, combining this with the C.D. Loan
of 3� for 20 years with a blended rate for the full amount at 5
1/2�. The City will be in first place on the mortgage.
Councilor Marshall Frankel motioned to approve this loan;
Councilor pon Soucy seconded. So voted.
The meeting was adjourned at 7:40 PM.
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• COMMUNITY & ECON�MIC DEVELOPMENT COMMITTEE
Thursday, December 17, 1992
MINUTES
� MEMBERS
PRESENT: Councilor Charles Sullivan
Councilor pon Soucy
Councilor Wm. Shubert
OTHERS
PRESENT: T.J. Martzial, C.D. Housing Resources Coordinator
The meeting was called to order at 5:30 PM.
AGENDA ITEM #1 - Community Developanent Property Rehabilitation
Loan - 15 Hewey Street, Single Fami�.y
A request for a Community Development Property Rehabilitation
Deferred Loan (not to exceed $10,000) for repairs to the property
located at 15 Hewey Street, Single Family was presented to the
Committee by T.J. Martzial, C.D. Iiousing Resources Coordinator.
A motion was made by Councilor Shubert and seconded by
Councilor pon Soucy to approve this deferred laan request. So
voted.
With no other business at hand, the meeting was adjourned at
5:40 PM.
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