Laserfiche WebLink
our Comprehensive Plan states that one of our goals is to provide <br />more low cost housing. The Victory Park project is one that is <br />doing well, and if there is some way we can take that land with <br />proper guaranties, she would be happy to make a Motion to grant <br />the loan of $83,000 with interest at 1% above prime and <br />contingent on us securing the land with free and clear title for <br />two years plus. <br />Commissioner Wheeler stated that if the Commission is going <br />to look seriously at lending the Housing Authority $83,000, he <br />needs to understand a lot more about this project and the loan - <br />their ability to repay and where they are financially - the <br />legalities of the federal or state government coming in and <br />attaching property we have a mortgage on, etc. He commented that <br />he has seen the rental apartments and was quite impressed with <br />them, but did not believe he has visited the single family <br />project. However, when he looks at the numbers, the lots, etc., <br />it does not seem to reflect the $428,000. <br />It was pointed out that he is combining two different <br />projects and Commissioner Wheeler continued to stress that in <br />order to understand this and be able to support a Motion such as <br />proposed, he would like to have at least another week to look at <br />this and have staff work out an agreement we can all have time to <br />look over. <br />Discussion ensued regarding timetables, and OMB Director <br />Baird stated that staff would be comfortable with one week to <br />reevaluate. <br />ON MOTION by Commissioner Wheeler, SECONDED by Com- <br />missioner Eggert, the Board unanimously tabled further <br />discussion on the Housing Authority's request for one <br />week. <br />In the ensuing discussion, Administrator Balczun stated that <br />during the next week <br />for purposes of <br />the public record, he would <br />4no%-D <br />69 <br />BOOK Fr1U 846 <br />