HomeMy WebLinkAboutR-86-0285RESOLUTION N0. SG-285
A RESOLUTION EXTENDING TO MAY 8, 1986 THE 15-
DAY TIME LIMITATION IMPOSED BY RESOLUTION NO.
86-189, ADOPTED FEBRUARY 27, 1986, FOR THE
APPROVAL BY THE CITY COMMISSION OF A
CONSTRUCTION DISBURSEMENT SCHEDULE OF FUNDS
EARMARKED FOR CONSTRUCTION OF MODERATE -
AFFORDABLE HOUSING UNITS OFF CLAUGHTON ISLAND
AT THE SHELL CITY AND EAST LITTLE HAVANA
SITES.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Seotion 1. The 15-day time limitation
Resolution No. 86-189, adopted February 27, 1986 for the approval
by the City Commission of a oonstruction disbursement schedule of
earmarked
Claughton
oonstruotion of moderate -affordable
Havana sites is hereby extended to May 8,
PASSED AND ADOPTED this loth day of April, 1986.
XAVIER L. CBtAREZ
MAYOR
ATTE
MWITY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
4'4."y -I. &"o
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROW-09 TO FORM AND CORRECTNESS: -
RFC/rr/147
CITY COMMISSION
MEETING OF
CITY OF MIAMI. FLORIDA
INTZR4:)FFICZ MEMORANDUM
63
to. Honorable Mayor and Members DATE: FILE:
of the City Commission
SUBJECT: Attached Report Summarizing
Construction Disbursement
Schedules/Claughton Island
Cesar H. Odio Development Order
FROM: City Manager REFERENCES:
ENCLOSURES:
Please find attached a summary of the recently received
preliminary construction schedules as submitted by the East
Little Havana Development Corporation (East Little Havana Site)
and the Tacolcy Economic Development Corporation (Shell City
Site) pursuant to Resolution No. 86-169 (adopted on February 27,
1986) which concerned the Claughton Island Development Order.
If this item is not brought up by a member of the City Commission
at the March 27th City Commission Meeting, this office will place
it on the agenda for the next City Commission Meeting, which is
scheduled to take place on April 10, 1986.
If you have any questions, please advise.
attachment
cc: Lucia Doughtery; City Attorney
Matty Hirai, City Clerk
CITY OF MIAMI. FLCgIC A
INTER-CF=Ic=
The Honorable Mayor and M ch 19 1986
tO Members of the City Commission
FROM.,
Cesar H. Odio
City Manager
Back ground
ar OAC2: , FIL2.
REVIEW AND APPROVAL OF
suair:7. THE CONSTRUCTION DIS-
BURSEMENT SCHEDULES FOR
THE EAST LITTLE HAVANA
REFERENCES:AND SHELL CITY SITE FOR
MODERATE INCOME HOUSING
ENCLOSLAES:
In 1975, the City Commission entered into a Development Order for the
development of Claughton Island. With the adoption of Resolution No.
75-423, the execution of a Memorandum of Understanding with the
Claughton Island
Developers
approved
provided
constuctionof200 unitof low-income housing on Claughton Island.
On July 25, 1985, the City Commission passed and adopted Resolution
No. 85-812 which provided the Claughton Island Developers with the
option of constructing a minimum of 225 units of moderate income
housing at certain sites within the City of Miami as an alternative
to the -construction of 200 units of low-income housing on the Island
as on gi nal l.y mandated. .
At the . February 27, 1986 Commission meeting through Resolution No.
86-169, the Commission approved the selection of three locations
within :the City of Miami i n 'connection with the moderate affordable )
income housing development as follows: (1) the Shell City site,
the East Little Havana site, and (3) the Vizcaya Metrorai 1 site.
Resolution No. 86-169 further stipulated that the $3.2 million to be
earmarked for the development of the units on the Shell City site and
the East Little Havana site (50% of said monies for each site) would
be -subject to approval, by the City Commission, of a construction
disbursement schedule as submitted by each Community Development
Corporation (CDC) for the funds for the construction of such units.
Both the East Little Havana Development Corporation and the Tacol cy
Economic Development Corporation have submitted their preliminary
construction disbursement schedules which are summarized as"follows:
U
z
Honorable Mayor and Members
of the City Commission
Page #2
Summary of Disbursement Schedules
Both entities have responded to requests for preliminary disbursement
schedules. Both schedules call for drawing upon all but $320,000 (20
construcof tion on and thewire fi rstrant monthsu of construction, with monthprior
rbal balance
construc
at the completion of construction.
Neither project has its private financing committed and in place.
However, when the City is final commitment and terms for the Swire
Grant are firmly established, both entities indicate that they can
proceed rapidly to tie down all other financing arrangements, with
the foundation and the Equitable funding being totally firmed up
within the next month, followed by the primary bank financing. (This
is a logical progression for financial packaging -- the subordinate
financing being committed first, since this will be the security for
the primary loan.)
East Little Havana Community Development Corporation (ELH):
As per a letter dated March 13, 1986 (See Attachment I), ELH proposes
disbursements from the Swire Grant as follows: $1,030,000 in month
preceeding start of construction, $131,720 in first month of
construction, $118,280 in second month of construction and $320,000
in last month of construction. (.The major initial pre -construction
draw of ;1,030,000 is to fund the site purchased and pre -construction
soft costs.)
ELH has not yet secured commitments for their financing components.
Presently, ELH is in negotiation with at least five banks for the r
primary construction loan. The banks are reviewing the proposed
Joint venture agreement and the financial strengths of the developer
group. Formal applications and underwriting analyses are to follow.
ELH is hoping the primary lender will a greatdeal not require
o
here 9f subordinate
condition to the loan, since t
financing involved in the project.
The applications for the Ford Foundation
anticipated financing
n g are now
i n
in the approval process, with final approval
April. The Equitable commitment is not in place, but is expected
shortly after the Ford/LISC approvals.`.
Other development components needing' to be firmed up include the
i
joint venture agreement, the design and construction plans (now
underway), contractor's cost estimates, final terms of the land
purchase and approval of the project for Dade County Documentary_
Stamp Surtax Pro gram parts ci pats on with second mortgages for —a11- of
the 111 units.
p
T IP
Honorable Mayor and Members
of the City Commission
Page #3
ELH cannot commit to a construction timetable until all financing has
been arranged, however ELH still hopes for
disbursements mmer nsfr u ti on
start. If this can be accomplished, or
he
Swire Grant could occur as early as the last three months of the
year.
Tacolcy Economic Development Corporation (TEDC):
As per a letter dated March 14, 1986 (See Attachment II), TEDC
proposes disbursements from the Swire Grant as follows: $347,601 in
the month preceeding
and $320 000 i n last month ofring first construction. hree
months of construction
TEDC is in detailed ref ati veons to the hpri primaryirst and has contacted
financing requirements.
several other lenenders
TEDC has a letter of interest from AmeriFirst.
The Ford, LISC and Equitable funding has been applied for and these
applications are now passing through the approval processes. The
'rooed to
Dade County 'Documentary Stamp Surtax Pand r an f undinappl i cati on r is os under
also provide subordinate financing,
review by Dade County, with final action expected by May. TEDC
chance for being the first rental
appears to have an excellent
project financed under the Documentary Stamp -Surtax Program, which
has just been changed to allow rental as well :as homeownership
assistance.
i�
TEDC has site control. The site,
transferred to TEDC, with all terms
The site is now being repl atted for
owned
of sal
this purpose.
TEDC is now preparing a joint venture partnership
the development entity and was scheduled to
contractors for the construction contract on March
e
by Dade . County, is bei n g
having been established.
I
agreement to create interview general
21, 1986.
TEDC cannot commit to a construction timetable until all
has been arranged.
Schedules Attached
In accordance with Resolution No. 86-1699 attached for your review
and approval are the preliminary construction disbursement schedules
as submitted by the East Little Havana Development Corporation (East
Little Havana Site) and the Tacolcy Economic Development Corporation_
(Shell City Site).
Attachments
R
ATTACHMENT i
EAST ITYI� ELOPAVANA
COMMUMEN CORP.
1699 Coral WaY
Suite 510
Miami, Florida 33145
March 13, 1986
Cesar Odio
City Manager
City of Miami
3500 Pan American Drive
Miami, Florida.
Dear City Manager:
In accordance with Resolution #86-169, adopted by the
City of Miami on February 27, 1986, the East LittleHavana
Community Development Corporation submits for approval
ssion a preliminary disbursement schedule.
by the City Commi
anticipatedlects the timing
Said schedulerefnecessary for theconstructionofohe
theEast
of all funds
Little Havana project.
If you have any -questions, contact me at 856-4228.
9
Sincerely,
Manuel Rivero
Executive Director
° Enclosure
E"
MR/atr
•
f.
I
4�
h
�(.
F
--
':1
1
00
F
MINT
]COST
ESTIVATE
Lend Acpieitlp Eat
1110,e"
Eentreclh!n Narl Eeet 13,210,00
site laeltpeal'I4esstles
e13e,10I
Meer"t Iferd F+asallal
lalerest ILIStI
interest itteitdle Mel
la!erest Hatt
Total Eaelractien lalerest
1311.11011
=fekitectere 1 itlieaertal
i10,m
Legal
s11,N0
0enle/snl Fit
131,10t
License, Permit, Fete, lases
115,011,11
Mtelelers Skertisil+ 1 I ►
1245.140
Floenci+l Fen
166,00t
cl+rtetiq A sales
sl",ON
Iliscelinvass I EostiNlenoa
IS%,"O
1010L c 0 S I S
15,6"'M
JIJ
EAST LITTLE HAVANA COMMUNITY DEVELOPMENT CORPORATION t
PRELIMINARY CASH FLOW SCHEDULE AUTA :1, I/t1
FEa11E1►I11 S1M1 !f .E1162 letitn?EN NKitTitlS, 14E. fori1S1 111iiE NA100 C:!tlflif :Erlltl' i51 C7t.
<-•PIll1K - -•--) f- SALES It eat6sl -1 1Y1
1-11SIq t OOR►IR PIT?" t iEOAlhe<-- _••-»»••_» »»----- ------- LEISRIM'% 1 12 WIN t -- •------•--- W
6 bat) t fleet! 10 tbat6 tl 'k+tD t1 eoU 13 bath 11 baW IS tall 11 hct6 11 IaU 11 1 1 1 A L
14n16 1 lOel6 2 Cat1 3 tat% 1 Aall 3 halt 6 ftrth T seat t
111,3N
II,NI
IN,OM
31 It R 111 113 10t
11,in It6,7" 111,30 371,0N 321,00 321,001
IOt
321,111
R
211,3"
It
761,101
n
121,tN
It
It1,2"
in
m,1N
STITi,101
231,N1
1,020
14,111
71,N1
23,IM
23,N1
23,N0
13,i10
21;9N
11,12t
11,3N
II,IN
II,ON
t
1
33
IM
712
in431
361
"1
nl
ITT
1,121
113
I,IN
Oft
i,3s1
I'm
1,111
3,110
I'm
12,000
11,0"
1
/
1
1
It
233
It2
113
is?
I,TN
sit
2,163
IN
3,130
212
1,"7
1,1"
3,353
5,132
IS,l10
1,111
11,3N
13,416
31,3N
36,312
tiT131
IS,ON
1313,1100
1
t
SIT
7,321
I'm
1,711
1,712
11m112
IIT111
I3,101
31,100
11,ON
I'm 11,50
11,5"
31,501
5,0"
II,NI
N,001
3,ON S,NO
S,NO
10,0"
2,IN
I'm
I'm
7,IN
2,IN
I,IN
ITT"
2,I0
Tim
12001
31,6N
2,ON 2,00
2,/N
1,001
20"
1,1"
2,10
ITT"
SI,NI
13,111
Stoat
16,N1
11,1"
Time"
i1,1"
2/,IN
11,9"
II,ON
Ii,Oltt
11,110
II,NI
11,101
all
IITNO
11,IN
17,IN
Ii,ON
113,N1
3,01 5,91
5,0"
u,"i
66,IN
66,001
3,e"
5'"1
iS,1N
S,sN
3,301
3,511
3,00
500
Moo
3,300
3,500
3,301
1,74
3; N
3401
1m00
26,ON
IN,NI
5,00
5,t"
11,0"
TIT""
11,1"
It's"
11,1"
11,001
11,"0
II,KI
11,N0
11'"s
11,90
11,011
11,ON
20,It1
IIS,N/
SItmIN
%ON
1341,111
IINTSSI
1383,645
s3N,N2
13pt5s;
-1331,313
Is23,111
im,121
11"jilis
lIT2,If1
1111ju
IIH,122 n,"I,ON
130,5" 131,5"
111,5"
siis w
1131,121
1136,141
P010fIs
1
/
311,101
1
! IT611,111
stoat ire@ Seirs
11,6",111
I,p0,111 p1,121 111,2N 1 1
IS,If3
13,12!
N,721
Ii,itt
J2,13t
21,211
11,121
-71i,s31
-IT1,021 MOM
Ferd+th" 31
fIS0,N/ IT.= of ca/tnclla Laos
13,331 31,513 13,03 13,IN
t3,33t il,ttl %T111 IN,134 IQ,621
221,ISS
21T,61t
314,111
331,202
361,it6
313,30.
1110/21
1
Total drama free ford
I 7,H1 71,13t 25,035 23,118 21,It3
24,311
22311
21,311
11 2t1
11,211
16312
213,113
-116,017
"All,
-iS,113 7St,lot
•
LIN 1R
12SI,ON 6.231 of Eastreclla LON
1,410 21,111 53,p1 11,152 MATS
116,IN
1"516
INT031
1115"
MAI
total drive Irs+ LIU
low
21,IN - I3,111 IN,t31 1S,11i B,lSt
11,f13
p,311
t1,317
13m112
N,1N
111,32s
31,N1
Ip2T312
-,3N
30
7N,N7
-3N,N2 ITN/T0N
:e 0 !t
splldleUl
if
t1,ON,N1 2S.011 mil eaastrsrtla
21,IN II3,3" 115,IM 311,111 1N,131
3ri,133
514,141
676,136
1N,13t
fslel em Ira Ep1U
ism12,3N,ON 31.SIt *I taslrsctla iva
N,172 1t1,133 231,321 221,St6 122,:t6
ItS,Iq 116,711 19,SST
171,911
1 juisu
7fS,S11
I ,3N,in
IIf,t73
ITSS3,111
I0,311
1,nl,111
111,IN
1,112,111
IT,S41
I,1N,133
-I,tN,311
114,111
-VISITS2T3N,tN
0
Islet lrNo or" lost
N,ift I►S,32S
1312,111 tIN,331 f31S,11S f;16,N2
1311,Sf2
13S1,SIS
f373,161
im,121
i2S1,113
1112,IN Ii1T111,2311111,511,711113,611T1N
10 1 A L i / # ! 1 111
1S,iI1,N1 Tom N
.
11 II,t71,IN t131,121 1236,111
t,ON,IN
l,101,111 .
INi fE11AEFsl1
0
1
1
-30,3N -31,:N -11,50 111,SN /
EAST! flee - 1 1
IMI�E
1
-SI,Sa-11,111-I11,SN 1 1 I 1 1 1 1 1 ! 1
i
lot
r
rti
ATTACHMENT -1 I
•'
•
'
ME�V T
TACOLCY ECONOMIC DEVELOP A�
.•yam s •. • •"'� � ':i
�
CORPORAV-64
.�,
(305) 757-3737
March
14, 1986
Otis Pitts. Jr.
!
Officers
Jr. Mr. Caesar Odio, Manager
to
Dr. James O. Pllnn,
City
i i
of M am
CWrm." or nft sWd
P aannistar
P 0
Box 330708
NrmMeC-"kp~ Miami Florida 33131
M. Athaft Range
s4oww w" chakpom o"
Howard Rollins
Dear Mr. Odi o:
S*wnry
Major Leroy A. Smith
pursuant
to City Of
Miami Resolution No.:86-169, I
disbursement
Joann Parry
"I&Vp1"C&P"Ns"remry
have enclosed a copy
schedule for the Shell
of the construction
City Site Project. The "Draw
Directors
Schedule"
reflects our
discussions with contractors with
construction proposed
ArthurJ. Hill
JD Mack
extensive
the
experience in the type of
of A & R Development, our joint venture
Raymond Mandrell
and
experience
William Wynn, Jr..
partner.—
The "Sources" of financing reflect the requirement of
AmeriFirst and other lenders to the project as well as the
most economically prudent use of the proposed sources.
If additional informationis
needed you can contact me ;at
my office or home at 75 or
Yours truly,
a _Z?��
4;iL
Otis Pitts, Jr.
President
OPJr/cn
Enclosures
i
i
7
i
i
MIAMI, FLORIDA 33150
645 N. W. 62nd STREET, SUITE 300,
! � ...y Mw../�/�...•V.:..M•�.YY.�f/M.l��IM.I.Y'./Y.IV��..rY� ...�.�•�
}
(W
s
r
$.{
TACOLCY ECONOMIC DEVELOPMENT CORPORATION
PAGE 6
61-W_LL CITY RENTAL Wil/b6
`X
DRAW SCHEDULE
• E+593.. T6eS _____M3 -----. M4 • w5 • M6 •1�7
LLUSING • f 1- • NE -- ---�_�
01-beo-B6 0l-Uet-b6 el-Nov-86 0i-Dee-86 @l-Jan-87 el-Feb-97
e1-Jul-b6
1 uo
---------------
bUUGET
-----!@---------
fa
eta
so
$0
s@
s@
f@
Land Purchase
Privately U,.ned
so
075. Nae
s15.t-0
aN
015.eeb
$15,000
s@
!
!@
site Construction
1150.000
to
l399,el50
l399,C'*5
l354,Bso
f354 685
Bldg. Construction
l4,436,060
sbd.7el
lt77,44E
l310,Se4
so
f399,e45
se
@
!0
!@
A t E
s96. bee
607, lee
ISO
fN
$0
so
sa
s0
se
fe
se
Insurance
$6,000
$8.0010
$8,000
46.e60
fa
se
fa
se
$0
fe
fe
se
fe
Tables
015,000
*11,ES0
s0
fa
fa
f0
se
s0
se
fe
Leoal
l7,008
$3.50@
sa ,
!0
!a
!a
fe
!@
s0
Accounting
Closing Cost
sle5,000
s10a,000
fa
se. 333
!a
02.333
sZ, 333
fe, 333
oe, 333
oe 333
•
1167
fe,333
*167
Construction lasso.
s35. "N
sS.NEB
se
se.50a
$167
1167
1167
$167
!13 863
st67
!13,863
!13,863
013,863
Admin.
OH
feet.603
f13.663
615.bi,3
f13.663
113,663
sa
•
f33,e7N
fa
f0
to
entENP
Development
f133,Nbe
sa
$N
s0
s0
se
s0
f@
to
Contingency
l86,78!
!0
s0
fa
..
Rentuo f Mrkt.
15,3E'9. 46b
f0
s0
s0
s@
s@
s@
Financing Fee
!E6 647
�
ff6,647
!a
Sub Total
•5.356,113
$3.109
$6,289
$9,162
i11.753
Const. Financing
$207,624
:@
_ __
$a
_
sa
------�------~-
$21,897
--------------------
$380,410
$5.563,737
$347.601
s268.605
6341,881
0433,608
$466,985
TpTAL
l9Sd,ty3
s1,388,921
'i1,855,888
$2.277.785
f2.658.196
s3,041,196
l347,601
f616,406
Cil UI.ATIVE DRAM
M
SHELL ClTV RE"TAL Wllt&6
Land Gu,•chase
p,•ivately [Owned
Site Construction
Efldg. Construction
A 6 E
Insurance
Ta„es
Legal
Accountino
Closing Cost
Construction 1n00.
Admin. E,.o.
DevelooMent OH
Contingenev
Rentuo a Mrkt.
Financing Fee
Sub Total
Const. Financing
TOTAL
CU,4UI.ATIVE DRAW
i:
. I 9
•
TACOLCY
ECONOMIC
DEVELOPMENT
CORPORATION
y'
I
F44bE 7
ORS-4W scHEDULE
cAD
--------------
•09
•N1N
'Nll
•Nle
•N13
@1-----
•N14
01-6eo-87
01-Ocb-87
TOTAL
'N8
01- Mav-87
@t-Jun-0 @i-Jul-87
------------------
-
-------
--r---
----NM
se
@1-Mar-87
01-Nor-B7
-
---------sib
!d
s@
se
$lse.@e@
!0
!@
liS.NdN
s15.td00
f@
fe
1199, 6e3
04, 436, e6e
lE66.164
s866.ib4
seet.e03
feel, 803
!@
f199, 6e3
se
09,680
096,80e
'
s310,5E4
fE'66.16+
set
!a
s0
sa
_ $e
$e
s8,e@e
se
se
!e
se
f@
s@
se,e@e
s8.eee
!0
Ike!O
so
eta
fe
!e
fe
!3 750
fLS,e@e
se
•a
so
!e
!@
f0
st�7s@
s7,e@e
!0
!@
s@
. 00
!0
;®
se5,@@0
sle5,e@@
s 1. 750
so
90
$@
60
30
fe$163
se. 333
f£, 333
f35, 000
$0
se. 333
s0
lE.333
fe.333
$2.333 f2.333
st67` -si67
s167
s167
st67
113,863
s5,0ee
s£el,863
$167
1167
s1b7
s13.663
013,863
f13,b$
s13.863
sF
033,e7@
0133,082
013.863
$13,b63
lt3.860
fd
!N
s33,e7N
!0
s14,787
sl4 787
,
st4,787
!8B Tel
,
f33,e76
s0
014.707
014.787
s14.787
so
s@
s5,3e9,466
s@
s@
se6,647
s0
s0
ftlso
f@
05, 356,113
:14,361 $16.924 $18.963 521.219 $23,491 $25_600 $27.497�i?9.[�or�'_'_"_'�
~f376.268 M $299.450 $331.276 $333.532 $309.714 $278.552 f258.269 $335.479'. ;5;563.737
$4.969;988 $5.228.257 s5.563.737 $5.563.737
•$3.417.464 $3,716,914 $4.048.190 $4,381,722 $4,691.436
E
1
i
TACOLCY ECONOMIC DEVELOPMENT CORPORATION
PAUL b
SHELL C1TV RENTAL 3/1►/d6
• M5
•66
•47
`
CLUJINb
• w 1
we
s341. b87
. w3
s430. 608
• M4
$463, 879
s4ej, 134
e1-0ee-86
*379. 64e
Q�i-Jwn-87
s38e. Bel
ei-Feb-e,
ss47.6e!
se6b• b0?S
1P1-f+uo-b6
(n-geo-b6
Q�!-Oct-B6
ei-Nowb6
+++++++
++++++++++sO
t+♦++++++++++
SO
r .
N1-Jul-b6
SOURCES++♦++++++++++++++++++++++i++++++++++++++++++++++++
sC68.&05
341
s,887
$321,107
so
so++++++++++++++++++++++++++++t++++
$421 897
5380 4�Q ------
Vi
s347.6e1
sN
s1A
5108,901
5466.988
L--------$38
SW1 RE aa
E.A"K+OTHERS---- -------------------
s341. bb7
-----------
----$430,608
s465.988
5421,897
$380,410
$383.000
s347. 6491
sr6d. bad
TOTAL
NAbE 9
SHELL CITY RENTALs/11/b6
•we
•i19
•*IN
'wll
3f
E 'wf
$
'013
•014
8eo-87
•415
30e1-787
TOTAL
E RR
$376. 6887
e$299,450
N1-3Mew81
fe31.276 3,532 Jurrb7
e19Ju1-87
el' AuQ287
el�
ei
SOURCES Hf
++r++++++$
O+++++++++ so +++++.+so ++++++++ SU +++++++++
0++++++++++++++++++++++++++++++963
$
SO
$320.000
$1.600,000
3N 737
iU
$333,532
$309.714
$278,552
3258.269
f 15.419
SN1RE j376,2so
LoWK+OTHERS ____ ____
5299.4$0
$331,276
--------------------------
------
$309.714
__---
5278.552
--- r----
258 269
S ,
S335,479
$5 . 553 737
_
$376.2.68
$299,450
$331,276
S333.532
MAR 2 8 S86
MW
�l LCCAL'NIVATIVES 1UPOCAT CCPP('PATICN
1 NASHINGTWI D C CFF;CE
2100 %1 STPEET, N W
SUITE 501
WASHINGTON. D C 20037
12021 785d908
Miller J. Dawkins
Vice Mayor
city of Miami
city Hall
3500 Pan American Drive
Miami, FL 33133
Dear commissioner Dawkins:
Thank of March 10th and
e concern you express regarding the cdcs and_e
ir
%3L get all of the financing they need t o complete these pules is
cn
exactly the same as LISC's concern. That is why we have not ye
see exactly what is
the final awunts of our financing. We are waiting too
needed by each. .
role LISC will Play in the projects. At this
You ask what monetary ide construction financing and same limited
point? I expect we will p'� I also expect that LISC's commitment
�. grant support: to each of the projects•
will be specified within the next 30 to 45 days.
1 Thank you for your letter.
J: Sincerely,,
490
Sandra Rosenblith
program Director
cc: ��ioner
Carollo
Commissioner KennedY
WCo sioner Plummer
Jr.
1
MamYy Rivero