1981-04-01 Joint Public Hearing and Regular Meeting

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. . ~ . e e Minutes, Joint Public Hearing and Regular Meeting April 1, 1981, Page 3 Neel: The project is being built under HUD minimum property standards. They only allow so much money for a project this size. The project has been designed to meet the construc- tion budget. In order to do that, 3 story is the most economical and has less operating cost. Kibodeaux: This will be a wooden structure? Neel: A frame structure with brick veneer, 2-hour fire walls and a sprinkler system. Tomerlin: How much of your present land will be occupied by this building? Carter: About one-half. Tomerlin: You will still have some park area? Carter: Yes, sir. Simons: Will the sprinkler system be throughout the building or just in the halls? Neel: In the hallways and community area. Simons: You know the City don't have nothing to fight fires above 3 stories. Neel: The plans are with the City now and we have been working with the City on that. Simons: But we still don't have any equipment to fight fires above 2 stories. Askins: Mr. Spicer, has your group signed or will they have to sign some kind of covenant or undertaking with the Federal government, that if the Federal government loans this money for this type of project that it will remain a non-profit corporation project; you know, dedicated to this purpose for a given length of time? Spicer: That is correct. In addition to the deed of trust which you are familiar with is the mortgage. This mortgage contains some covenants and assumpts by the Happy Harbor group that would not be in the usual commercial mortgage. In addi- tion to this, the group will sign what we call a regulatory