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1) Redevelopment Grant - $110,000. Funding to be used for demolition of the 1974 portion of the Hudson building. If the grant is successful, HEDRA would have the entire estimated demolition cost of $250,000 in grant funding. 2)Planning Grant - $15,000. Funding to be used for future market study of Hudson redevelopment concepts. ACTION: Adopt HEDRA Resolution No. 2012-01 authorizing submittal of the applications Please see the attached Resolutionfor further information. C.Mortgage Satisfaction – Biermann Marcia Biermann, owner of 1413 Maple Street seeks execution of a mortgage satisfaction statement. She has agreed to pay $1,500 of the remaining balance of her HEDRA Residential Rehabilitation Loan. The outstanding balance of the loan as of January 2, 2012 is $6,034.At the August 11, 2011 meeting, HEDRA discussed forgiveness of the loan if $250 per month was paid during the foreclosure redemption period. Ms. Biermann has agreed to make the $1,500 payment. The foreclosure notice was delivered on December 27, 2011. On August 9, 2011 Ms. Biermann submitted a letter requesting forgiveness of a Residential Rehabilitation Loan. The letter reiterates the nature and reasons for the original loan. Ms. Biermann experienced an unexpected replacement of a private sewer service to her home at 1413 Maple Street. The cost of repair was assessed against her property. The $9,100 repair was greater than the typical cost of $3,000 - $5,000 and was not eligible for assessment abatement. In 2009 Ms. Biermann shared that she is experiencing financial difficulties and was filing for bankruptcy in order to modify the principal loan on her home. The loan modification was approved in May 2010, but was not financial feasible for her. In July, 2011 she received a mortgage foreclosure letter. She anticipates foreclosure th notice to be delivered anytime after August 15 . HEDRA authorized the loan on September 10, 2009. The secondary mortgage, agreement and promissory note were executed on November 2, 2009. The original loan amount was $7,589.41. $4,000 of the original loan was to be repaid upon sale of the property. The remaining $3,589.41 was a five year forgivable loan, decreasing 20% annually. $1,555.41 of the original loan has been forgiven as of January 2, 2012. The remaining $6,034 consists of the $4,000 to be repaid on sale, and $2,034 of the outstanding forgivable loan.