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PURPOSE OF AMENDMENT <br /> The City of Batesville Re-Use Plan for AIDC Grant Number <br /> 790-00552 requires an amendment for the following reasons: <br /> 1. A loan of $225.000 was made to Omega Containers <br /> Batesville. Inc.. to be repaid over ten years at 6%. <br /> After two payments. the company ceased operation and <br /> defaulted on the loan. <br /> 2. New Federal regulations state that recaptured funds <br /> received after the grant closing date are no longer <br /> bound by the requirements of Title I of the Community & <br /> Housing Development Act of 1974. as amended. <br /> The Re-Use Plan therefore no longer presents a useable plan for <br /> the use of the repayments. This amendment provides the <br /> mechanism to utilize the reduced amount of funds that are <br /> available. <br />