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<br />Mark Adams <br />Manager of L.D.C. <br /> <br />Councilwoman Morris <br /> <br />Mrs. Forrest, Prospective <br />Owner of Child's Place <br /> <br />Councilman Leary <br /> <br />5/3/83 <br /> <br />Page -2- <br /> <br />Was present to answer any questions Council <br />may have regarding the request. <br /> <br />Inquired what the problems were concerning <br />the Child's Place Day Care Center and what <br />the time frame was. <br />advised <br />Mr. Adams/one of the problems is obtaining <br />the real estate and the developer who is <br />faced with dead lines. Another problem is <br />one of economics - the estimated cost of <br />the project is between $300,000 - $400,000. <br />L.D.C. 's participation would be approximately <br />10% seed money in the project or $30,000 _ <br />$40,000, which they did not have. <br /> <br />Advised that they had a very rigid time-frame <br />on the land - May 9th as the developer wished <br />to have P.D.D. approval by May l7th~ Stated <br />they have another option of going into the <br />Lafayette area. However, their market re- <br />search showed a greater need was in the <br />Louisville area. Plans are not only for <br />a day care center, but a family center. It <br />would include programs for the elderly, for <br />the handicapped, screening type services, <br />day pre-school services, toddler, pre-natal <br />and post-natal type services, aerobics classes; <br />a gym is plannE~d as well as a swimming pool <br />for the younger children. Mrs. Forrest <br />stated they had pursued other methods of <br />financing. Anticipated land for project <br />at Pine and 42.. <br /> <br />Mr. Adams stated he felt that the requested <br />$25,000 could be considered a continuing in- <br />vestment in thE~ City as it will be repaid. <br />As soon as a project has been established, <br />and the first month after the project closes <br />L.D.C. would be receiving the pay-back, which <br />would be returned to their capital investment <br />funds for further investment. <br /> <br />Inquired if L.D.C. would be able to meet <br />the matching funds requirement. <br />Mr. Adams stated he didn't feel a high level <br />of confidence that they would be able to <br />meet the requirement at this time. Did say <br />they would be having various fund raising <br />proj ects throughout~ 'the year, but did not <br />feel they would be able to meet the require- <br />ment of $25,000 matching funds when the end <br />of year payment would be received. <br />