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-4 <br /> Before :a vote.-was taken on the motion,. the Bloomington Counci.lmember <br /> asked whether the H.R.A. would consider granting a 30 day extension of <br /> the- $100 , 000 Letter of Credit . when Commissioner Ranallo indicated- he <br /> did not think that would be possible, Councilmember Peterson said he <br /> perceived St. Anthony would certainly be justified for taking those <br /> damages but he knew from his own experience .that would put St. Anthony <br /> no farther- along towards getting another developer for the. proj.ect <br /> because the knowledge that the damages had been taken might "cast a <br /> black shadow over the project. He suggested a decision be delayed <br /> until the Council' s March 24th meeting. Chair ;Sundland. indicated that, <br /> if staff determined the H.R.A. had that much buffer time, it would not <br /> bother him as much as it seemed to bother Commissioner Ranallo. <br /> However, since that was not one of the issues which was. ,addressed in the <br /> motion on the floor, the Chair suggested the vote on that motion be <br /> taken before any further discussions were held related to an extension. <br /> Motion carried unanimously. <br /> Developer ' s Request for Extension Discussed - <br /> The Commissioner,'-s reaction to granting an - extension of the $100 , 000 <br /> Letter of Credit went as follows: <br /> Marks -said he agreed with Commissioner Ranallo' s -insistence that <br /> the H.R.A. should not grant a 30 day extension - because he <br /> was not certain that would leave enough time before the <br /> bonds would no longer be available; <br /> -.expressed concern that the City might lose the bonds if <br /> the project wasn' t started on time because John Arkell <br /> can' t come up with the financing to complete the project <br /> right away; <br /> -perceived that the H.R.A. might be facing that problem . <br /> whether the extension of the Letter of Credit is granted <br /> or not; <br /> -told Mr. Arkell "the best thing which could happen for <br /> St. Anthony- would be for you to get your house in order so <br /> the H.R.A. wouldn' t have to repeat all the hearing pro- <br /> cesses which would be required if another developer took <br /> over the project. " <br /> Soth -added that ' at - least 120 days would be required to pur- <br /> chase the land. <br /> Makowske -anticipated the time schedule remaining for the H.R.A. to <br /> retain the bonds- would be defined by Mr. Childs and Mr. <br /> Soth `during the consultation the H.R.A. had directed they <br /> hold; -and, therefore, . • <br />