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-indicated she believed there should be no assurances made <br /> to the developers until after those. dates have ,been deter- <br /> mined. <br /> Soth agreed the whole matter depended on the H.R.A. knowing , <br /> right away what the developer' s bank was going to do about <br /> the $360 , 000 Letter of Credit. <br /> ' Enroo"th -indicated he was "tired of playing the worst case scenario <br /> game with this project" ; <br /> -told Mr. Arkell the whole matter was now in his hands and <br /> the result of his contacts with his bank would have to be <br /> addressed at a special meeting and not that evening. <br /> Sundland -agreed there was time between the meeting that evening and <br /> March 16th to find out whether Mr. Arkell was going to be <br /> able to proceed with the, project; but <br /> -asked what the H.R.A. members wanted to do if Mr. Arkewll <br /> came in before the 17th with "concrete and not just verbal" <br /> assurances of financing from his bank; <br /> wondered if they agreed with his own peception that the <br /> best route to take if that assurance was given, would be. <br /> to continue with Arkell as the project developer because <br /> "he has the approved plan for the project. " <br /> Makowske -told Mr. Arkell that as far as she was concerned, he was <br /> certainly in' the 'running if he could get the $360 ,000 <br /> Letter of Credit from the Richfield Bank. <br /> Mr. Arkell responded by saying he wasn' t really looking for a decision <br /> by the H.R.A. that evening but did want to call to their attention that <br /> "the Letter of Credit was a requirement of the Redevelopers Agreement <br /> only and the bonds would not disappear just because he hadn' t made good <br /> on them. " The developer said another developer could take over the <br /> bonds and the project without a Letter of Credit no matter what he did. <br /> Soth -told Mr. Arkell that the H.R.A. was facing a timing problem <br /> with the bonds and couldn' t proceed to acquire the land for <br /> the project without the Letter of Credit. <br /> Ranallo -said he believed the developer should understand the pres- <br /> sures which have been imposed on the H.R.A. members- <br /> because of the delays with this redevelopment project; <br /> -cited his own experience of recently being confronted in a <br /> restaurant' by a former tenant of the shopping center who <br /> accused him of being the one "who was responsible for run- <br /> - ning her out of St. Anthony because of a redevelopment pro- <br /> ject on which nothing was being done yet. " <br />