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When Chair Sundland �:asked Mr . . Arkell whether. -he would be able to proceed <br /> with the project if the bank granted him the $360 , 000. Letter of Credit <br /> before March - 20th, the developer told him his position in relation to <br /> the final phases had -been completely reversed from what he had <br /> .experienced with the Kenzington. The. developer said he gets at least <br /> three calls a month from investors who want to place the bonds on a <br /> -permanent basis at 7-1/2% , where he had been unable to complete the <br /> Kenzington because he couldn' t find financing. <br /> Mr. Arkell told the H.R.A. members they had been a lot more patient <br /> about " his problems than he - would probably have ever been and he <br /> recognized he had no argument for further patience. <br /> The Chair reiterated that he would be glad if Arkell was .able to pull <br /> off his arrangement with his bank but cautioned that only a ' "concrete" <br /> assurance that the bank was granting the $360 , 000 would do, and any <br /> suggestion that such a decision would depend on an attorney's opinion <br /> would be unacceptable. <br /> ADJOURNMENT <br /> Motion by Ranallo, seconded by Enrooth to adjourn the St. Anthony <br /> Housing and Redevelopment Authority meeting at 9 : 30 P.M. <br /> Respectfully submitted, <br /> Helen Crowe, Secretary <br /> :cjk <br />