CC PACKET 06281988 - Laserfiche WebLink

Home Browse Search

i 1 In relation to the Lang/Nelson talks , the Executive Director said the • 2 negotiator, Mr. Brewer, had brought in a conditional commitment from 3 Juran and Moody to finance the project, which he perceived Lang/Nelson 4 and the financing firm hadn' t yet negotiated fully. He added that 5 those negotiations couldn' t be completed until the next Monday when 6 all the Juran and Moody people would be back from Hawaii. So, of 7 course, the Lang/Nelson negotiator was reluctant to hand over the 8 $40,000 check before those negotiations were finalized. 9 Soth reported one thing Lang/Nelson had said they were prepared to do 10 was to put $40 ,000 at risk if they were designated as the project 11 developers. However, because of the uncertainties surrounding the 12 financer ' s contingencies, he and Mr. Childs had been reluctant to make 13 a firm recommendation to the H.R.A. before next Monday. 14 Childs indicated another issue he perceived the H.R.A. should 15 consider was the possibility that Lang/Nelson might want to construct 16 three buildings, which would change the building footprints a bit and 17 leave less green space, but would permit the developers to enlarge 18 the unit size to meet what they perceive to be the market demand. He 19 said it would be up to the H.R.A. and Planning Commission to interpret 20 how significant those changes were when it came to deciding whether 21 public hearings were necessary, but added whatever number of 22 buildings there were, Lang/Nelson would be doing the project all at 23 one time. 24 Ranallo restated his opinion that $20 ,000 difference between the two • 25 offers wasn' t that much money and he thought the City should stay 26 with Gaughan whose plan he liked best. 27 Soth told him he would have been a lot more comfortable with 28 designating Gaughan as developer if they had come right out and 29 indicated they intended to do the project and were only waiting to 30 find out what they had to do to get it done, rather than indicating 31 they wanted to get "everything" and telling the negotiators it was 32 O.K. with them if they found another developer. 33 Sundland agreed that Gaughan had not kept their original promise to 34 the H.R.A. to sign the agreement first and "button down" the details 35 later. 36 Childs indicated, on the other hand, that he knew from financial 37 people Gaughan was negotiating with, that the developer was working 38 hard trying to get financing. He also said the Gaughan architect had 39 told him he was working on different plans for the project every day 40 that the developer was talking to financial institutions to try to get 41 backing. He added that there were people looking at the project for 42 both developers every day and perceived it would be better for the 43 next five days to let both keep on working to get the best financing 44 deal they can. The Manager told Mr. Soth he had gotten a call from 45 Paul Brewer of Lang/Nelson after he had talked to the attorney, which • 2