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1 Commissioner Ranallo said --he had discussed the project with Father <br /> • 2 Kittock of St . Charles who was very favorable to the whole project, <br /> 3 but ' suggested that thought be given to allowing. the balconies, be <br /> 4 enclosed for three season use , similar to ones he .�and the priest -had <br /> 5 viewed in Bloomington,' to add a little more interest to the build- <br /> 6 ing. <br /> 7 Mr. Krier said that option could be brought up during negotiations <br /> 8 later that week because -the architects design_ drawings had been <br /> 9 delayed by problems encountered with the survey. Mr. Childs said <br /> 10 part of the problem had been because the surveyor had left off a lot <br /> 11 on the property where the upholstery shop is now . located on Kenzie <br /> 12 Terrace which the Executive Director had assured the architect posed <br /> 13 no real problem for the project since the assumption remains that Mr. <br /> 14 Saliterman wouldn' t sell any of the property without the inclusion of <br /> 15 that =parcel. Mr. Krier indicated he had the surveyor and the title <br /> 16 company working together on the problem. , <br /> 17 In reference to the balcony enclosures , Mr. Gaughan said his company <br /> 18 likes to keep their buildings "clean, crisp, and uniform" however , <br /> 19 what the St. Charles pastor had suggested was more suited to a <br /> 20 condominium than an apartment building. He said such additions would <br /> 21 be very expensive and to put them on rentals would be impractical and <br /> 22 might create a "scuddy" appearance . Mr. Childs indicated he per- <br /> 23 ceived that was an item which could be added with condominium <br /> 24 conversion. <br /> 025 Risks Pointed Out by H.R.A. Consultant <br /> 26 A discussion of the reasoning behind the new name the redevelopers <br /> 27 had taken ensued, followed by the Consultant' s pointing out the only <br /> 28 risk he perceived the H.R.A. would be taking in the contract before <br /> 29 them. He pointed out how important the financing was to the whole <br /> 30 project and said the developer is working closely with Piper Jaffray <br /> 31 to get that in place before the interests rates go any higher. <br /> 32 However , he said the lender is very happy with the project and only <br /> 33 has a few items left to be resolved. <br /> 34 The H.R.A. would not want to acquire the property without having a <br /> 35 redeveloper ' s contract signed and a Letter of Credit in place, the <br /> 36 Consultant said, so there is a very slight risk, that the property <br /> 37 might not be acquired and in the meantime the developer has under- <br /> 38 taken between $250 , 000 and $300 , 000 in costs to put the financing <br /> 39 package together which the contract dictates he must be reimbursed <br /> 40 for if - the land isn' t acquired. He said he considered that to be <br /> 41 less risk than risking the whole project on higher interest rates <br /> 42 which make the project unfeasible. <br /> 43 H.R.A. Action <br /> 44 Motion by Ranallo, seconded by Marks to adopt the resolution which <br /> • 45 directs the H.R.A. Chair, Executive Director and Consultant to <br /> 3 <br />