PL PACKET 03171987 - Laserfiche WebLink

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-2- The developer indicated:, further that: - � . Kloster Madsen.' s . at-torneys would -be unable to -get the .paper work connected with the partnership completed before the January 3.0th deadline; he perceives the two firms are 85% to 90% of -the way home towards that objective; a 30 day extension- to complete those:arrangements would be required; he hoped the month' s•_extension would not result in more. than a . month' s delay in the June date set by the bonding requirements for "showing marketable progress. in construction. " Chairman Sundland reported his conversation at '5: 00 P.M. that afternoon with John Ryan, the Kloster Madsen President in which he had learned. the following: Kloster Madsen has a strong interest in the project; the, firm had been erroneously told Phase II would be for rental to persons over 55 and Phase III would be rented to anyone (-it will all be 55 and over) ; the Kloster Madsen President had agreed with the H.R.A. Chair that the "two would not mix" ; one of Kloster Madsen' s greatest concerns was Amendment 9, Section 4, of the Redeveloper ' s Agreement, which the contractor perceived unnecessarily tied Phase I , completed by another developer, in with Phases II and III; Kloster Madsen- did not anticipate it would take a whole month to clear up questions they had but considered a month a "comfortable cushion" to work with; the contractor considered a meeting with the H.R.A. Chairman, Executive Director, and Attorney would be very helpful. The Chai-rman -indicated he personally was very pleased - that Kloster . Madsen, a fine firm with a. - good reputation, was interested in the project,' •perceiving;--this would be. "a partnership made An heaven" ;. -as .far . as St. Anthony '- is concerned. He also corrected the impression .that Arkell had any control over the arbitrage. Mr". Arkell agreed -..'with . -that conclusion and said he thought the . contractors had fully understood he never-: again wanted to 'go through -the: trauma •of another---.large cr-owd'of neighbors protesting 11150 college kids moving into' one-'of',the buildings.. " The developer then told -the H.R.A. . .