CC PACKET 03101987 - Laserfiche WebLink

Home Browse Search

• -3 inembers' that, :in-.keeping'- with his.:. ' "new outlook on' life, ". Arkell .would -riot 'be.- the lead ' .partner,:on this project, but was negotiating to have Kloster Madsen take over .8'0$ of .the . partnership. . He, told the Secretary%Treasurer. • he- anticipated the meeting of - Pat Brinkman, and Kloster Madsen ' representatives, January 29th, :would resolve all but two or 'three . of ..the :questions the 'contractor has . about the partnership..which could be resolved with the meetingwith .the H.R.A.. Attorney and Executive Director. If an. impasse should develop after that . meeting, Mr.. ..Arkell said he had a number of people, Including -a Texan, still interested in the project because of the 1.98.5 bonds and their tax status. . Mr. Soth confirmed that it was - possible that the $400 ,000 Letter of Credit- should be reduced to $360 ,000 under the contract .because Phase I is completed. He also advised that if the H.R.A. is inclined to grant the month extension, it would be a- good idea to have ,$100,000 which is "out of the pocket money"- required to get an agreement from the developer to waive the provision in the redevelopment agreement which says the "developer 'isn' t in default until the City has given 'a Notice of Default after which Arkell would have 30 days to cure" in return. Mr. Arkell indicated acquiesence -with th-at .being. done and said his intent had always been to meet the Friday deadline. • Chairman Sundland pointed out to the developer the hardships some of the. persons present for- the discussion were experiencing as business owners in the center which Arkell is to develop. The Chairman then asked the Kloster Madsen representative to affirm the impression he had gotten from his own conversation with Mr. Ryan that "Kloster Madsen had a: strong interest in this project but it is of paramount impor-tance to ..your company that you get the questions you have answered. " ' 'James Johnson, Executive , -Vice 'President of Kloster Madsen, said the Chairman. had been correct in - the impression he had gotten that .the contractor was "very much interested in being involved in the development of the projects. " Mr. Johnson apologized for Mr., Ryan' s. :inability to be present that evening but said" he knew the Kloster Madsen President `had a long list of questions about ' the proposal which had been made to the -contractors. Not, all of ahem were .of the same importance but they - all :needed 'answering so. Kloster: Madsen could :make a reasonable, and inteelligent ' decision .in a short -period of time. Mr. Johnson agreed the extra .30 days would give his ..firm the - cushion it needed to make that decision but ' also indicated - . he perceived it , was possible that -determination could:.be made in :".two.. weeks at. -a minimum" , if all those questions"were answered -satisfactorily: