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-4 <br /> Before a vote was taken on the motion, the Bloomington Councilmember <br /> asked whether the H.R.A. would consider granting a 30 day extension of <br /> the $100, 00.0 Letter of Credit. when . Commissioner Ranallo indicated he ..- <br /> did not - think that would be possible, Councilmember_ Peterson said .he <br /> perceived _St. Anthony would certainly be justified for taking those <br /> damages but- he knew from his own experience that would put St. Anthony <br /> .no farther along towards getting another developer for the project <br /> because the knowledge- that the damages had been taken- might "cast a <br /> black shadow over the * project. " He suggested a decision be delayed <br /> until the Council ' s March 24th meeting. Chair : Sundland indicated that,. <br /> if staff determined the H.R.A. had that much buffer time, .it would not <br /> bother. him as much as it seemed to bother Commissioner Ranallo. <br /> However, since that .was not one of. the issues which was addressed in the <br /> motion on the floor, the Chair suggested the .vote on that .motion be <br /> taken before any further discussions were held related to an extension. <br /> Motion carried unanimously. <br /> Developer ' s Request for Extension Discussed <br /> The Commissioner ' s reaction to, granting an extension of the $100 ,000 <br /> Letter' of Credit went as follows: <br /> Marks -said he agreed with Commissioner Ranallo' s insistence that • . <br /> the H.R.A. should not grant a 30 day extension because he <br /> was not certain that would leave enough time before the <br /> bonds would no longer be available; <br /> expressed concern that the City might lose the bonds if <br /> the project wasn' t started on time because John Arkell <br /> can' t come up with the financing to complete the. project <br /> right away; <br /> -perceived that the H.R.A. might be facing that problem <br /> whether the extension of the Letter of Credit is granted <br /> or not; <br /> -told Mr. Arkell "the best thing which could happen for <br /> St. Anthony would be for you to get your house in order so <br /> the H.R.A. wouldn' t have to repeat all the hearing -pro- <br /> cesses which would be required if another developer took <br /> over the project. " <br /> Soth -added that at least 120 days would be required - to pur <br /> chase the land. <br /> Makowske anticipated the time schedule remaining for the, H.-R.A. to <br /> retain- the -bonds would be defined. by Mr. Childs and. Mr. <br /> Soth during the consultation the H.R.A. had directed they <br /> hold; and, therefore, <br />