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-indicated she believed there should be no assurances made <br /> to the developers until after .those dates have been deter, <br /> mined. <br /> Soth -agreed the whole matter depended on the H.R.A. knowing <br /> right away what the developer ' s bank was going to do about <br /> the $360 , 000 Letter of Credit. <br /> Enrooth -indicated he was • "tired of playing the worst case scenario <br /> game with this project" ; <br /> -told Mr . Arkell the whole matter was now in his hands and <br /> the result of his contacts with his bank would have to be . <br /> addressed at a special meeting and not that evening. <br /> Sundland -agreed there was, time between the meeting that evening and <br /> March 16th to find out whether Mr . Arkell was going to be <br /> able to proceed with the project; but <br /> -asked what the H.R.A. members wanted to do if Mr. Arkewll <br /> came in before the 17th with "concrete and not just verbal" <br /> assurances of financing from his bank; <br /> -wondered if they agreed. with his own peception that the <br /> • best route to take if. that assurance was given, would be <br /> to continue with Arkell as the project developer because <br /> "he has the approved plan for the project.." <br /> Makowske -told Mr.: Arkell that as far as she was concerned, he .was <br /> certainly in the running if he could get the $360 ,000 <br /> Letter of Credit from the Richfield Bank. <br /> Mr. Arkell responded by saying he wasn' t really looking for a decision <br /> by the H.R.A. that evening but did want to call to their attention that <br /> "the Letter of Credit was a requirement of the Redevelopers Agreement <br /> only and the bonds would not disappear just because he hadn' t made good <br /> on them. " The developer said another developer could take over the <br /> bonds and the project without a Letter of Credit no matter what he did. <br /> Soth -told Mr. Arkell that the H.R.A. was facing a timing -problem <br /> with the bonds and couldn' t proceed to acquire the land for <br /> the project without- the Letter of Credit. <br /> Ranallo -said he believed the developer should understand the pres- <br /> sures which have been imposed on the H.R.A. members <br /> because of the delays with this redevelopment project;, <br /> -cited his own experience of recently being confronted in a <br /> restaurant by a former--tenant of the shopping center who <br /> ;:..accused him of being the one "who was responsible for run- <br /> ning her out of St. Anthony because of a redevelopment . pro- <br /> ject on which nothing was .being done yet. " <br />