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when - Chair. Sundland asked Mr .- Arke-11 whether he -would be able to proceed <br /> with the project if the bank granted him- the $.360 , 000 Letter of Credit <br /> before March 20th, the developer told him his position in relation- to <br /> the final phases had been completely reversed from what he had <br /> experienced with the Kennington. , The developer said he gets at least <br /> three calls a month from investors who want to place the bonds on a <br /> permanent basis at 7-1/2% , where he :had been unable to complete the <br /> Kenzington because he couldn ' t find. financing.. <br /> Mr. Arkell told the H.R.A.. members they had been a lot more: patient <br /> about his problems than he would probably have ever been and he <br /> recognized he had no argument for further patience. <br /> The Chair reiterated that he would be glad if Arkell was able to pull <br /> off his arrangement with his bank but cautioned that only a "concrete" <br /> assurance that the bank was granting the $360, 000 would do, and any <br /> suggestion that such a - decision would depend on .an attorney' s opinion <br /> would be unacceptable. <br /> ADJOURNMENT <br /> Motion by Ranallo, seconded by Enrooth to adjourn the - St. Anthony <br /> Housing and Redevelopment Authority meeting . at 9 : 30 P.M. <br /> Respectfully submitted, <br /> Helen Crowe, Secretary <br /> :cjk <br /> • <br />