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1 building it market rate i.f market for seniors is soft for <br /> 2 Building C; <br /> 3 said would guarantee in- the Redevelopers Agreement .that- all . - <br /> 4 -three buildings-would be constructed as .scheduled to prevent <br /> 5 problems with bond financing; <br /> 6 reiterated that Lang-Nelson would prefer to have 201 senior <br /> 7 rentals in this project but have concerns -that. the -market of <br /> 8 that type of rental might- not be that .deep in St. Anthony; <br /> 9 found with the Anthony. James project, that seniors take a: < :: <br /> 10 long time- making up their minds to move, preferring to wait <br /> 11 until spring to sell their current homes. The absorption <br /> 12 time needed for seniors is almost double that for market <br /> 13 rate as a result. <br /> 14 Building Extras <br /> 15 There would be laundries in each unit; <br /> 16 an interior trash system would call for no dumpsters outside <br /> 17 and dumpsters for larger items only in the garage area. <br /> 18 The Lang-Nelson representatives made the following responses to <br /> 19 H.R.A. questions: <br /> 20 Financial <br /> 21 When 'Mr. Soth said the City would want to close on the land <br /> 22 with them at the same time they acquired the land, Mr. Bronk <br /> 23 said he had always been pessimistic about a -September.. closing, <br /> 24 perceiving that would leave them with a negative arbitrage on <br /> 25 the money; <br /> 26 said the longer the closing went out to the end of, 1987-, -the <br /> 27 better the financial picture would be for them; <br /> 28 said they. would be willing to take all the land at one time <br /> 29 but couldn' t guarantee they wouldn' t split the bond issue . <br /> 30 since the bonding houses have indicated a $10 , 000 ,000 <br /> 31 issue.'--might be too big to handle at one time and if the issue <br /> 32 is phased.. over 60 or 90 days , they might be able to get a <br /> .33 better interest rate than if the .entire issue is forced <br /> 34 at once; <br /> 35 <br /> 36 reported Jerry. Gilligan had told them half the bond issue. <br /> 37 would have to be taken down in -19.87- but they would have until <br /> 38 next year to do the remainder; and . . <br /> 39 ' ' -however- ', . he indicated, - he understood that the $36.0 , 000 Letter <br /> 40 of Credit would have to be put up at- the- time the Redevelopers • <br /> 4 <br />