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1 <br /> 2 Agreement i-s signed and would not be :contingent upon getting <br /> 3 the bonds placed; <br /> 4 Mr—Bronk said he had gotten a very -positive- feed back on the. <br /> 5 bonds but it was hard to get a commitment before ,they. owned . <br /> 6 the land; <br /> 7 reiterated that it was, his understanding that the Letter of <br /> 8 Credit would assure completion of the. project, -but Frank Lang <br /> 9 and Gene Nelson would individually guaranty. the .performance. <br /> 10 of the development contract, i.e. ,. complete the buildings- to . <br /> 11 provide tax base to pay down the TIF. <br /> 12 Mr. Bronk provided the financing on other. projects Lang-Nelson had <br /> 13 constructed as follows: <br /> 14 Said Woods Park in Burnsville had been done with Industrial - <br /> 15 Bonds and closed in 1983 ; bond issue was for $25 , 000 ,000 for 6 <br /> 16 buildings with 400 staged units ; started with two buildings <br /> 17 and gradually rented- them up; completed the last building in <br /> 18 January, 1986. <br /> 19 Anthony James was done with Industrial Revenue bonds with tax <br /> 20 increment financing through the City of New Hope; $3 , 350 ,000 <br /> •2.1 in non-rated revenue bonds were sold and. the city provided <br /> 22 some up front TIF money to acquire the land and do some of the <br /> 23 improvements as well as some interest write-down money; the : <br /> 24 project was- all arranged by Frank Lang and a whole group of <br /> 25 partners. <br /> 26 Construction on the 110 unit project they are planning to <br /> 27 close in Coon Rapids would start in October; the firm has <br /> 28 conventional financing on that. <br /> 29 ' Dorsey & Whitney have acted as bond counsel for both the . <br /> 30 Burnsville and New Hope projects. <br /> 31 Phasing . <br /> 32 Preliminary planning -indicates- they would want to construct <br /> 33 Buildings C and A first ,to screen the property from Lowry and . <br /> 34 Kenzie and create an interior .court which would be a .good mar- <br /> 35 keting point for seniors ; <br /> .. 36 gearing everything to making. Building- B senior rental. because <br /> 37 they stay longer and pay better; <br /> 38 when asked what it would take to modify their phasing. schedule <br /> 39 to do all three buildings at once, Mr.- Brewer said . he per- <br /> -. 40 : : ceived doing 150 units next spring represented a big chunk at <br /> •41 that time and they wouldn' t have any . product to lease until <br /> 5 <br />