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PL PACKET 01191988
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PL PACKET 01191988
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12/30/2015 3:36:41 PM
Creation date
12/30/2015 3:36:30 PM
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SP Box #
15
SP Folder Name
PL PACKETS 1988
SP Name
PL PACKET 01191988
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t <br /> 1 Mr. Soth pointed out that $23 ,000 , 000 had always been more than was <br /> 2 needed when compared . to the $8 , 500, 000 in project costs, so the <br /> 3 .$11 , 500 , 000 , which .,remain in revenue bonds after December 1st, should • <br /> 4 certainly- be adequate to get the project done. <br /> 5 ' He was instructed to- tell the Gaughan Companies the H.R.A. wanted to <br /> 6 schedule meetings with them every two weeks , starting with a meeting <br /> 7 after the Council ' s December 8th meeting, so they could keep track <br /> 8 of their .financing progress and was requesting the lines of communica- <br /> 9 tion be kept open between meetings. The planner indicated the. only <br /> 10 reason the redeveloper was not present for that meeting was because he <br /> 11 had requested they not come. He said he really believed both <br /> 12 Gaughan and Piper Jaffray, who were placing the bonds, were working <br /> 13 hard on the deal, but having the redeveloper report back every two 'I <br /> 14 weeks might apply pressure on Piper to get the financing package put <br /> 15 together as soon as possible. <br /> 16 It was agreed, that further contact with ' the other developer who had i <br /> 17 proposed to do the project would not be completely foreclosed in the <br /> 18 meantime because the H.R..A. wanted the Gaughan Companies to understand ' <br /> 19 the City intends to get the project done one way or another since <br /> 20 they have not signed the agreement as scheduled. <br /> 21 It was further agreed that the Mayor and Mr. Childs would broach Mr. i <br /> 22 Arkell regarding a settlement. Mr. Arkell would be advised that the <br /> 23 H.R.A. needs the extra $300 , 000 now that the drop in prime rate had <br /> 24 created a problem -with getting another redeveloper and the landowner <br /> 25 was threatening to sue the City for that failure. <br /> � i <br /> 26 The H.R.A. meeting was adjourned at 6 :35 P.M. with the Council meeting i <br /> 27 opening at 7 : 30 P.M. , as scheduled. <br /> . i <br /> 28 Respectfully submitted, j <br /> 29 Helen Crowe, Secretary <br /> 30 :cjk <br /> I <br /> s <br /> i <br /> 2 • , <br />
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