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•I In relation to the Lang/Nelson talks, the Executive Director said the <br />2 negotiator, Mr. Brewer, had brought in a conditional commitment from <br />3 Juran and Moody to finance the project, which he perceived Lang/Nelson <br />4 and the financing firm hadn't yet negotiated fully. He added that <br />5 those negotiations couldn't be completed until the next Monday when <br />6 all the Juran and Moody people would be back from Hawaii. So, of <br />7 course, the Lang/Nelson negotiator was reluctant to hand over the <br />8 $40,000 check before those negotiations were finalized. <br />9 Soth reported one thing Lang/Nelson had said they were prepared to do <br />10 was to put $40,000 at risk if they were designated as the project <br />11 developers. However, because of the uncertainties surrounding the <br />12 financer's contingencies, he and Mr. Childs had been reluctant to make <br />13 a firm recommendation to the H.R.A. before next Monday. <br />14 Childs indicated another issue he perceived the H.R.A. should <br />15 consider was the possibility that Lang/Nelson might want to construct <br />16 three buildings, which would change the building footprints a bit and <br />17 leave less green space, but would permit the developers to enlarge <br />18 the unit size to meet what they perceive to be the market demand. He <br />19 said it would be up to the H.R.A. and Planning Commission to interpret <br />20 how significant those changes were when it came to deciding whether <br />21 public hearings were necessary, but added whatever number of <br />22 buildings there were, Lang/Nelson would be doing the project all at <br />23 one time. <br />•24 2 <br />Ranallo restated his opinion that $20,000 difference between the two <br />5 offers wasn't that much money and he thought the City should stay <br />26 with Gaughan whose plan he liked best. <br />27 Soth told him he would have been a lot more comfortable with <br />28 designating Gaughan as developer if they had come right out and <br />29 indicated they intended to do the project and were only waiting to <br />30 find out what they had to do to get it done, rather than indicating <br />31 they wanted to get "everything" and telling the negotiators it was <br />32 O.K. with them if they found another developer. <br />33 Sundland agreed that Gaughan had not kept their original promise to <br />34 the H.R.A. to sign the agreement first and "button down" the details <br />35 later. <br />36 Childs indicated, on the other hand, that he knew from financial <br />37 people Gaughan was negotiating with, that the developer was working <br />38 hard trying to get financing. He also said the Gaughan architect had <br />39 told him he was working on different plans for the project every day <br />40 that the developer was talking to financial institutions to try to get <br />41 backing.. He added that there were people looking at the project for <br />42 both developers every day and perceived it would be better for the <br />43 next five days to let both keep on working to get the best financing <br />44 deal they can. The Manager told Mr. Soth he had gotten a call from <br />45 Paul Brewer of Lang/Nelson after he had talked to the attorney, which <br />is <br />2 <br />