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1 Commissioner Ranallo said he had discussed the project with Father <br />2 Kittock of St. Charles who was very favorable to the whole project, <br />3 but suggested that thought be given to allowing the balconies be <br />4 enclosed for three season use, similar to ones he and the priest had <br />5 viewed in Bloomington, to add a little more interest to the build - <br />6 ing. <br />7 Mr. Krier said that option could be brought up during negotiations <br />8 later that week because the architects design drawings had been <br />9 delayed by problems encountered with the survey. Mr. Childs said <br />10 part of the problem had been because the surveyor had left off a lot <br />11 on the property where the upholstery shop is now located on Kenzie <br />12 Terrace which the Executive Director had assured the architect posed <br />13 no real problem for the project since the assumption remains that Mr. <br />14 Saliterman wouldn't sell any of the property without the inclusion of <br />15 that parcel. Mr. Krier indicated he had the surveyor and the title <br />16 company working together on the problem. <br />17 In reference to the balcony enclosures, Mr. Gaughan said his company <br />18 likes to keep their buildings "clean, crisp, and uniform" however, <br />19 what the St. Charles pastor had suggested was more suited to a <br />20 condominium than an apartment building. He said such additions would <br />21 be very expensive and to put them on rentals would be impractical and <br />22 might create a "scuddy" appearance. Mr. Childs indicated he per - <br />23 ceived that was an item which could be added with condominium <br />24 conversion. <br />025 Risks Pointed Out by H.R.A. Consultant <br />26 A discussion of the reasoning behind the new name the redevelopers <br />27 had taken ensued, followed by the Consultant's pointing out the only <br />28 risk he perceived the H.R.A. would be taking in the contract before <br />29 them. He pointed out how important the financing was to the whole <br />30 project and said the developer is working closely with Piper Jaffray <br />31 to get that in place before the interests rates go any higher. <br />32 However, he said the lender is very happy with the project and only <br />33 has a few items left to be resolved. <br />34 The H.R.A. would not want to acquire the property without having a <br />35 redeveloper's contract signed and a Letter of Credit in place, the <br />36 Consultant said, so there is a very slight risk, that the property <br />37 might not be acquired and in the meantime the developer has under - <br />38 taken between $250,000 and $300,000 in costs to put the financing <br />39 package together which the contract dictates he must be reimbursed <br />40 for if the land isn't acquired. He said he considered that to be <br />41 less risk than risking the whole project on higher interest rates <br />42 which make the project unfeasible. <br />43 H.R.A. Action <br />44 Motion by Ranallo, seconded <br />�45 directs the H.R.A. Chair, <br />by Marks to adopt the resolution which <br />Executive Director and Consultant to <br />M <br />