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•1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />•19 <br />20 <br />building it market rate if market for seniors is soft for <br />Building C; <br />said would guarantee in the Redevelopers Agreement that all <br />three buildings would be constructed as scheduled to prevent <br />problems with bond financing; <br />reiterated that Lang -Nelson would prefer to have 201 senior <br />rentals in this project but have concerns that the market of <br />that type of rental might not be that deep in St. Anthony; <br />found with the Anthony James project, that seniors take a <br />long time making up their minds to move, preferring to wait <br />until spring to sell their current homes. The absorption <br />time needed for seniors is almost double that for market <br />rate as a result. <br />Building Extras <br />There would be laundries in each unit; <br />an interior trash system would call for no dumpsters outside <br />and dumpsters for larger items only in the garage area. <br />The Lang -Nelson representatives <br />H.R.A. questions: <br />Financial <br />made the following responses to <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 1987 but they would have until <br />38 next year to do the remainder; and <br />39 however, he indicated, he understood that the $360,000 Letter <br />�40 of Credit would have to be put up at the time the Redevelopers <br />4 <br />