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V <br />s <br />ne for <br />-2- <br />ect <br />Mr. Arkell said he was present that evening to reiterate the information <br />he had already conveyed through private telephone conversations with <br />each H.R.A. member, that "once again he had chosen the wrong partner to <br />complete the above project" because he had been unable to get a final <br />agreement with the Kloster -Madsen Construction Company to come in with <br />him on the project. The developer said he realized this failure would <br />probably cause the H.R.A. to start looking for a developer to succeed <br />him on the project. <br />He had brought the Bloomington Councilmember with him that evening, Mr. <br />Arkell said, because Mr. Yurick's business associate had participated in <br />the negotiations with Kloster -Madsen. <br />Mr. Arkell reported that he also: <br />-received assurances from the Richfield Bank that they would be will- <br />ing to provide the $360,000 Letter of Credit required by the Redevel- <br />opment Agreement; <br />-asked whether the H.R.A. would consider extending the March 20th <br />deadline on the additional $100,000 Letter of Credit for an addi- <br />tional 30 days if the $360,000 were taken care of by the bank. <br />The H.R.A. response was as follows: <br />Ranallo -stated that in view of the extensions the developer had <br />been granted over the last five years, he personally felt <br />the Executive Director should start immediately to look for <br />another developer for the project; <br />-wanted the H.R.A. Executive Director and Attorney to be <br />directed to sit down together to determine just where the <br />project legally stood at this point; <br />-indicated that, if that consultation provided assurance <br />that the H.R.A. would not be at risk of losing the $100,000 <br />Letter of Credit and the redevelopment bonds by waiting, he <br />would not oppose delaying action for a few more days. <br />Sundland -indicated he wouldn't be opposed to drawing up a new Re- <br />development Agreement with Arkell if the Letter of Credit <br />for $360,000 is provided by the bank before March 20th. <br />Mr. Arkell's response was that: <br />-he expected to hear from his bank the next day; <br />• <br />