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• -4- <br />Before a vote was taken on the motion, the Bloomington Councilmember <br />asked whether the H.R.A. would consider granting a 30 day extension of <br />the $100,000 Letter of Credit. When Commissioner Ranallo indicated he <br />did not think that would be possible, Councilmember Peterson said he <br />perceived St. Anthony would certainly be justified for taking those <br />damages but he knew from his own experience that would put St. Anthony <br />no farther along towards getting another developer for the project <br />because the knowledge that the damages had been taken might "cast a <br />black shadow over the project." He suggested a decision be delayed <br />until the Council's March 24th meeting. Chair Sundland indicated that, <br />if staff determined the H.R.A. had that much buffer time, it would not <br />bother him as much as it seemed to bother Commissioner Ranallo. <br />However, since that was not one of the issues which was addressed in the <br />motion on the floor, the Chair suggested the vote on that motion be <br />taken before any further discussions were held related to an extension. <br />Motion carried unanimously. <br />Developer's Request for Extension Discussed <br />The Commissioner's reaction to granting an extension of the $100,000 <br />Letter of Credit went as follows: <br />• Marks -said he agreed with Commissioner Ranallo's insistence that <br />the H.R.A. should not grant a 30 day extension because he <br />was not certain that would leave enough time before the <br />bonds would no longer be available; <br />-expressed concern that the City might lose the bonds if <br />the project wasn't started on time because John Arkell <br />can't come up with the financing to complete the project <br />right away; <br />-perceived that the H.R.A. might be facing that problem <br />whether the extension of the Letter of Credit is granted <br />or not; <br />-told Mr. Arkell "the best thing which could happen for <br />St. Anthony would be for you to get your house in order so <br />the H.R.A. wouldn't have to repeat all the hearing pro- <br />cesses which would be required if another developer took <br />over the project." <br />Soth -added that at least 120 days would be required to pur- <br />chase the land. <br />Makowske -anticipated the time schedule remaining for the H.R.A. to <br />retain the bonds would be defined by Mr. Childs and Mr. <br />Soth during the consultation the H.R.A. had directed they <br />• hold; and, therefore, <br />