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-5- <br />-indicated she believed there should be no assurances made <br />to the developers until after those dates have been deter- <br />mined. <br />Soth -agreed the whole matter depended on the H.R.A. knowing <br />right away what the developer's bank was going to do about <br />the $360,000 Letter of Credit. <br />Enrooth -indicated he was "tired of playing the worst case scenario <br />game with this project"; <br />-told Mr. Arkell the whole matter was now in his hands and <br />the result of his contacts with his bank would have to be <br />addressed at a special meeting and not that evening. <br />Sundland -agreed there was time between the meeting that evening and <br />March 16th to find out whether Mr. Arkell was going to be <br />able to proceed with the project; but <br />-asked what the H.R.A. members wanted to do if Mr. Arkewll <br />came in before the 17th with "concrete and not just verbal" <br />assurances of financing from his bank; <br />-wondered if they agreed with his own peception that the <br />best route to take if that assurance was given, would be <br />• to continue with Arkell as the project developer because <br />"he has the approved plan for the project." <br />Makowske -told Mr. Arkell that as far as she was concerned, he was <br />certainly in the running if he could get the $360,000 <br />Letter of Credit from the Richfield Bank. <br />Mr. Arkell responded by saying he wasn't really looking for a decision <br />by the H.R.A. that evening but did want to call to their attention that <br />"the Letter of Credit was a requirement of the Redevelopers Agreement <br />only and the bonds would not disappear just because he hadn't made good <br />on them." The developer said another developer could take over the <br />bonds and the project without a Letter of Credit no matter what he did. <br />Soth -told Mr. Arkell that the H.R.A. was facing a timing problem <br />with the bonds and couldn't proceed to acquire the land for <br />the project without the Letter of Credit. <br />Ranallo -said he believed the developer should understand the pres- <br />sures which have been imposed on the H.R.A. members <br />because of the delays with this redevelopment project; <br />-cited his own experience of recently being confronted in a <br />restaurant by a former tenant of the shopping center who <br />accused him of being the one "who was responsible for run- <br />ning her out of St. Anthony because of a redevelopment pro- <br />ject on which nothing was being done yet." <br />