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0 -6- <br />when Chair Sundland asked Mr. Arkell whether he would be able to proceed <br />with the project if the bank granted him the $360,000 Letter of Credit <br />before March 20th, the developer told him his position in relation to <br />the final phases had been completely reversed from what he had <br />experienced with the Kenzington. The developer said he gets at least <br />three calls a month from investors who want to place the bonds on a <br />permanent basis at 7-1/2%, where he had been unable to complete the <br />Kenzington because he couldn't find financing. <br />Mr. Arkell told the H.R.A. members they had been a lot more patient <br />about his problems than he would probably have ever been and he <br />recognized he had no argument for further patience. <br />The Chair reiterated that he would be glad if Arkell was able to pull <br />off his arrangement with his bank but cautioned that only a "concrete" <br />assurance that the bank was granting the $360,000 would do, and any <br />suggestion that such a decision would depend on an attorney's opinion <br />would be unacceptable. <br />ADJOURNMENT <br />Motion by Ranallo, seconded by Enrooth to adjourn the St. Anthony <br />Housing and Redevelopment Authority meeting at 9:30 P.M. <br />• Respectfully submitted, <br />Helen Crowe, Secretary <br />:cjk <br />• <br />