HRA MINUTES 01271987 - Laserfiche WebLink

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-2 - The developer indicated further that: - Kloster Madsen's attorneys would be unable to get the paper work connected with the partnership completed before the January 30th deadline; - he perceives the two firms are 85% to 90% of the way home towards that objective; - a 30 day extension to complete those arrangements would be required; - he hoped the month's extension would not.result in more than a month's delay in the June date set by the bonding requirements for "showing marketable progress in construction." Chairman Sundland reported his conversation at 5:00 P.M. that afternoon with John Ryan, the Kloster Madsen President in which he had learned the following: Kloster Madsen has a strong interest in the project; the firm had been erroneously told Phase II would be for rental to persons over 55 and Phase III would be rented to anyone (it • will all be 55 and over); the Kloster Madsen President had agreed with the H.R.A. Chair that the "two would not mix"; one of Kloster Madsen's greatest concerns was Amendment 9, Section 4, of the Redeveloper's Agreement, which the contractor perceived unnecessarily tied Phase I, completed by another developer, in with Phases II and III; Kloster Madsen did not anticipate it would take a whole month to clear up questions they had but considered a month a "comfortable cushion" to work with; - the contractor considered a meeting with the H.R.A. Chairman, Executive Director, and Attorney would be very helpful. The Chairman indicated he personally was very pleased that Kloster Madsen, a fine firm with a good reputation, was interested in the project, perceiving this would be "a partnership made in heaven" as far as St. Anthony is concerned. He also corrected the impression that Arkell had any control over the arbitrage. Mr. Arkell agreed with that conclusion and said he thought the contractors had fully understood he never again wanted to go through the trauma of another large crowd of neighbors protesting "150 college kids • moving into one of the buildings." The developer then told the H.R.A.