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5. NdWS RELEASE (Cont'd My. Bloomquist further advised that First Bank, for instance, will bE building a new bank office building and that bankers like to have as tall a building as possible, and that they would be more than h ppy to accommodate anybody that they can bring in or attract. T ey have worked with their own real estate and area development d partments and others to attract more people into the downtown a ea. In fact those efforts will continue and Dr. George Wing is m unting a very aggressive sales'effort'in that regard. reference to Ms. Derbeck's question if he has specifics, definite terests by major retailers and others in this project sufficient make the Corporation hopeful, Mr. °Bloomquist answered in the affir- tive. . Brownell advised the Commissioners Mr. Bloomquist' has invited e Commissioners to a luncheon meeting, at their convenience, to into more depth on their development. 6. OU D BUSINESS a. The Hickey Company, Inc. letter dated March 4, 1976: Mr. Brownell read this letter in its entirety, which is over the signature of Mr. G. A. Hickey, Chairman of the Board. This letter is in reference to our request for The Hickey Company to evaluate a further extension into April and then possibly to June 15, 1976 of their proposal of November 18, 1975, for Contract No. 10, Parts A and D, to be awarded for the Plaza continuation. The previous extension was to March 15, with no increase in price, as follows: 1) Contract No. 10, Parts A & D $ 750,298.00 2) Seven (7) deductions - 59,973.00 Total 690,325.00 If the scope of the project, as outlined, is extended until April 15, 1976, they advise there will be an additional cost of $17,930.00 for a total of $708,255.00. This would be due to additional increases in material prices around April 1 and new labor contracts in effect in May, June and July, and the subcontractors, suppliers and The Hickey Company would not be able to absorb the increases, per their letter. If the extension time is until June 15, 1976, the additional amount is $27,000.00 or a total of $717,325.00. Commissioner Wiggins chairing the meeting in the absence of the President, Mr. F. Jay Nimtz, stated this raises a little different question than what we considered before, and he asked Commission Legal Counsel, Mr. Kevin J. Butler, "How are we legally in terms of additions to the original bid-figure ?" Mr. Butler advised, off hand he would say that we would have to negotiate at such time as the Commission determines that they are ready to go with the Project. In other words, if the con- - -7 - THE HICKEY CO., INC. LETTER RE EXTENSION TO AWARD CONTRACT 10, MALL EXTEN- SION, R -66