RM 04-15-77 - Laserfiche WebLink

Home Browse Search

7. PROPRESS REPORTS, Continued r. Medlock: Here is a complete set of plans for your records. The ontractor and architect can provide you with the necessary documen- ation: "who has approved what ". As I understand it, an FHA project s never static, in other words, there are always changes being re- uested for something. This set of plans would be subject to minor hanges, but basically this is the number of rooms, size of rooms eeting room area and so forth. he Chair: Thank you Gordon. Now if we may jump subject matter, eard you being cross examined by Ms. Derbeck over there and I ave always been reluctant to say anything about any conversations ou and I have concerning the other project. Is there anything hat you would like to put into the record informally here this orning? r. Medlock: Informally, although after the questions Jeanne has, I kink there may be something in the paper, we have an exclusive option or the purchase of land at the north end of Block 6, for construction of a Midway Motor Lodge and Hoffman House Restaurant. We felt that we could complete those plans and arrange the financing within a eriod of six months. This was not the case, but we have an agreement wi h the River Bend Development Corporation to extend that option or three months. We have been working all over the country to firm p permanent financing. We have a lot of people who are interested ut we don't have anyone signing their name. Yesterday I received hat has been promised for several weeks - a letter indicating the erms on which an institution has indicated they would be willing to rant us a permanent loan of the type and size we have requested. t has not been reviewed by my partners in Milwaukee. At this point, t would be premature to speculate that the terms would be entirely atisfactory. Ordinarily this phase of negotiating a permanent loan f this size - we are talking about a project that would involve our and one -half to five million dollars (4,500M=5,000M) dollars, ormally takes about thirty days. They will send some representatives o the site, they visit the hotel manager, the restaurant and so orth. At this point I am optimistic. We are.a heck of a lot closer han 99% of the people in the country who are trying to build hotels. e Chair: Since our conversation in Elkhart that day, I can report you that I have eaten in the Hoffman House in Rockford. It is beautiful place, a beautiful restaurant. r. Medlock: Since that time I have not advised you that Hoffman House as been purchased by Green Giant. Chair: Oh..I didn "t know that. . Medlock: They (Hoffman House) is now a part of what is a $500 Ilion corporation. - 10 -