My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
RM 04-15-77
sbend
>
Public
>
Redevelopment Commission
>
Minutes
>
1970-1979
>
1977
>
RM 04-15-77
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/5/2012 5:13:35 PM
Creation date
9/24/2012 12:36:11 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
13
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
7. PROPRESS REPORTS, Continued <br />r. Medlock: Here is a complete set of plans for your records. The <br />ontractor and architect can provide you with the necessary documen- <br />ation: "who has approved what ". As I understand it, an FHA project <br />s never static, in other words, there are always changes being re- <br />uested for something. This set of plans would be subject to minor <br />hanges, but basically this is the number of rooms, size of rooms <br />eeting room area and so forth. <br />he Chair: Thank you Gordon. Now if we may jump subject matter, <br />eard you being cross examined by Ms. Derbeck over there and I <br />ave always been reluctant to say anything about any conversations <br />ou and I have concerning the other project. Is there anything <br />hat you would like to put into the record informally here this <br />orning? <br />r. Medlock: Informally, although after the questions Jeanne has, I <br />kink there may be something in the paper, we have an exclusive option <br />or the purchase of land at the north end of Block 6, for construction <br />of a Midway Motor Lodge and Hoffman House Restaurant. We felt that <br />we could complete those plans and arrange the financing within a <br />eriod of six months. This was not the case, but we have an agreement <br />wi h the River Bend Development Corporation to extend that option <br />or three months. We have been working all over the country to firm <br />p permanent financing. We have a lot of people who are interested <br />ut we don't have anyone signing their name. Yesterday I received <br />hat has been promised for several weeks - a letter indicating the <br />erms on which an institution has indicated they would be willing to <br />rant us a permanent loan of the type and size we have requested. <br />t has not been reviewed by my partners in Milwaukee. At this point, <br />t would be premature to speculate that the terms would be entirely <br />atisfactory. Ordinarily this phase of negotiating a permanent loan <br />f this size - we are talking about a project that would involve <br />our and one -half to five million dollars (4,500M=5,000M) dollars, <br />ormally takes about thirty days. They will send some representatives <br />o the site, they visit the hotel manager, the restaurant and so <br />orth. At this point I am optimistic. We are.a heck of a lot closer <br />han 99% of the people in the country who are trying to build hotels. <br />e Chair: Since our conversation in Elkhart that day, I can report <br />you that I have eaten in the Hoffman House in Rockford. It is <br />beautiful place, a beautiful restaurant. <br />r. Medlock: Since that time I have not advised you that Hoffman House <br />as been purchased by Green Giant. <br />Chair: Oh..I didn "t know that. <br />. Medlock: They (Hoffman House) is now a part of what is a $500 <br />Ilion corporation. <br />- 10 - <br />
The URL can be used to link to this page
Your browser does not support the video tag.