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South Ben4 Redevelopment Commission <br />Special eting - August 22, 1980 <br />7. PROGRESS REPORTS (continued) <br />Mr. N' tz: As I understand the situation <br />nobody, has been able to put the financial <br />package together. Is that correct <br />Mr. Ellison? <br />Mr. Ellison: That is correct. It is <br />possible in the near future that there <br />will be some resolution that the per- <br />spective developers will either be able <br />to put together a package or will per- <br />haps iidicate publicly that they cannot. <br />Ms. De beck: I thought when they <br />submitted their proposals that they <br />had a financial package? <br />W. E1 ison: They thought they did <br />but as you may recall there was some <br />skepticism expressed with respect to <br />the economics of the proposals. In <br />addition Nick Jannotta & Associates <br />indicated that all of the proposals <br />were mtrginal. Despite the claims by <br />the developers at that time, both the <br />Commission and the staff had reservations <br />about the quality of the proposals. <br />Mr. N" tz: Most of these developers <br />could go out and borrow money for <br />around 16% and if they do that it is <br />a cost factor added in with the entire <br />project . So, they need some money <br />with lower interest rates in that <br />amount if the thing is going to work <br />out, and this is the thing they haven't <br />been able to do. <br />Mr. N" tz: We have had for a few months <br />now an intern but have found out that he <br />will be leaving to attend his studies at <br />Notre Pame. Derrick we are please to <br />have had you here and we thank you for <br />your wo k and hope that you have learned <br />a few things. <br />Derrick Campbell: I have always given <br />Mrs. Ko ata one word.. "rewarding ". I <br />can sumnarize my summer for working with <br />Redevelopment people that I have met as <br />being a ite rewarding. I thank the <br />Commiss on for what they have done for <br />13 <br />