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RM 04-25-80
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RM 04-25-80
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South Be�eting Redevelopment Commission <br />Regular - April 25, 1980 <br />4. CO""ICATIONS <br />a. Mr. Ellison continues... <br />e have some minimum standards and <br />e do have a recapture method <br />echanism so that at least we do have <br />he capacity to demolish the building <br />n the event the project does fail. <br />don't think we are going to be able <br />o tie down all the other possible <br />uestions to the building no matter <br />ow long we pursue the question. <br />r. Cira: How do you determine when <br />hat bond is a forfeiture? <br />t. Ellison: All of our standard <br />edeveloper's agreements require a start <br />f construction and a projected completion <br />ate. We have talked about a project <br />ompletion time of twelve to eighteen <br />onths. That is one of those details <br />hat will obviously have to be nailed <br />own. Mr. Butler will be concerned <br />bout tying that language, with respect <br />o starting and completion to the <br />eparate documents related to the <br />ecurity. If, for instance, the <br />ecurity is a demand note or if it <br />s $200,000 in an escrow account, I <br />ould imagine that you would wind up with <br />contract that gives us rights to that <br />oney if certain things are not met. <br />r. Nimtz: Generally, Mr. Sweeney, correct <br />e here, it involves a question of notice. <br />f we feel the project is bogged down and <br />of going forward a certain number of <br />ays to reply and to proceed. If not, <br />hen a notice of forfeiture is issued. <br />s that correct, Mr. Sweeney? <br />r. Sweeney: I would say so. <br />r. Nimtz: Are there any questions by <br />he Commission? If not, are there any <br />aestions from the public? <br />Chair recognized W. T. Brooks Bradema.s: <br />-11- <br />
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