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South Bed Redevelopment Commission <br />Regular Meeting - April 25, 1980 <br />4. COMMUNICATIONS <br />a. Mr. Brademas continues... <br />'his San Francisco party says they <br />.re going to put up $200,000 to guarantee <br />:ompletion of the mechanical and electrical <br />ystem for four floors. I had proposed to <br />iut up 2-1, million dollars to guarantee <br />ompletion of the entire building. This <br />:oncept that you are looking for an investor <br />it developer to invest his own money, with <br />.11 due respect to Ms. Auburn, I know in her <br />,wn field she is an authority, but I think <br />Shen you dabble in the field of development <br />hen you have to have a little bit more <br />nderstanding about it. I can tell you <br />'rom some long experience that the <br />eveloper who puts in his own money is <br />of very bright, and the developer who puts <br />n his own money is the one who cannot <br />et the financing. Now, we never put <br />n our own money, that would be absolutely <br />.sinine on our part. That is why we go <br />nd use other financing mechanisms, and <br />e are able to do that for two reasons; <br />) our track record and; 2) our financial <br />tability. So at a time when the prime <br />s at 200, any developer who is going <br />o put in his own money is obviously <br />ncertain about the territory. We have <br />eveloped and presented to the Commission <br />.definitive proposal, pretty much what <br />ou see here today, except we did propose <br />o set our flacade on the first floor <br />ack a little bit to give some covered <br />edestrian walkway, but other than that, <br />t is almost the same as what we had <br />resented five months ago. We have given <br />vidence of our financial ability to <br />inance, not the exterior renovation <br />nd mechanical and electrical, but the <br />ntire project. The entire project! <br />e have given evidence of the market for <br />he space, as a matter of fact, we are <br />till receiving calls asking when can we <br />et started? <br />-14- <br />