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told him that I certainly could but to give me a couple of days. <br /> Several days later I called back and said "yes, I think we can <br /> forward" . At that point in time, I did receive a letter from the <br /> Redevelopment Commission telling me that they were ready to go <br /> forward now and would accept new proposals. Mr. McMahon did not <br /> sit down with me and explain my proposal . He said I showed no <br /> evidence of paying the so called $200 ,000.00 that the City was <br /> going to provide. Let me say that the $200 ,000. 00 was offered by <br /> the City; we did not demand that in any shape or form. The Redevelopment <br /> Commission wrote to me saying that loan between $200 ,000 and <br /> $300,000 would be made and we acknowledged that and said fine <br /> that that is what we would go on. The concept was that the City <br /> would give to Southhold $200 ,000 and Southhold would give another <br /> $200,000 and that money would be loaned to the developer and then <br /> it would be paid back to Southhold and they would receive the <br /> benefit of that money (Southhold) . It had always been indicated <br /> to us that the return of the $200 ,000 the City would provide <br /> would be provided not to the City but to Shouthhold, and if we <br /> did not show any payment in terms of the repayment of $200 ,000 to <br /> the City it was because we had been told that the money would not <br /> be paid to the City. <br /> Mr . McMahon: We asked you for a complete financial statement <br /> that listed all the revenue from the building, all of your miscellaneous <br /> expenses, and it listed that there was no money left when you <br /> subtracted it to repay that loan and the condition on your IRB <br /> note stated that it would not be repaid in all likelihood until <br /> the IRB was retired twenty years out. <br /> Mr. Brademas: We were told that it would be a stand by loan that <br /> would be repaid when the building was refinanced or sold. <br /> Mr. McMahon: Not so sir, and you have that documentation in <br /> writing. <br /> Mr. Brademas: Again if you were talking about a two and a half <br /> million dollar project payment of $200,000 it seems to me that <br /> you could come in and say how are you going to solve this? We <br /> did have a commitment of two and a half million dollars to do the <br /> project at that time. <br /> Mrs. Crone: In your earlier presentation you mentioned that you <br /> had sole negotiations with three different developers, during <br /> this period of the two years time, how many actual different <br /> developers have you received proposals from, including Mr . Brademas <br /> where they have come to you with complete proposals? Someone <br /> that you would consider as a legitimate developer with a proposal? <br /> Mr. McMahon: Six, including Mr. Brademas. <br /> Mrs. Crone: During that period of time, you only considered <br /> three of them? <br /> Mr . McMahon: Yes, they had strong proposals. <br /> Mrs. Crone: During that period of time when you are setting up a <br /> program of negotiation you have talked to Mr . Raker about giving <br /> him another 60 to 90 days. <br /> Mr. McMahon: The timetable may differ from each individual from <br /> time to time based on what it was they were attempting to get <br /> accomplished. <br /> Mrs. Crone: When you have a 24-month period of time and only six <br /> developers it seems to me there would have been a possibility of <br />