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Ho Fo Zim:lerma n J . ·Ho wopold October 22, 1969 Atlanta Hansing Authority - Jonesboro Road Project Ga 6-.31 ~arch 108 1969 Delivered t o AHA a!1d HUD Site Plan D.ncl Storm Dl. ainage Plan revised t o r eflect c.~2..nges agreed upon March 5 i n conf 0rence e.t HUD o 1 . ,. March 1.l+a 196~ Delivered to AHA and HUD copie s of soil investigation report prepared by Pittsour gh Testing I.abor atoriese , / Developer signed Letter of Intent o March 19, 1962 Developer received. f ully executed Letter of Intent dated lfarch 18 9 1969 i n t he amount of $2 9 958,400 9 specifying that working plans and G?ecifications should be suortltted by June 17, 19690 A:Qril 2a 1969 Advised AHA that finance charge s for this proj ect vrere i n creased t o 8} per~ent per annu.in interest plus 2 percent per annum cc::mnit...'!lent fee, fro):} 8 percen~ and 1 percent 9 respectively" the charge3 originaD~/ quoted and used for estini..ates to dat e . Advised AHA that Developerll s a.bility t o _keep cost of p:-oject within the ar:1.ount mentioned in Letter of L1tent w-111 be deter-.illined v1nen construction quotations are received on f inal designso Entered into formal l oan agr eff!lent wit h Trust Company of Georgi a covering financing for this proj ect o Charges to be one percent above pri..."1.e rJ.te, but not lc::30 thu,n 8½ porcent; plus 2 percent, per aimum comrni tment f eeo Closed acquisition of three pnrcels of property comprising the site for this projecto �Jonesbor o Road Proje ct Ga 6-31 - Page 2 Ma;y: 88 1962 Advised. A.BA that pr-eparation of working dra~.-rlngs and specifications is proceeding and t!mt vrc plan to make forr.ia l sabmittal during the ;.,reek of May 26~ 1969e Delivered working plan3 and specificationG to A.T-IA and HUDo June 9o 19.£2. ·Interest rato for this proj ect increased to 9} percent due to 1 percent increase in prime ratee June 20 2 1969 Receiv·ed l'J!A comments on drawings and spe cifications. June 24 1 1962 Received ill.JD comments on drawings and spe cifi cations, including :ceque::rt fora few additional items not covered by Letter- of Intent o Delivered drawings and specifications wlth cJ1anges requested by AHA a.."ld HUD. August 4,_]:2fil. Received HUD co.mments requesting a few more additional ite];ls not coYered by Letter of Intent~ August 121 1..222, Delivered drawings and specifications with changes requested by HUOo August 1/t, 1969 Submitted formal proposal to AHA in amount of $3D049P744 covering added items plus higher interest cost, with suggestion that contract include provision that any eavings in inter13st, cost due to later reduced interest rate be deducted from ['.J:lOU.."l'lt due Developero �Jonesboro Roo.d Project Ga 6-31· - Page 3 Received information from AHA that legal branch of HUD-Atl2nta advises higher construction financing charges irnposed on TUl-n.~ey d. eve+opers c2.Imot be con3idered to su:_)port an increase in the 2.mou.rrt, m,sntioncd in Letter of Intent; that the ba sis for such increase ~ust be design change s requested by AP..A or HUD subsequent to the Lette r o f I ntent a-rid/or delay in approval of \·rorld.~11:; draidngs and execution o.f contract of sale as set forth in paragraph .3 o.f Lotter of I ntent " Sentember- 1 0 1969 Sent letter to AHA advising that the additional wcrk covered by extra items a dded by HUD in their coIT:Dents on drai-rlngs and spccification3 caused a delay covered by paragraph 3 of Letter of Intcnti and gave calculation s}10i:liI1g that the ndjustnent due for t his delay was about cqm.l to the additional fin.:mcir.g charges due to increased interest rateso Septembe-£.. 21 1969 Submitted to f~L~ contractor 9 s cost breakdown of 11 items added by HUD in their comments received by Developer June 24 9 1969 2.nd August 4, 19690 September 19ft 1262 Negotiation conference held at HUD. One of the 11 items of additional i·.'"Ork was d.iGa ll0i·1cd; the rc..-naining 10 ite."Ils wei•c &ppro·.red in amounts prop oscd o HUD declined to approve 2 months delay due to changesa instead agreed to accept h. weeks delayo HUD agreed to authorize increase in amount mentioned in Letter of Intent to cover 10 itens added plus 4 1,reeks del;ay, and promised to exe cute contract of sale b--J September 26, 1969. Developer signed Contract of Sale in amount of $3,011~7480 �..., ' ,. Jonesboro Road Project Ga-6;-J.l Page 4 Ad-,.,--lsed by AHA that Contract of Sale wae fully executed. this date o Developer se:nt Contractor letter a.dvisiri~ that Contract of Sale had been signed and that i ror-k should ccmmence within 10 days follov,ring date of receipt of t his r.oticeo �