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CITY OF .ATLANT.A CITY HALL ATLANTA, GA. 30303 Tel. 522-4463 Area Code 404 !VAN ALLEN, JR., MAYOR R. EARL LANDERS, Admini strative Assist ant MRS. ANN M. MOSES, Executive Secretary DAN E. SWEAT, JR., Director of Governmental Liaison July 1, 1969 MEMORANDUM To: Dan Sweat, Jr. From: George Berry Subject: Status of Sale of Shopping Center Site by Atlanta Housing Authority to Model Neighborhood, Inc. At your request, I have talked with Philip Vrooman, Disposition Officer of the Atlanta Housing Authority for a rundown on the status of this transaction. It s eem s that thi s is conside red a v e ry u n usual transaction as far as the Housing Authority is concerned. The initial proposition was made without the b e n e fit of a writte n proposal and afte r th e propos e d sale had b een announced publicly, the Housing Authority personnel assisted the Model Nei ghborhood, Inc. in preparing a proposal that would satisfy the requirements of the Department of Housing and Urban Development. The written propos a l is d a t e d May 22 , 1968 . It propos e s to buy the two parc e ls involve d for a tota l of $216,500 . 00 . Wh e n the s a l e wa s fir s t p ropos e d , Mode l Neighbor. hood, Inc. paid over to the H ous i ng Auth o rity $10 , 800. 00 . T h ese f u nds were bo r rowe d from th e Trust Company of Georgi a and require some sort of quarterly payme nt. We unde rstand that these payments are being m e t from the pr o c e eds of the $ 6 , 000 . 00 g rant e d to the or g aniza t i on through E D A in 1968 . The proposal conditioned the sal e of the property on Model N eighborho od, Inc. b eing a b le to secure a l oan f o r the b a l ance which in turn necessitates sec u ring c ommitments f r om a suffi cie nt number of t e na nts to mak e the venture ec onomically fea s i ble. M r. Vr ooman stat e s tha t there h a v e b een many c onferences with Mr. Moody over t he past y ear in an attempt t o assist his organization in meeting this condition but, while M r. Moody and h is associates have appeared confident and determined, these commitments have not been obtained as y et. �July l, 1969 Memo to Dan Sweat, Jr. Page Two The written proposal that was drawn up for this proposed sale does not have a time period written in which places any time limit on when this commitment must be met. Further, the way Mr. Vrooman interprets the document, the $10, 800. 00 is refundable if Model Neighborhood, Inc. does not consumate the sale. As a matter of fact, there seems to be some confusion at the Housing Authority as to what the $10,800.00 is because the Authority has never deposited the check even though it was received a year ago. · Mr. Vrooman states that at the last conference that was held with Mr. Moody a few weeks ago, he stated that it looked like it would be about six (6) months before the transaction could be consumated. Very truly yours, GB :p �