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.. c;_'T'Y OF ..c TLANTA. CITY HALL ATLANTA, GA. 30303 Tel. 522-4463 Area Code 404 IVAN ALLEN, JR., MAYOR R. EARL LANDERS, Administrative As sistant MRS. ANN M. MOSES , Executive Secretary DAN E. SWEAT, JR., Director of Governmental Liaisor, 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 seems that this is considered a very unusual transaction as far as the Housing Authority is concerned. The initial proposition was made without the benefit of a written proposal and after the proposed sale had been announced publicly, the Housing Authority personnel assisted the Model Neighborhood, Inc. in preparing a proposal that would satisfy the requirements of the Department of Housing and Urban Development. The written proposal is dated May 22, 1968. It proposes to buy the two parcels involved for a total of $216, 500. 00. When the sale was first proposed, Model Neighborhood, Inc. paid over to the Housing Authority $10,800.00. These funds were borrowed from the Trust Company of Georgia and require some sort of quarterly payment. We understand that these payments are being met from the proceeds of the $6,000.00 granted to the organization through EDA in 1968. The proposal conditioned the sale of the property on Model Neighborhood, Inc. · · being able to secure a loan for the balance which in turn ne cessitates securing commitme nts from a sufficient number of tenants to make t..½.e venture econo1nically feasible . Mr. Vrooman states that there have be en many confere':lces with Mr. Moody over the past ye ar in an attempt to assist his organization in meeting this condition but, while Mr. Moody and his associates have appeared confident and determined, these commitments have not been obtained as yet. �July 1, 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 interpr e ts the document, the $10,800.00 is refundable if Model Neighborhood, fu.c. does not consurnate the sale. As a matter of fact, there seems to be smne 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 w a s 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 �