Box 5, Folder 5, Document 38

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TO: H, F, Zimmerman

FROM: J. H, Leopold
DATE: November 8, 1968


October 15, 1968

Called on Mr. James L. Meyerholtz, Vice President of Trust Company of
Georsia and learned that Trust Company would be interested in providing
construction financing for the projact based on one percent ner year
discount, and the going intorest rate (currently 8 percent).

October 31, 1968

Received letter from Trust Company of Georgia confirming their interest in
providing construction financing subject to satisfactory contract arransenenits
between AHA and Developer.

November ), 1948

Developer, Architect and Contractor presented formal proposal in morning
conference at ANA, Total price was equivalent to $20,500 per c@relling
unit (160 units).

AHA explained that the above price exceeded budget limitations. Discussion
ensued on possible changes and deletions to bring price down, The following
four. caterories of changes were discussed:

1. Minor construction detail modifications anc substitutions
2. Omit precast fin and sereen walls

3. Omit wall covering

h. Omit miscellanzous doors

Developer submitted amended proposal in the afternoon reflecting $201,093
Savings related to the above categories. This brought total price down to
equivalent of $19,250 per unit.

It was explained that any further significant recuction would require
change from all-masonry floor and wall construction to dry wall, wood
stud and joist construction with brick vencer,

November 7, 1968

Developer advised via telephone by AHA that HUD budget limitations
require furtner cost reduction, and that dry wall, wood stud and
Joist construction with concrete topping for second floor should be
used to effect maximum savings. Develoner promised to expedite
revised designs and cost estimates for submittal as soon as possible,

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