Box 5, Folder 5, Document 41

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Box 5, Folder 5, Document 41

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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
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 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
�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
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.
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.
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
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
due Developero
�Jonesboro Roo.d Project
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
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
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

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