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
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

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  1. http://allenarchive.iac.gatech.edu/originals/ahc_CAR_015_005_005_041.pdf

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