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Jonesboro Road Project Ga 6-31 - Page 2
May 8, 1969
Advised AHA that preparation of working drawings and specifications is
proceeding and that we plan to make formai submittal during the week of
May 26, 19696
May 28, 1969:
Delivered working plans and specifications to AHA and HUDe
June 9, 1969
Interest rate for this project increased to 94 percent due to i percent
increase in prime rate.
dune 20, 1969
Recelved AHA comments on drawings and specificationse
June 24, 1969
Received HUD comments on drawings and specifications, including request for
a few additional items not covered by Letter of Intent.
duly 11, 1969
Delivered drawings and specifications with changes requested by AHA and HUD.
August, hy 1969
Received HUD comments requesting a few more additional items not covered by
Letter of Intent.
August 12, 1969
Delivered drawings and specifications with changes requested by HUD.
August 14, 1969
Submitted formal proposal to AHA in amount of $3,049,744 covering added items
plus higher interest cost, with suggestion that contract include provision
that any savings in interest cost due to later reduced interest rate be
deducted from amount due Developere
Jonesboro Road Project Ga 6-31" - Page 3
August 29, 1969
Received information from AHA that legal branch of HUD-Atlanta advises higher
construction financing charges imposed on Turnkey developers cannot be
considered to support an increase in the amount mentioned in Letter of Intent;
that the basis for such increase must be design changes requested by AHA or
HUD subsequent to the Letter of Intent and/or delay in approval of working
drawings and cxecution of contract of sale as set forth in paragraph 3 of
Letter of Intente
Sentember 1, 1969
Sent letter to AHA advising that the additional work covered by extra items
added by HUD in their comments on drawings and specifications caused a delay
covered by paragraph 3 of Letter of Intent, and gave calculation showing that
the adjustment due for this delay was about equal to the additional financing
charges due to increased interest rateso
September 2, 1969
Submitted to ANA contractor's cost breakdown of 11 items added by HUD in their
comments received by Developer June 24, 1969 and August 4, 1969.
September 19, 1959
Negotiation conference held at HUD. One of the 11 items of additional work
was disallowed3 the remaining 10 items were approved in amounts proposcde
HUD declined to approve 2 months delay due to changes3 instead agreed to
accept 4 weeks delays
HUD agreed to authorize increase in amount mentioned in Letter of Intent to
cover 10 items added plus 4 weeks delay, and promised to execute contract
of sale by September 26, 1969
September 2h, 1969
Developer signed Contract of Sale in amount of $3,011,748.
Jonesboro Road Project Ga-6231 - Page 4
September 26, 1969
Advised by AHA that Contract of Sale was fully executed this date.
September 27, 1949
Developer sent Contractor letter advising that Contract of Sale had been
signed and that work should commence within 10 days following date of
receipt of this noticce