Box 5, Folder 5, Document 41

Dublin Core

Title

Box 5, Folder 5, Document 41

Text Item Type Metadata

Text

rc

He. Fe Zimmerman
Je He Leopold

October 22, 1969
Atlanta Housing Authority - Jonesboro Road Project Ga 6-31

March 10, 1969

Delivered to AKA and HUD Site Plan and Storm Drainage Plan revised to
reflect changes agreed upon March 5 in conference at HUD.

March 1h, 1969

Delivered to AHA and HUD copies of soil investigation report prepared by
Pittsburgh Testing Laboratories.

March 37, 1969

Developer signed Letter of Intent.

ele

.

the amount of $2,958,400, specifying
should be submitted by June 17, 1969.

Developer received fully executed Lette * Intent dated March 18, 1959 in
t So

bake working plans and svecif:

FY
bh
oO
oy
ct
>
o
a
Hv]

April 2, 1969

Advised AHA that finance charges for this project were increased to 83 percent
per annum interest plus 2 percent per annum ceommitment ae from 8 percent
and 1 percent, respectively, the charges originally quoted and used for

esp cost of project

estimates to datee Advised AHA that Developer's ability to. k ep
within the amount mentioned in Letter of Intent will be determin
struction quotations are received on final designse

ed when con-

April 8, 1969

Entered into formal loan agreement with Trust Company of Georgia covering
financing for this projecte Charges to be one percent above prime rate, but
not less than 8% percent; plus 2 percent per annum commitment fee. ,

April 9-10, 1969

Closed acquisition of three parcels of property comprising the site for this
projecte





























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 reccived 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, 1959

Developer sent Contractor letter advising that Contract of Sale had been

signed and that work should ccmmence within 10 days following date of
receipt of this noticce


Comments

Document Viewer