Development Team Meeting Notes (96-99)

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agreement has to be in place before they can go any further on this issue. The land and air values can be set after the design plans have been approved. ~ once the desi gn and GMP number have bee completed. Gordon Hanna wants to wait on the land lease. Dan met with him on the project on the October 29, to review the first draft. The second draft will be ready for first week of November. will be completed ~ment agreement 's review by the Dan reported that Gordon wants to meet with bond counsel before moving forw d on the Letter of Understanding on the Condominium Agreement. He also wants to meet with the F A(11/12) prior to meeting with counsel. , Dan met with Dave Bennet, with the Copeland, Landye, Bennett and Wolf, to prepare the Condomicuum Agreement. He received approval from Randy and Ben on October 30 to go ahead ith this attomey.. An underovriter still needs to be approved, which should ta.ke place by November 1'15 GMP UPDATE Dan reported that he needs complete models on new design to determine the GMP. IOn November 15, the COP underwriter will be selected. There is a meeting with Larry Wacker on Fr~day, November 1, regarding going to council and supporting the urban renewal funds. Randy may n t need money for utilities. The current GMP figures were discussed along with ways to bring this figur down. Dan said ~ that it is hard to run models for the land/air value issues without accurate GMP. DEADLINES: 'i November 15: Finalize negotiations with Dan Berrey and Ra.ndy regarding land lea~e with Gordon. ~ Randy to call Mike Hansen on November 1, to get answers on letters on for bond ~;ounsel. November 12: Meeting with FTA. November 6: Bond Counsel meeting. November 6& 7: Randy and Dan will be meeting, regarding the Fox property anc~ Bond Counsel. DESIGN UPDATES: !i Space: Dan reported that he has some concerns, regarding square footage, with the de ign layout. R. G. and Randy agree with these issues. Dan stated that he told Curt to bid the project as d signed regardless of the possibility of eliminating some squaze footage/costs later. The building is so ewhere between 19,000 and 24,000 square feet over what Dan needs. One issue is the azea below the s cond floor where over 1,800 lineal feet is created due to the height of the ceiling of the bus area. The umbers Dan and Curt worked out come to roughly $500,000 for elimination of this area alone. Dan has ooked at voiding out the second floor and dropping the first floor. j ~ Another issue is the width of the suite space, 117 feet wide. Dan stated that he needs ~o be able to pre- lease a 117 foot wide strip (20,000 square feet). If this were to be shrunk down, t~e impact on the