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� � <br />Honorable Mayor and Village Council <br />Page 2 <br />May i2, 1970 <br />We then i n the nii ddl e o�f October i ni ii ated a joi �t venture <br />proposai with the Ford Foundation of which, though sla�nr in <br />processing, proceeded along with all staff approvals up to <br />final approval by the Foundation Trustees in the middle of <br />December. Because this venture in apartment participation <br />represented a new aspect of the Foundations investment <br />policy the Trustees felt tnat the full board of Trust�es <br />should be involved in ihe final decision on the investment <br />and us a result of Christmas, New Years, etc. �he fUll <br />board was unable to meet until the middle of January, 1970. <br />ihe day that the board convened to finalize our project <br />the City of New York was beset by a massive tenants strike <br />and the �roject bo��ed down into an unending discussion as <br />ta whether the F�oundatiori should place itself in a pos.ition <br />where the Foundation could became involved in such a p�ossible <br />controversy as a tenants strike in Roseville, M?nt��sota. <br />Believe it or not they are still discus,���g our project <br />even though we abandaned the jc�inf< venture in March, 1970. <br />Nlease forgive the tediousness of �his updating of our <br />proJect status for I fee1 it will betiter serve to communicate <br />tQ the Village Cauncil the problems we have incurred in <br />tryin� to camplete the fina�cing o� the Paiisades Apartment <br />Project i n the face of the greatest fi narrci ng erunch si nce <br />the civil war. In the past eleven months we have literally <br />l�ft no stane unturned in seeking a rea�onable and logical <br />approach to the f�nancing needs of our project. This brings <br />the proje�t status nearly up to date and I may now give the <br />basis far our request for a further six mo�ith extension of <br />our specia7 use pPrmit. Our main reason is that we now have <br />in process a loan that meets our minimum requirements in arder <br />ta complete the prdject. It is na secret that we are in final <br />stages of corrmitment with the Ford Motar Credit Corporation - <br />not the Ford Foundation. <br />I persanally feel that within 30 days we will expect to have <br />a firm commitment in our hands. Therefore, I must urgenily <br />request our company be given a further six month ext�nsion <br />of our sp�cial use permit so that we finally bring this project <br />to fruition. Speaking for our company we greatly appreciate <br />the patience and understanding shown by the Villag� of <br />Rosevil1e.in assisting us in our developmpnt of this project <br />which we feel will be an asset to your fine community. <br />Very truly yours, <br />'`` LAD PROPERTI�S, INC. <br />�;: , <br />� / , � �, , .., <br />: • ' `.`' �-� �>, ' �,:-c . c <br />`' , �_ <br />Robert L. B�.frger � <br />General ManagPr <br />