HomeMy WebLinkAboutPENNY FLATS (BLOCK 33) - FDP - 32-05/A - CORRESPONDENCE - PROJECT EXTENSIONPage 1 of 1
Anne Aspen - Re: Penny Flats Closing DND
From: Helen MATSON
To: Anne Aspen; Gregory Byrne
Date: 08/01/2006 5:10 PM
Subject: Re: Penny Flats Closing DND
CC: Cameron Gloss; Darin Atteberry; Ingrid Decker; Ken Mannon
Hi all. The closing date in the Agreement is the later of August 15, 2006 or 30 days following final
approval of the PDP process, or at such other reasonable time, date or location as the parties mutually
agree upon. I talked to Anne this afternoon and she said Penny Flats has a few items to correct that
only require staff approval and they will be ready for mylar signing.
Therfore, Penny Flats could ask for an extension and then the staff can decide if we want to agree to
the extension. If they want a very long extension, we could decide if we wanted to increase the Option
closing amount because of time and interest, etc.
I talked to Ingrid about Penny Flats being able to place their sign and sales office on the site as soon as
possible. If these items will be placed in the area of the first sales approval (not in the pedestrian spine
or near the Car Barn, I can work with John to get that going very soon.
Please let me know asap if you want me to contact John and get them ready to set up their sales office.
>>> Gregory Byrne 08/01/06 11:00 AM >>>
I spoke with John Koval today about their marketing, groundbreaking, and closing. They are getting
resistance from their marketing folks, and from their construction lender, about starting the project
right now. He is interested in going into a strong marketing campaign for pre -sales within the next two
weeks, with a target of twelve or thirteen presales.
He's also interested in reviewing the closing dates in our agreements to see if we can have any
flexibility in response to their success or lack of it in pre sales.
I don't recall the specifics of the agreement, and would like some advice from RES on the question.
Thanks.
G
file://C:\Documents and Settings\aaspen\Local Settings\Temp\GW)000O1.HTM O8/02/2006