HomeMy WebLinkAboutWATERSTONE APARTMENTS - 7-97A - SUBMITTAL DOCUMENTS - ROUND 1 - (5)RODERICK DEVELPOMENT LLC
1530 Jamboree Drive
Colorado Springs, CO 80920 JAN 6RECI
Tel. (719) 262-9337
Fax (719) 262-9773
December 31, 1997
Mr. Bob Blanchard
Current Planning Department
281 N. College Avenue
P.O. Box 580
Ft. Collins, CO 80522-0580
Re: Waterstone Apartments
Dear Mr. Blanchard:
I enclose the additional $2,500.00 fee pursuant to your request
which I received on this date.
If Ordinance No. 161 is applied to our project, we will not be able
to proceed with the development loan which we had arranged for the
project. We paid a SAMA (Site Analysis and Market Analysis) fee of
$14,000 to HUD on January 7, 1997. HUD approved our application
April 9, 1997, subject to receiving building plans and
specifications approved by the City of Ft. Collins within 120 days.
In view of the delays in having our plans approved, we paid another
SAMA fee in the amount of $14,936.10 on August 25, 1997. HUD
approved our second application on September 22, 1997, subject to
receiving building plans and specifications approved by the City
of Ft. Collins within 120 days. HUD will not allow us to submit a
third application. However, my HUD loan broker has advised me that
HUD may be willing to give us an extension if we are able to
provide building plans and specifications approved by the City of
FT. Collins within the next 90 days.
However, if Ordinance No. 161 is applied to our project, this would
delay our project by at least 6 months, and we would definitely
lose our HUD development financing. Our HUD loan broker, John
Raycraft of TRI Financial, will send you a letter on this date
confirming the fact that we will lose our HUD financing if
Ordinance No. 161 is applied to our project.
If you need any additional information, please advise.
Very truly rs,
Roderick R. Hub and
RRH:ml
Enclosure
ATTACHMENT P