City Council Minutes 1981 05 19 - Laserfiche WebLink

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5/19/ Page - 4 - cludes Sears Roebuck, Homart, Bl!oadway and our Company. The meeting was one of planning and the date set for the opening of the center is October or November 1983. This date is based on another project in Cherry Creek for Broadway. The lease was signed for this project last week and this Broadway store as well as all Broadway stores will be open in the fall of 1983. There will be 5 Broadway stores in the Denver area. The partners who have been in Louisville with us, visiting in your various departments want to reassert their absolute commitment to 9- City they said has offered them more support and more faith in a project than in any other arl:a. The Bank of New York met with the Jacobs/Kahan Co. and reaffirmed their cOlnmitment for financing the project. The Department stores that are being added in addition to Broadway and Sears will make their own announcements in their own way. Mr. Kahan stated he wished to assure Council that the Center would be one in which the Louisville area will dominate. He esti- mated the construction schedule would take from 20 to 22 months to build the Center. He informed Council that Sears would be on South 80th and Broadway would be in front. The sewer work has begun at a cost of $335,000, which is escrow, in cash - all permit fees have been paid, and $300,000 for road im- provements was paid 2 months in advance. Mr. Kahan stated that Mr. Jacobs has decided to retire, and Mr. Tony Beck will take his place and will be at either the June 2nd or June 16, 1981 council meeting. Mr. Kahan stated the company has 8 million dollars tied up in cash at 20% interest in this proj ect, and $1,600,000 is paid in interest each year, which amounts to $5,000 each day. Mr. Kaha.n personally thanked each member of Council and staff for their support as it became an obsession with him to see the project thru. He hoped that the spirit of goodwill and cooperation would always exist between the people of Louisville and his company. Mr ,. Kahan also stated that the funds have been committed and 40 million dollars will be the ultimate cost of the Center.