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� hev� ss�n 1�Ct�rs tha� n�v� qo�� out to cort�in <br /> �ndividuAls. I do nac vi�w thos• lrttsrs ta b� th� <br /> � aqr��m�nts r�t�rr�d to. I think th�r� is an isau� <br /> a� to vh�th�r an eqr��A�nt �xists l�oe 19�7 and � <br /> think th�r� wQUld b� soaN i�qal qu�rtion Ai �o th� <br /> prop�r authority i! an aqr��m�nt •xi�t• •�Q was it <br /> �nt�r�d i�to a prop�r authorixsd l��hian. <br /> Davidsons I think th� Cit� ior som� s�vrn y�ars ha� t�i�d to <br /> work with this d�valop�r ��d •ach t���, wh�th�r by <br /> l�tt�r ar by v�rbal aqr�4m�nt or by soa�tbinq th� <br /> d�v�lop�r aqreod tio do thinq• that we��• not don�. <br /> I think ft vould b+ foolish !or u■ to �iv� hiN on� <br /> aor� chsnca. To r�l��s• to hi� Z89,000 �n r�turn <br /> !or �SQ,040 L�ttar o! Cr�dit wh�n th�r� is <br /> S100.000 worth o! voxk th�t n��d• to bs don�, <br /> sspms ta b• toolish on th� part of ths city. r <br /> think w�at w� ne�d to do i• qiv� th� City Attorn�y <br /> 6 �i��i� �Cr• t��� t0 �04k �� �h��� lrttlr�� <br /> d�t�rm#nM it Zitigation i� w�rranCvd and it it is <br /> I think th�t 1• th� atop w� �hould mov� koward. I <br /> hav� no lai�h that this ��v�lop�r will hold u� <br /> WitR any oi l�a� �qro�m�nts. <br /> Hornbastel: As #ar as alt�rnativ� ona, th�r♦ bAV• b�tn a <br /> caupl• ot comra�nts a►bout bankruptcy and �h�t typ� <br /> ot �hinq, If and wl•��n !h• d�v�lop�r shauld b� <br /> bankrupt how da�r t:�st Alf�ct our oth�r �ritt�n <br /> agrovmants? <br /> Grit�fths: rf in lect th� subdividar who is r�sponsibl� undfr <br /> tb� agreQmen� i� in da►nqor ot or in bankruptcy, my <br /> advfc� would bo thut prior to cons�ntinq to any <br /> sp�eci�ic aqxeem�nt, w� q�t aom• advic� lrow a <br /> bankruptcy sp�ci,a�iat atta�r�ey to ir��ura that <br /> Whatav�r action that r� tak� w� wili b� prot�ct�d <br /> tarcm th� bankruptCy proca�dinq. I think w� aould <br /> n��d that . <br /> Haward: hy conc�rn is that w� q�t in'tv a larq• 1�ga1 <br /> �ntanqlsm�nt wharaby tna aork khat �y�ryon� want� <br /> to •�� g�t dona does not oacur !or a lonq p�riod <br /> o! timf. J►r� thara any faelinqo about th• kind o! <br /> tim� thi�e �ould run and what w� �an axp�ct i� wM <br /> cho�• att�rnata ans and tri� city a�tt��apt• to <br /> co�apl�t• th� wvrk. <br /> Grilt�ttia: I vould h�sitst� to suqq�st any m��hanisw thet <br /> th�X miqht b+� abl• to us• to avoid our aqr��m�nt. <br /> Khat I would s�� undar alt�rnativ� numb�r on• ia <br /> an aqr�4m�nt thbt i• v�ry tiqhtly Wrltt�n th�t <br /> provxdas imm�diatAxy L�r th� asa�iqnmant of th• <br /> existin� funda b�inq hfld by tb� City to b� uti- <br /> lizad by �h• City !oc tho�� i�aprav�a�nts, and tio <br />