12-19-1997HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director'
December 19, 1997
HRA Memorandum No. 29
Housing and Redevelopment
Authority Commissioners
City of Richfield
Subject: Gramercy Park Cooperative at Lake Shore Drive
Dear Commissioners and Council Members:
Council Memorandum "NO. 167
The Honorable Mayor
and
Member of the Council
Gramercy Park has their first marketing meeting Friday, December 19, 1997. It will be
at the VFW for the VFW membership. On January 7, an information /marketing meeting
is scheduled for the Lake Shore Drive Condominium. All the marketing efforts will focus
on mailings and meetings. Gramercy also operates a marketing office at the VFW
which is open Monday through Friday 9 a.m. to 5 p.m.
Staff recently received the attached marketing information. Before construction may
begin 90% of the units must be pre -sold. That is the unit share cost must be paid in full
30 to 60 days before construction begins. The construction start is currently scheduled
for fall 1998.
Respectfully submitted,
C v
Jam D. Prosser
Executive Director
JDP:cak
Copy: Planning Commission
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