| Since a firm written financing commitment has
not yet been finalized, the hearing scheduled for November 16th 2000
has been postponed until December 5th 2000. This postponement
will in no way affect commencement of construction in January of
2001. Construction is still contingent upon a successful result
from the hearing scheduled for December 5th 2000. Approval is based on
demonstrating the ability to accomplish the terms outlined in the PLAN
OF REORGANIZATION and DISCLOSURE STATEMENT.
With construction scheduled to commence
January of 2001, several events are now in process. The in-house
Construction Group has already prioritized specific items of work that
must be addressed now to enable construction to start on time.
To have the appropriate components for
construction to take place numerous items must be selected and
contracted for well in advance. This includes items such as brick,
reinforcing steel associated with the concrete foundations, structural
steel that is part of the system that supports the steel and concrete
floors, elevators and of course the core systems of mechanical and
electrical services that must be in place underground along with the
building foundation system.
Bids received from qualified contractors
are currently being reviewed enabling us to select the sub-contractor
who in addition to submitting a competitive price has demonstrated
their ability to provide quality workmanship. Once selected, each
company is required to submit shop drawings, catalogs and scheduling
information for final approval prior to commencing with actual
construction.
Construction of Phase I requires the
professional services of 75 to 100 different companies and
sub-contractors. Coordination is key since numerous trades will be
working side-by-side in the building at any given time.
A well-coordinated project starts long
before actual construction takes place. Hence, we have already
selected and released several long lead items that include brick,
elevators and soon to be released items such as structural steel and
concrete.
Sincerely,
James M. Lancelotta
Managing Partner
Wyndholme Village, LLC
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