B-138340, NOV. 23, 1959

B-138340: Nov 23, 1959

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WERE OVERSTATED IN THE SUM OF $92. IT WAS NOTED THAT FINAL CLOSING ON ONE OF THE CONTRACTS IS SCHEDULED FOR NOVEMBER 19. IT WAS PROPOSED THAT THE FINAL CLOSINGS TAKE PLACE ON SCHEDULE AND THAT THE CONTRACTOR PLACE IN ESCROW THE AMOUNT IN QUESTION PENDING AN ULTIMATE DETERMINATION. THIS IS TO ADVISE YOU THAT WE HAVE NO OBJECTION TO THE PROPOSAL. A COPY OF THIS LETTER IS BEING FURNISHED THE SECRETARY OF THE ARMY AND THE ADMINISTRATOR.

B-138340, NOV. 23, 1959

TO PEED AND WISE, ATTORNEYS AT LAW:

WE REFER TO A MEETING HELD ON NOVEMBER 17, 1959, CONCERNING OUR LETTER B- 138340, NOVEMBER 6, 1959, IN WHICH WE STATED THAT THE PRICES ON THE FOUR CONTRACTS FOR THE CONSTRUCTION OF A 618 UNIT CAPEHART HOUSING PROJECT AT FT. BELVOIR, VIRGINIA, WERE OVERSTATED IN THE SUM OF $92,216.

AT THAT MEETING, WHICH YOU ATTENDED AS ATTORNEYS FOR THE GERSTEN CONSTRUCTION COMPANY, THE CONTRACTOR, IT WAS NOTED THAT FINAL CLOSING ON ONE OF THE CONTRACTS IS SCHEDULED FOR NOVEMBER 19, 1959, AND THAT DELAY IN CLOSING WOULD IMPOSE A FINANCIAL HARDSHIP UPON THE CONTRACTOR. ACCORDINGLY, IT WAS PROPOSED THAT THE FINAL CLOSINGS TAKE PLACE ON SCHEDULE AND THAT THE CONTRACTOR PLACE IN ESCROW THE AMOUNT IN QUESTION PENDING AN ULTIMATE DETERMINATION.

THIS IS TO ADVISE YOU THAT WE HAVE NO OBJECTION TO THE PROPOSAL. SATISFACTORY ESCROW ARRANGEMENTS SHOULD BE WORKED OUT WITH REPRESENTATIVES OF THE CORPS OF ENGINEERS AND THE FEDERAL HOUSING AUTHORITY AS SOON AS PRACTICABLE.

A COPY OF THIS LETTER IS BEING FURNISHED THE SECRETARY OF THE ARMY AND THE ADMINISTRATOR, FHA.

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