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. nomination was seconded by Commissioner Coil. Commissioner Mack then moved that the nominations be closed and that a unanimous ballot be cast for Commissioner Nalle to serve as Chairman of the Commission for the ensuing year, The motion carried unanimously (5:0), and Commissioner Nalle, having been declared Chairman, assumed the chair. Chairman Nalle then nominated Commissioner Coil to serve as Vice Chairman of the Commission. Commissioner Newcomb seconded the nomination and further moved that the nominations be closed and that a unanimous ballot be cast for Commissioner Coil to serve as Vice Chairman of t'he Commission for the ensuing year. The latter motion was seconded by Commissioner Mack and carried unanimously (5:0), Commissioner Coil was then declared to be Vice Chairman of the Commission for the ensuing year. DOUGLAS HONIG DEVELOPMENT/B-2 SITE Chairman Nalle pointed out that Mr. Ibuglas Honig, Developer of the B-2 Site, was present, together with Mr. Terry Martin of Gibraltar Savings and that they wished to make a status report on the closing of the escrow for the B-2 Site as prescribed by the Disposition and Development Agreement between the Agency and Mr. Honig. . Mr. Honig gave a brief update on the various steps that had been accomplished to bring the negotiations to the point of being ready to close the escrow for the B-2 Site. He pointed out that there was a problem which had arisen in the financing of the project which had necessitated a re- appraisal of the property to satisfy the requirements of Gibralter Savings. He added that Gibralter Savings was still most enthusiastic about financing the project and that Mr. Terry Martin, who handled major loans for Gibraltar, was present to verify that Gibraltar had every intention of proceeding with the project. He added that there had also been some difficulty with the legal description of the property but that this too would soon be resolved. Mr. Honig stated further that he did not receive the final loan commitment letter until June 15th which delayed the publishing of the purchase agreement. He added that there had been numerous inquir ies regard ing the 79,000 square feet which was available in the B-2 Site and that approximately 65,000 square feet had been reserved by attorneys. He stated further that they had received $35,000 in down payments and that they expected to receive several thousands more within the next week. He added that he expected to have the remainder of the financing problems solved wi thin the next thirty days, perhaps sooner. Mr. Honig pointed out that he was committed to over $1 million in materials and that he had invested over $250,000 of his own funds in the project and that he felt this showed his good intent toward the closing of the escrow as soon as these few remaining problems could be resolved. Mr, Terry Martin of Gibraltar Savings then addressed the Commission and assured them that Gibraltar Savings intended to honor their commitment and that everything that Mr. Honig had said was essentially correct. . The Assistant Director of Redevelopment stated that, if the escrow was not closed by August 5th, staff would recommend an interest payment for the time beyond that date. Mr. Honig answered that he felt this would be acceptable. He then thanked the Commission for their time and Chairman Nalle thanked him for his report. GRIEVANCE FOR RELOCATION ASSISTANCE PAYMENT Chairman Nalle asked the Assistant Director of Redevelopment to make staff's presentation supporting the recommendation A-15 2, 6A