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LOCT 07 01:56PM DOT DEPUTY SECRETARY P.2/3 PENNSYLVANIA STATION REDEVELOPMENT CORPORATION A Subsidiary of Empire State Development Corporation CHARLES A. GARGANO Chairman of the Board ALEXANDROS E. WASHBURN President TO: Pennsylvania Station Redevelopment Corporation Directors, Designees and Project Executive Committee FROM: Alexandros E. Washburn DATE: October 6, 1997 SUBJECT: The Week Ahead AI the request of a Director, this weekly updare will now be faxed to the Directors as well as to their Designees and members of the Project Executive Committee. (The distribution list will now be found on the fax cover sheet) Background: Last Wednesday's Board meeting was successful, and thanks are due to the Directors, their Designees and staff, with particular thanks to Lou Tomson as Acting Chairman The City and Federal funding agreements are now fully executed, while the State-DOT funds have been obligated electronically (hard copy signatures are expected this week). Furthering negotiations with the Postal Service remains our first priority. As a result of last week's round table meeting, the Postal Service has engaged the New York office of Hines Interests to produce a position paper for senior Postal management on the logistics and economics of PSRC's proposal. Hines' has 60 days to produce the report and will be meeting at least twice weekly with PSRC and its consultants. In Congress, the FY-98 Transportation Appropriations bill remains deadlocked over issues unrelated to the redevelopment project. Short-term Actions: The quick engagement of Hines by the Postal Service makes it critical that we give Emst & Young notice to proceed as soon as possible. If there are any outstanding issues remaining, they should be brought to my attention. 633 Third Avenue New York, NY 10017 212 803-3642