OTHER NEWS - July 3, 1992

Payment Deadline Missed: Olympia & York Development Co. has failed to make the delivery deadline on a $2.3-million installment owed to the San Francisco Redevelopment Agency for a high-rise site. A spokesman for the firm in New York said the missed payment means the Redevelopment Agency could choose to cancel the developer’s participation in the Yerba Buena project. The agency planned to issue a notice of default, which would remain in effect unless a payment comes through before a five-day forgiveness period ends at 5 p.m. Tuesday, a spokesman said. If that deadline is also missed, then the agency will collect Olympia & York’s “letter of credit,” the developer’s guarantee of $4.4 million that it has held as security on the deal.