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- THE ARKELL <br />DEVELOPMENT <br />\ CORPORATION <br />December 14, 1984 <br />St. Anthony HRA <br />3310 Silver Lake Road <br />St. Anthony MN 55418 <br />Re: Extension of time for progressing with Phases II and III <br />Dear Members <br />According to provisions of our Redevelopment Agreement <br />for the Kenzie Terrace area, we are scheduled to advise you <br />to proceed with the acquisition of the property for <br />Phases II and III by December 31, 1984. <br />The plan as presently approved calls for a combination of <br />202 rental housing and general market -rate condominiums for <br />this site. The rental portion through Walker is progressing <br />and the existing plan for acquisition should be maintaified <br />for that portion. <br />We hereby request a twelve month extension of time to <br />notify the HRA to proceed with any further acquisition of <br />Phase II or III property for three primary reasons. First, <br />we have all heard or experienced the difficulty in obtaining <br />financing for seniors condominiums and have learned that <br />financing for market rate condos is even more difficult, <br />if not virtually impossible at this time. This is directly <br />related to general market conditions in the condominium and <br />housing industry. Second, the City of St. Anthony's <br />exposure has been kept to a minimum through the acquisition <br />and sale of Phase I property and we suggest now is not <br />an appropriate time to change that position. Finally, we <br />feel it appropriate to have Phase I 80-858 sold out prior to <br />commencing marketing on other condo units. <br />As a result, we are asking for the additional flexibility to <br />determine a time during calendar 1985 to advise you to <br />proceed with acquiring the balance of the property. <br />Ver ruly <br />ep e urick <br />xecutive Vice President <br />cc: Daniel Engelsma <br />121 East Seventh Street • Saint Paul, Minnesota 55101 <br />(612) 293-0910 <br />