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-2- <br /> When Commissioner .Ranallo asked. the developer if he knew why it. had 'been so easy <br /> for Arkell -to get financing.fo.r a.similar project in Richfield,= Mr.. .YurA ck -said <br /> his firm was puzzled about�: that.:as well , but had concluded one of the lenders <br /> who 'lived -in that area.had pushed. for financing that project. He agreed 'wi th <br /> Commissioner Ranallo that one'e -construction on the.Kenzington is started, and with <br /> the approval of the 202 project across Kenzie Terrace, it would be much easier <br /> to proceed with Phases II and III of the Kenzie Terrace Project, for which a <br /> different mix of housing than originally planned, might have to be considered. . <br /> Any further developments related to the Kenzington financing would be reported <br /> immediately to the City, Mr. Yurick promised. <br /> Mr. Childs reported the proposed Walbon Redevelopment Project is moving forward <br /> rapidly with three developers indicating an interest in .doing the project and the <br /> Walbon's attorney expected to make a counter offer to the City's for the purchase <br /> of their property. The Manager said he anticipates that, pending the successful <br /> closing of those negotiations, it would not be long before a special meeting of <br /> the H.R.A. could be called to consider a purchase agreement and tax increment <br /> financing and rezoning for the project. <br /> Motion by Commissioner Ranallo and seconded by Commissioner Makowske to adjourn <br /> the H.R.A. meeting at 9:05 P.M. <br /> Motion carried unanimously. <br /> Respectfully submitted, • <br /> Helen Crowe, Secretary <br /> . w <br />