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9 <br /> -2- • <br /> H.R.A. Response to Developer ' s Failure to Meet Redevelopment Agreement <br /> Deadline for Phases -II and III of Kenzie Terrace Redevelopment Project <br /> Mr . Arkell said he 'was present that evening to reiterate the information <br /> he had already conveyed through private.. telephone conversations with <br /> each H.R.A. member , that "once again he had chosen the ..wrong partner to <br /> complete the above project" because he had been unable to ,get a final <br /> agreement with the Kloster-Madsen Construction Company to come in with <br /> him on the project. The developer said he realized this failure would <br /> probably cause the H.R.A. to start looking for a developer to succeed <br /> him on the project. <br /> He had brought the Bloomington Councilmember with him that evening, Mr. <br /> Arkell said, because Mr. Yurick' s business associate had participated in <br /> the negotiations with Kloster-Madsen. <br /> Mr. Arkell reported that he also: <br /> -received assurances from the Richfield Bank that they would be will- <br /> ing to provide the $360 , 000 Letter of Credit required by the Redevel- <br /> opment Agreement; <br /> -asked whether the H.R.A. would consider extending the March 20th <br /> deadline on the additional $100 , 000 Letter of Credit for an addi- • <br /> tional 30 days if the $360 , 000 were taken care of by the bank. <br /> The H.R.A. response was as follows: <br /> Ranallo -stated that in view of the extensions the developer had <br /> been granted over the last five years, he personally felt <br /> the Executive Director should start immediately to look for <br /> another developer for the project; <br /> -wanted. the H.R.A. Executive Director and Attorney to be <br /> directed to sit down together to determine just where the' <br /> project legally stood at this point; <br /> -indicated that, if that consultation provided assurance <br /> that the H.R.A. would not be at risk of losing the $100 ,000 <br /> Letter of Credit and the redevelopment bonds by waiting, he <br /> would not oppose delaying action for a few more days. <br /> Sundland -indicated he wouldn' t be opposed to drawing up a new Re- <br /> development Agreement with Arkell if the .Letter of Credit <br /> -for , $360 , 000 is provided by the bank before March 20th. <br /> Mr. Arkell ' s response was that: <br /> -he expected to hear from his bank the next day; <br /> s <br />