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DORS-EY & W11I'I'NF'Y • .. A I'.vr.rv.niv Inrr.r:crr.r, Worc..rnn.r,frry rn w.n„n. 2200 FIRST BANK PLACE EAST MINNEAPOLIS, MINNESOTA 5 402 610 NORTH CENTRAL LLIVE T[1W P.N . 201 DAVIDSON BI;II.DI SC1 ' 44A MINNESOTA iTRP.F.T (612) 340-2600 8 THIRD STREET NORTH 5T. PAUL.MINNESOTA 55101 TELEX 29-0605 OR EAT FALLS. MONTANA 59401. 1 . (612)2E7.8017 4061 727,3632 TE LECOPIER 16121840-2860 ; 540 FIRST NATIONAL BANK BUT LDINO 1200 FIRST INTERSTATE CENTER P. O. BOX 848 :. - - ROCHESTER,MINNESOTA 56903 - - 401 NORTH 31--STREET '.1607 MINNESO P.O.BOX 7188 BILLINGS, MONTANA 69103 916 FIRST NATIONAL BANK BUILDING WILLIAM R. SOTH, P.A. 1406,252-3800 WAYZATA.MIwESOTA 56391 (612) 340-2969 .- 16121475-0373 30 RUE LA B02TLE _ 350 PARK AVE%UP. 75008 PARIS.FRANCE NEW YORK.NEW YORK 10022 April 9, 1987 - 011-33M43-59-13-65 (?!2 1 415-9200 OII-33(1,45.62-32-50 Mr . J . Patrick Brinkman One .Capital Centre Plaza Suite 1250 386 North Wabasha St . Paul , Minnesota 55.102 Re : Kenzie Terrace Redevelopment Project Dear Pat : This letter is to advise you that the St . Anthony staff will be recommending to the St. Anthony Housing and Redevelopment Authority that all rights of Arkand Partnership- under its Redevelopment Contract with the HRA be terminated by reason of - the continuing default of Arkand under the Redevelopment Contract . - As you know, Arkand for some time has been in default of its obligation to maintain a letter of credit with the HRA. For this reason, the staff will be recommending to the HRA at its meeting on Tuesday, April 14 , that the rights of Arkand be terminated to enable the HRA to enter into an agreement with a new developer. You should be aware that the staff will be recommending that the rights of Arkand be terminated without releasing it from any liability to HRA under the Redevelopment Contract. In addition, the staff will be recommending that the HRA exercise its rights under the Agreement dated November 25, 1986, by and among the HRA, Arkand Partnership and the two limited partnerships to all benefits relating to the Multifamily Housing Bonds referred to in that agreement. If a letter of credit in. the required amount for .a period of at least one year, and otherwise in form .acceptable to the HRA, .is delivered to the HRA by Arkand prior to the meeting next Tuesday, the staff ' s recommendation will be withdrawn. Very truly yours , WRS :gle William R. Soth cc: St. Anthony Housing and Redevelopment. Authoiity Loren R. Knott , Esq. Bruce W. Burton, Esq.