CC PACKET 06231987 - Laserfiche WebLink

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ARKAND PARTNERSHIP %' The Arkell Development Corporation 580 Metro Square . 121 East Seventh 'Street St . Paul , Minnesota 55.101 June 1987 Housing and Redevelopment Authority of St. Anthony, Minnesota Attn : Executive Director 3301 Silver Lake Road St . Anthony, Minnesota 55418 TO: THE HONORABLE MEMBERS OF THE HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA: You have asked whether Arkand Partnership ( "Arkand" ) would be willing to assign to another developer, or terminate, its rights and obligations pursuant to that Redevelopment Contract for Kenzie Terrace Redevelopment Project between the Housing and Redevelopment Authority of St . Anthony, Minnesota O and Arkand dated May 24 , 1983, as subsequently amended ( "Redevelopment Contract" ) and to sign or cause to be signed documents requested by the Agency be signed by Arkand or by Arkand Limted Partnership II ( "Arkand II" ) and Arkand Limited Partnership III ("Arkand III" ) in relation to the proceeds of. those Multifamily Housing Revenue Bonds in the amount of $11, 175, 000 ( "Phase II Bond Proceeds" ) and $11, 990, 000 - ( "Phase III Bond Proceeds" ) , respectively, issued by the City of St. Anthony,; Minnesota ( "City" ) upon assumption by the Agency or another developer of the obligations relating .to such bonds . Be advised that upon written request by the Agency, Arkand will, subject to the conditions set forth below, enter into- an assignment or termination of the Redevelopment Contract . and sign or cause to be signed any such documents relating to Phase II Bond Proceeds and Phase III Bond Proceeds . Upon any such voluntary termination or assignment by Arkand requested in writing by the Agency: a. Agency shall release and pay over to Arkand an amount equal to all monies obtained by the Agency from Letters of Credit provided by or on behalf of Arkand, together with all interest actually earned by the -Agency thereon . O