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DEVELOPMENT ADVISORY SERVICES <br /> 7404 Girard Avenue South, Minneapolis. MN 55423 <br /> Telephone (612) 861-4213 <br /> September 16, 1987 <br /> Mr. John Arkel <br /> Arkel Development Company <br /> 454 North Robert Street <br /> St . Paul , Mtn 55101 <br /> Subject: Kenzie Terrace <br /> Dear John: <br /> As we - agreed earlier this summer, and at the direction of the <br /> HRA, ' I have approached several developers with the prospect of <br /> • redeveloping on the Kenzie Terrace site . The HRA has received. <br /> and reviewed four redevelopment proposals. Of the four <br /> proposals , they have designated Gaughan Land, Inc..- to redevelop <br /> the property and have directed the Executive Director, HRA <br /> Attorney and myself to negotiate an agreement with P. J. Gaughan. <br /> Gaughan ' s proposal consisted of: <br /> 1) A personal guarantee by P. J. Gaughan <br /> 2) A $360, 000 letter of credit <br /> 3) Land purchase price of $700 , 000 ($3,500/unit) <br /> 4) A non-phased development including : <br /> a) 200 unit's of rental housing <br /> b) 100 of the 200 units would be elderly <br /> c) underground parking , buffer areas , two storm water <br /> ponds with gazebo and fountain <br /> d) 100% sprinkled , mostly brick buildings <br /> Allen Hamel from P. J . Gaughan ' s office has been talking to Piper <br /> • concerning the use of housing bonds and we have had an initial <br /> meeting with the Minneapolis Alderman and with the landowner. <br />