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1 as recommended by the Executive Director. Response to School District <br /> 2 #282's review of the plans would also be delayed until the appropriate <br /> 3 time in the project approval process. <br /> ®4 voting on the motion: <br /> 5 Aye: Marks, Enrooth, Sundland. <br /> 6 Abstention: Ranallo. <br /> 7 Motion carried. <br /> 8 CLOSED EXECUTIVE SESSIONS <br /> 9 Fund G of the agenda both called for H.R.A. directions to staff related <br /> 10 to negotiation strategies having to do with the final phase of the <br /> 11 Kenzie Terrace Redevelopment Project, which of course could not be made <br /> .12 public and required discussions with the H.R.A. Attorney and Executive <br /> 13 Director which were closed to the press and the public. The first of <br /> 14 these opened at 7:11 P.M. <br /> 15 H.R.A. Agrees on Figure to be Presented to Arkell and Tushie <br /> 16 Mr. Soth reported the discussions he and Mr. Childs had with the <br /> 17 unsuccessful project developer, John Arkell , and his project architect, <br /> 18 Gary Tushie, in relation to a settlement proposal to refund a portion <br /> w9 of the forfeited arbitrage proceeds from the Housing Revenue Bonds <br /> 0 issued to finance that project. The H.R.A. Attorney reported that by <br /> 21 the close of those talks, both the architect and the developer had <br /> 22 suggested they might be willing to reduce their share of what remains <br /> 23 in the arbitrage funds as of September 1st. He gave a figure which he <br /> 24 perceived might be a realistic negotiating point which Mr. Soth added <br /> 25 he thought would leave the developer owing much more on the project than <br /> 26 he could have ever hoped to get from what remains in the arbitrage <br /> 27 funds. <br /> 28 Mr. Childs indicated that if they were able to get the figure Mr. <br /> 29 Soth was suggesting, the City * would be able to retain $190,000.00 of <br /> 30 the arbitrage proceeds to pay some of the project land costs: <br /> 31 H.R.A. Action <br /> 32 Motion by Ranallo, seconded by Sundland- to authorize staff to negotiate <br /> 33 an agreement to return $280 ,000. 00 of forfeited Letter of Credit dollars <br /> 34 and arbitrage earnings to Mr. Arkell to cover both his and the project <br /> 35 architect's claims, contingent on the Housing Redevelopment Bond issue <br /> 36 being closed September 20th. <br /> 37 Motion carried unanimously. <br /> 3 <br />