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C 2 TY OE' ST . ANTIMONY HO U.S=NG ' ANI:) I2EI�EVELOPMENT • .z',IJTH0�2TTY M=MUTES• .: I SEPTEMBER 2 2 3- 987 1 The meeting was called to. order - by Chairman Sundland. at 10: 15 . P.- M. 2 Present: Sundland, Secretary/-Treasurer Marks-, and..Commissioners 3 Ranallo and 'Makowske. 4 Absent: Vice Chair Enrooth. . 5 Also present: David Childs , Executive Director 6 William Soth, H.R.A. Attorney 7 AUGUST 25 , 1987 H.R.A. MINUTES- 8 Motion by Marks, seconded by Ranailo to approve with the following 9 change: 10 Page 3', line 4 : Substitute "accent" for "accept" after "to" . 11 Motion carried unanimously. 12 CLAIMS 03 Motion by Marks , seconded by Ranallo, to approve payment of $1 ,1.01 . 25 14 to the Dorsey & Whitney law -firm for legal services to the H.R.A. 15 during July, .1987 . 16 Motion carried unanimously. 17 PROGRESS REPORT ON KENZIE PROJECT AND REDEVELOPMENT AGREEMENT 18 The agenda packet included Mr. Krier' s September 16th report and 19 advisory letter to Mr . Arkell on the above. 20 The Executive Director gave the sequence of events he expected to be 21 followed in the next 20 days , telling the Commissioners: 22 staff met with the redevelopers the previous Thursday and . 23 "things are progressing very well" ; 24 the center owner wants more than twice what the H.R.A. is 25 willing to pay for the shopping center property; 26 the redeveloper is therefore going to be instructed to sell and 27 place the Housing Revenue Bonds , thereby removing any risk for 28 the City before acquiring the land; 29 after the bond sale is completed, staff would start to acquire 00 the land, perceiving to wait would only delay construction for 31 two months ; 32 in the meantime, all preparations are being made for acquisi- 33 tion including new appraisals , soil testing, etc. 1