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C=TY OF ST . 'A1"TTF30NY <br /> HOU S =N G AND REDEVELOPMENT AUTHOR= TY <br /> M 2 N UTE S <br /> ,JANUARY 27 , 1 9 8 7 <br /> The meeting was called to order by Chairman Sundland at 9: 50 P.M. <br /> Present for roll call: Sundland, Vice Chair Enrooth, Secretary/Treasurer <br /> Marks, and Commissioners Ranallo and Makowske. <br /> Also present: David Childs , Executive Secretary <br /> William Soth, H.R.A. Attorney <br /> Larry Hamer, Public Works Director <br /> John Arkell and Steven Yurick, President and Project <br /> Manager for Arkell Development <br /> Jim Johnson, Executive Vice President, Kloster Madsen, <br /> Inc. <br /> NOVEMBER 25, 1986 HOUSING AND REDEVELOPMENT AUTHORITY MINUTES <br /> Motion by Ranallo, seconded by Marks to approve as submitted. <br /> Motion carried unanimously. <br /> CLAIMS <br /> Motion by Marks, seconded by Makowske to approve payment of $342 .00 and <br /> $1 ,912 . 50 to the Dorsey & Whitney law firm for legal services to the <br /> H.R.A. during October and November, 1986. <br /> Motion carried unanimously. <br /> NEW BUSINESS <br /> Arkell Presents Contractor Considered for Partner on Phases II and_III <br /> Kenzie Terrace Redevelopment Project <br /> Twenty-three million dollars in bonds had attracted many companies to <br /> become partners on this project, Mr. Arkell told the H.R.A. members. The <br /> developer indicated he had asked the President of Kloster Madsen, Inc. , <br /> John Ryan, to call the H.R.A. Chairman to affirm his firm' s interest in <br /> becoming a partner in the project. <br /> However, Mr. Arkell added, he was facing a deadline of having to pay a <br /> $400,000 Letter of Credit, January 30th and was present that evening . to <br /> request he be allowed to put up a $100,000 Irrevocable Letter of Credit <br /> • with the City of St. Anthony to keep the bonds it currently as in its <br /> possession as well as the arbitrage which is . being held in an escrow <br /> account and delay that deadline another month. <br />