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r � S • C=TY O F S T °ANTHONY HOU S =N G AND REDEVELOPMENT AUTHOR 2 TY M 2 NUTS S JANUARY 2 7 , 1 9 8 7 The meeting was called to order by Chairman Sundland at 9: 50 P.M. Present for roll call: Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks , and Commissioners Ranallo and Makowske. Also present: David Childs, Executive Secretary William Soth, H.R.A. Attorney Larry Hamer, Public Works Director John Arkell and Steven Yurick, President and Project Manager for Arkell Development Jim Johnson, Executive Vice President, Kloster Madsen, Inc. NOVEMBER 25 , 1986 HOUSING AND REDEVELOPMENT AUTHORITY MINUTES Motion by Ranallo, seconded by Marks to approve as submitted. • Motion carried unanimously. CLAIMS Motion by Marks, seconded by Makowske to approve payment of $342. 00 and $1 ,912. 50 to the Dorsey & Whitney law firm for legal services to the H.R.A. during October and November, 1986 . Motion carried unanimously. NEW BUSINESS Arkell Presents Contractor Considered for Partner on Phases II and III, Kenzie Terrace Redevelopment Project Twenty-three million dollars in bonds had attracted many companies to become partners on this project, Mr. Arkell told the H.R.A. members. The developer indicated he had asked the President of Kloster Madsen, Inc. , John Ryan, to call the H.R.A. Chairman to affirm his firm' s interest .in becoming a partner in the project. However, Mr. Arkell added, he was facing a deadline of having to pay a $400 ,000 Letter of Credit, January 30th and was present that evening to request he be allowed to put up a $100 ,000. Irrevocable Letter of Credit with the City of St. -Anthony to keep - the bonds it currently as in its possession as well as the arbitrage which is being held in an escrow account and delay that deadline another month.