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-4- • In relation to Kloster Madsen' s concerns about the tie-in between Phase I and the last two phases, Mr. Soth stated that he did not perceive the H.R.A. had ever considered those two projects to be tied together as a practical matter. However, he said he understood the contractor' s concern that the Arkand Partnership had technically not been released from its responsibilities for Phase I and since, the Attorney said, the H.R.A. is about ready to issue a Certificate of Completion for Phase I , those concerns would be laid to rest with that action. In any event, Mr. Arkell said, he perceived the meeting with his firm' s attorney, Mr. Brinkman and Mr. Ryan on Thursday would probably take care of the majority of the contractor' s concerns, including those related to the META Partnership' s connection to Phase II and III . H.R.A. Actions Motion by Ranallo, seconded by Marks to grant Arkell a 30 day extension of the $400,000 Letter of Credit due January 31 , 1987 under the Redevelopers Agreement for Phase II and III for the Kenzie Terrace Redevelopment Project on the condition_ that Arkell deliver a $100,000 Letter of Credit and waive the 30 day default notice the H.R.A. is now required to give the redevelopers in the Redevelopment Agreement. Any Letters of Credit would have to be for a full year as recommended by the H.R.A. Attorney. Motion carried unanimously.* Motion by Marks, seconded by Enrooth to direct staff to update the current appraisal and have a review appraisal of the project property done as recommended by the Executive Director. Motion carried unanimously. Tentative Timetable for Obtaining Relocation Benefits Given Business Owners Mr. Childs told Diane and Bob Slick of the Alternative Bar, 2533 Harding Street N.E. , and Russell S. Underhill of B & J Antiques, 2513 Harding Street N.E. that the City would give them approximately a 90 day notice before they would be required to vacate the property if it is acquired by the H.R.A. Mr. Arkell confirmed that under the worst case scenario it would probably be the first of August before their buildings would be torn down. The best guess if- everything falls into place as planned that night, would be that the City would probably not be acquiring 'the property much before mid-summer. Commissioner Ranallo added that there would be even further delays if Arkell and Kloster Madsen haven' t come together before the 30 day deadline which was discussed that evening. Chairman Sundland reminded the store owners that the City also has a liquor store in the same center which has to be replaced when the redevelopment project starts.