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1 H.R.A. Action <br /> 2 Motion by Marks, seconded by Makowske to authorize the acquisition of • <br /> 3 the property described in the August 24th Bulletin Notice of Hearing <br /> 4 for sale to the St. Anthony LaNel Partnership for an amount less than <br /> 5 paid by the H.R.A. for the land for the purpose of the partnership <br /> 6 constructing a multifamily rental housing development containing <br /> 7 approximately 201 housing units and related facilities. <br /> 8 1 Motion carried unanimously. <br /> 9 NEW BUSINESS <br /> 10 Staff Reports Successful Negotiations with Arkell and Tushie <br /> 11 Mr. Childs summarized the information regarding the settlement agreement <br /> 12 negotiated between Arkell , Tushie and the H.R.A. which had been reported <br /> 13 in the letter which H.R.A. members had been provided prior to the <br /> 14 meeting. The amounts Messrs. Arkell and Tushie had agreed to accept <br /> 15 from the refund of a portion of the forfeited Letter of Credit and <br /> 16 arbitrage proceeds from the Housing and Revenue Bonds issued to finance <br /> 17 Phase III of the Kenzie Terrace Redevelopment Project were reiterated <br /> 18 by the Executive Director. There was general H.R.A. agreement that <br /> 19 staff had negotiated a reasonable agreement with the former project <br /> 20 developers which had avoided a law suit. <br /> 21 Mr. Childs indicated he was hopeful that the acquisition of property <br /> 22 from Mr. Saliterman would be accomplished by next week after which the • <br /> 23 land would be sold to LaNel who have indicated they would start <br /> 24 construction as soon as the current tenants are relocated. <br /> 25 H.R.A. Action <br /> 26 Motion by Enrooth, seconded by Marks to approve the settlement agreement <br /> 27 staff has negotiated with Messrs. Arkell and Tushie. <br /> 28 Motion carried unanimously. <br /> 29 Enrooth Won't Be Present for the September 27th Meetings <br /> 30 The vice Chair indicated the above during a brief discussion of meetings <br /> 31 which are scheduled for the remainder of the month. <br /> 32 ADJOURNMENT <br /> 33 Motion by Marks, seconded by Enrooth to adjourn the H.R.A. meeting at <br /> 34 10: 30 P.M. <br /> 35 Motion carried unanimously. <br /> 36 Respectfully submitted,- <br /> 37 Helen Crowe, Secretary <br /> . 2 • <br />