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i <br /> 3 <br /> THE ARKELL DEVELOPMENT CORPORATION <br /> i <br /> 1 <br /> •7 <br /> November 29, 1983 <br /> JSt. Anthony Housing and Redevelopment Authority <br /> 3301 N. E . Silver Lake Road <br /> St. Anthony, Minnesota 55418 <br /> f <br /> j Attention: Richard Krier <br /> it • <br /> Project Manager <br /> Re: Deferment of Land Acquisition for Phases II and III <br /> Gentlemen: <br /> According to the provisions of the Redevelopment Contract, <br /> Schedule D for Phase II, we hereby recommend deferring <br /> the start of land acquisition for Phases II and III until <br /> 1984. <br /> Given the current and immediately forseeable ho��ing market <br /> conditions, we believe waiting until next year/ tn our mutual <br /> best interests.. In addition, we prefer to achieve the 50% <br /> pre-sale requirement for Phase I and have its construction <br /> set to go before undertaking the next phases. <br /> ARKAND PARTNERSHIP <br /> By THE ARKELL DEVELOPMENT CORPORATION, a partner <br /> By <br /> Ios President <br /> And KRAUS-ANDERSON, INC . , a partner <br /> By <br /> Ais xecutive Vice Presiden <br /> 2680 NORTH OXFORD ST. SAINT PAUL, MINNESOTA S5113 (612)481.1380 <br />