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• -3- <br /> -the bank was well aware of the time pressures he faced, . but were <br /> waiting for an .opinion, from their attorney; <br /> unfortunately, that attorney was the same one who had delayed the <br /> Kloster-Madsen decision; <br /> -he wasn' t sure Kloster-Madsen would be the contractor for the project <br /> if Arkell continued as developer; <br /> -reported he had gotten a message that the (Ted) Turner Construction <br /> Company is very interested in looking at the project because it was <br /> so similar to the ones they had constructed in the past; <br /> -it would be no problem to place the project bonds at 7-1/2o, without <br /> a Letter of Credit. <br /> The Bloomington Councilmember added that: <br /> -there had been so many bonds issued before the January deadline, <br /> contractors were shopping around for the best deals; <br /> -Kloster-Madsen seemed to believe they could get a better deal <br /> with a project in Egan even though that community' s rental is <br /> already overbuilt; <br /> • -there were a good number of projects like St. Anthony' s for which <br /> bonds have been issued, but no action taken for the same reason; <br /> -bonding had been issued for six projects in Bloomington but only one <br /> was being built yet, and the same was true of projects in Minnetonka <br /> and other communities as well; <br /> -he vas convinced a deal could be worked out with another partner for <br /> this project because "St. Anthony is so uniquely located and the pro- <br /> ject has such attractive rent structures for this project" ; <br /> -the cash flows from the rents had to be acceptable for the project <br /> to succeed. <br /> H.R.A. Action <br /> Motion. by Ranallo, seconded by Enrooth that, since the Housing and <br /> Redevelopment Authority perceives Arkell Development is now in default <br /> with the terms ,of its Redevelopment Agreement for Phases II and III of <br /> the Kenzie Terrace Redevelopment Project, the Executive Director is <br /> directed to contact other developers to finish the final phases of that <br /> project. Mr. Childs is also directed to consult with the H.R.A. <br /> Attorney as to the H.R.A. ' s legal position related to cashing in the <br /> $100, 00 Letter of ` Credit .and whether it would be all right to wait until <br /> • March 20th to cash that. in.,.: .The: H.R.A. further directs the Executive <br /> Director to call a Special H.R.A. meeting whenever that determinatin is <br /> made by staff . <br /> Ij <br />