Laserfiche WebLink
1 -2- • <br /> 2 his $100 , 000 Letter of Credit plus the arbitrage, - minus $19,000 to cover <br /> 3 'current .H.R.A. and $5 , 000 a month , thereafter, the agreement did not <br /> 4 require any of this and retained St. Anthony' s right to. terminate the <br /> 5 redeveloper any time it wants without giving back anything. Mr. Childs. <br /> 6 commented that the agreement also, empowered the H.R.A. to develop <br /> 7 whatever size project will meet the tax increment requirements. <br /> 8 H.R.A. Action <br /> 9 Motion by Marks, seconded by Ranallo to adopt the resolution_.which <br /> 10 authorizes the execution of the June 23 , 1987 agreement with Arkand <br /> 11 Partnership and Kraus Anderson, ' Inc. regarding voluntary termination or <br /> 12 assignment by those parties of t-heir interest in the redevelopment of <br /> 13 Phases II and III of the Kenzie Terrace Redevelopment project. <br /> 14 H..R.A. RESOLUTION 87-002 <br /> 15 A RESOLUTION AUTHORIZING THE CHAIRMAN AND EXECUTIVE <br /> 16 DIRECTOR TO EXECUTE AN AGREEMENT BETWEEN THE ST. ANTHONY HOUSING <br /> 17 AND REDEVELOPMENT AUTHORITY AND ARKAND PARTNERSHIP/ <br /> 18 KRAUS-ANDERSON, INCORPORATED <br /> 19 Motion carried unanimously. <br /> 20 MAXFIELD MARKET STUDY • <br /> 21 Mr. Childs summed up the above by saying the study basically indicated <br /> 22 there is feasibility for from 88 to 125 senior rental units being <br /> 23 provided in the Kenzie Terrace Project. The Executive Director said <br /> 24 copies of the study had been given to two developers who had both <br /> 25 indicated an interest in doing the project. One of these, Walker <br /> 26 Development, had told Mr. Childs they were exploring the feasibility of <br /> 27 combining from 100 to 125 senior units with a strip shopping center. <br /> 28 Mr. Soth pointed out that the housing redevelopment bonds could not be <br /> 29 used for the latter. Vice Chair Enrooth commented he perceived the <br /> 30 H.R.A. already realized probably only a portion of those bonds could be <br /> 31 used for the project now. <br /> i <br /> 32 Consultant Reports Other Developers ' Interest <br /> I <br /> 33 Mr. Krier indicated his contacts with four developers had convinced him <br /> 34 that there were certainly companies who were very interested in doing <br /> 35 the project. He indicated one firm was going to return with a proposal <br /> 36 for constructing 200 units of housing which would behalf senior and <br /> 37 half market rate rentals with full knowledge . that the Minneapolis <br /> 38 neighbors would most likely oppose the latter. <br /> 39 The consultant then brought the H.R.A. members .up to date on contacts <br /> 40 with Minneapolis officials related- to a joint project with that City and <br /> 41 listed the various funds which might be available to do the project from • <br /> 42 that -source. :Mr. Krier . described those meetings as "very upbeat and <br /> 43 positive" and said the Minneapolis representatives seemed genuinely <br />