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G <br /> i <br /> j MEMORANDUM <br /> I <br /> DATE: December 14 , 1984 <br /> TO: St. Anthony Housing and Redevelopment Authority <br /> FROM: David Childs , Executive Director <br /> SUBJECT: Phases II and III Property Acquisition - Arkell <br /> Development <br /> ---------------------------------------------------------------------- <br /> The attached memo from Arkell Development is a clear and concise <br /> presentation of the issue relating to the City ' s acquisition of the <br /> property for Phases II and III of the Kenzie Terrace Project. <br /> Under the circumstances , if Arkell were to request that we begin <br /> acquisition of Phases II and III at this time or any time in the 'near <br /> future , I would recommend that the City not begin any acquisition at <br /> this time . <br /> No debt has been incurred relating to Phase I and about $300 ,000 <br /> initial debt will be required relating to the 202 project . With this <br /> very minimal exposure , we are in an excellent financial position <br /> relating to the project . In fact, we are presently in a no loss <br /> situation with a $400 ,000 Letter of Credit and about $300 ,000 in <br /> total pending debt. Thus , I recommend that our move into Phases II <br /> and III be carefully considered. <br /> The one-year extension is a reasonable request and Bill Soth is <br /> drafting the proper documentation for granting an extension. Your <br /> other alternative would be to find Arkell Development in default and <br /> draw on their Letter of Credit. That is not a recommended alternative <br /> at this time. <br /> Steve Yurick will be present to answer any questions that you may <br /> have about the extension or other aspects of the Kenzie Terrace <br /> Project. <br /> • DMC/cjk <br />