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THE ARKELL <br /> ® DEVELOPMENT <br /> • CORPORATION <br /> December 14 , 1984 <br /> St. Anthony HRA <br /> 3310 Silver Lake Road <br /> St. Anthony MN 55418 <br /> Re: Extension of time for progressing with Phases II and III <br /> Dear Members <br /> According to provisions of our Redevelopment Agreement <br /> for the Kenzie Terrace area, we are scheduled to advise you <br /> to proceed with the acquisition of the property for <br /> Phases II and III by December 31, 1984 . <br /> The plan as presently approved calls for a combination of <br /> 202 rental housing and general market-rate condominiums for <br /> this site . The rental portion through Walker is progressing <br /> • and the existing plan for acquisition should be maintained <br /> for that portion. <br /> We hereby request a twelve month extension of time to <br /> notify the HRA to proceed with any further acquisition of <br /> Phase II or III property for three primary reasons . First, <br /> we have all heard or experienced the difficulty in obtaining <br /> financing for seniors condominiums and have learned that <br /> financing for market rate condos is even more difficult, <br /> if not virtually impossible at this time. This is directly <br /> related to general market conditions in the condominium and <br /> housing industry. Second, the City of St. Anthony ' s <br /> exposure has been kept to a minimum through the acquisition <br /> and sale of Phase I property and we suggest now is not <br /> an appropriate time to change that position. Finally, we <br /> feel it appropriate to have Phase I 80-85% sold out prior to <br /> commencing marketing on other condo units. <br /> As a result, we are asking for the additional flexibility to <br /> determine a time during calendar 1985 to advise you to <br /> proceed with acquiring the .balance of the property. <br /> Ver ruly <br /> ephe urick <br /> • xecutive Vice President <br /> cc: Daniel Engelsma <br /> 121 East Seventh Street • Saint Paul, Minnesota 55101 <br /> (612) 293-0910 <br />