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CITY OF ST. ANTHONY <br /> HOUSING AND REDEVELOPMENT AUTHORITY MINUTES <br /> May 10 ,. 1983 <br /> Chairman .Sundland called the meeting to order at 7:51 P.M. <br /> Present for roll call : Sundland, Vice Chairman Letourneau, Secretary/ <br /> Treasurer Marks , and Commissioners Ranallo and <br /> Enrooth. <br /> Also present : David Childs Executive Director; William Soth, .Attorney; <br /> Dick Krier of Westwood Planning & Engineering ,. Inc. , <br /> Planning Consultant; Stephen Yurick of Arkell Develop- <br /> ment, Tentative Redevelopers of the Kenzie Terrace <br /> Redevelopment Project; and Carol Johnson, City Finance <br /> Director. <br /> Motion by Commissioner Ranallo and seconded by Vice Chairman Letourneau <br /> to approve as submitted the minutes of the H.R.A. meeting held March <br /> 22 , 1983 . <br /> Motion carried unanimously . <br /> Mr. Krier reported there had been a further delay in signing of the <br /> Redevelopers Contract .so additional info.rmation. vi.tal to the successful <br /> development of the project could be researched. Additional appraisals <br /> of the real estate had been ordered so Kraus Anderson, the co-developer, <br /> could be assured the purchase figures would be consistent with those <br /> of the Department of Housing and Urban Development; a new budget had <br /> been developed; and his firm had developed a new cash flow analysis <br /> which addressed "the worst case possibilities which could happen before <br /> the project is completed" , Mr. Krier said. He had concluded that <br /> this analysis supported his belief that even with delays in the Phase <br /> 2 and 3 schedules and only a partial completion of Phase 3, the project <br /> could be considered a highly feasible undertaking, with only a limited <br /> risk for the City . <br /> The latest version of the Redevelopers Contract had been provided the <br /> H .R.A. members for review prior to the meeting. Referring to the <br /> section addressing condemnation, the Secretary/Treasurer cited a <br /> recent court ruling which had raised some questions in his mind about <br /> the extent of risk for the City once condemnation proceedings are <br /> initiated. <br /> Mr. Soth told him it should be recognized that at some time the City <br /> would be forced to buy the property with some risk involved, with the <br /> greatest risk possible during the acquisition of land for Phases 2 <br /> and 3. However, he said he would anticipate the City would proceed . <br /> with condemnation proceedings only -after they had reached a "level of <br /> • comfort" with such -a step. According to the Attorney , the developer <br /> had authorized the _City to proceed with the acquisition of land for <br />