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City Closed on the Bonds for the St. Anthony LaNel Housing Project 2 Mr. Childs announced the above and reported an agreement had been 3 negotiated with the unsuccessful developers which eliminated them from 4 the project altogether. He said it wa's now up to staff to get Kraus 5 Anderson and Mr. Saliterman to sell the necessary land for the 6 project for a reasonable price within the 30 days waiting period before 7 the bond proceeds would be made available to make the purchase. He 8 added that a simultaneous transfer of the land to the LaNel company 9 should reduce the City's liabilities. 10 Evergreen Townhome Project Contract Being Developed 11 Mr. Ch. ildg indicated changes in the Tax Increment Law had required 12 renegotiation with the Evergreen Development Company for a reduction 13 of soil correction subsidies to between $180,000 to $200,000 rather than 14 the $327,000 originally contemplated. However, he said he expected 15 those negotiations to be successful and the developer to present the 16 required platting of the land to the Commission at their next meeting. 17 The City Manager reported the developer already had 14 out of a possible 18 37 unit reservations for the project and their financing appears to be 19 in place, causing them to be very excited about doing the project. He 20 explained the different approach the City was taking regarding the 21 financing of this project, which would eliminate the necessity for a 22 bond issuance. 0 Manager Introduces His New Assistant to the Commissioners 24 Mr. Childs indicated he expected Sue VanderHeyden to take over a portion 25 of his work, including that with the Planning Commission, just as soon 26 as she completes the Comparable Worth project she's working on now. 27 ADJOURNMENT 28 Motion by Brownell, seconded by London to adjourn the Planning 29 Commission meeting at 8:52 P.M. 30 Motion carried unanimously. 31 Respectfully submitted,. 32 Helen Crowe, Secretary 33 :cjk 34 12