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CITY OF ST. ANTHONY • HOUSING AND REDEVELOPMENT AUTHORITY MINUTES December 14 , 1982 The meeting was called to order by Chairman Sundland at 9 : 15 P .M. Present for roll call : Sundland; Vice Chairman Letourneau; Secretary/ Treasurer Marks; and Commissioners Enrooth and Ranallo. Also present: David Childs , Executive Director; William Soth , Attorney; Richard Krier, Westwood Planning and Engineering Co. ; and Brad Bjorklund, Planning Commission Representative . Motion by Commissioner Ranallo and seconded by Commissioner Enrooth to approve as submitted the minutes of the H.R.A. meeting held November 9 , 1982 . Motion carried unanimously. The proposed format for a redevelopment contract which could be sub- mitted to developers when they present their proposals had been re- written by the Attorney , as indicated in his cover letter of December 8th. Mr. Soth said the only major change he had made was to incorpor- ate Mr. Krier's recommendation that only 25 percent of the project total, or $750 ,000 , Letter of Credit be required of the developer . The planner explained that this is the amount customarily required by both Minneapolis and St. Paul so the H.R.A. won 't end up with nothing to show for the risk taken initially and he added that there is very little chance that a builder would walk away from a $750 ,000 invest- ment. The amount of the Letter of Credit would be reduced as the different phases of the project are completed , he added . Mr . Soth noted that no court action would be required to cash in the Letter of Credit in the event of default. Mr. Krier reiterated that there could be no acquisition of property in phase 2 until all the plans and specifications are in, including architectural engineering which would require at least a five percent investment from the developer. However, he confirmed that phase 2 would still be tied in with the northern portion which is the "cream" of the whole development. Motion by Vice Chairman Letourneau and seconded by Commissioner Enrooth to approve the format of the redevelopment contract as submitted under which the Kenzie Terrace Redevelopment Project would be constructed. Motion carried . unanimously . In his progress report, Mr. Krier indicated the Eberhardt Company who manages the north shopping center and who had been working with the • sponsors of the senior housing project across Kenzie Terrace, appears to be seriously considering a major renovation program for the center and would be willing to join in on the senior housing if it is resurrected