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• CITY OF ST. ANTHONY <br /> HOUSING.-AND REDEVELOPMENT AUTHORITY MINUTES <br /> September 11 , 1984 <br /> The meeting was called to order by Chairman Sundland at 8:59 P.M. <br /> Present for roll call : Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks, <br /> and Commissioners Ranallo and Makowske. <br /> Also present: David Childs, Executive Director; William Soth, Attorney, John <br /> Arkell and Steve Yurick, Developers for the Kenzington Condominiums; <br /> and Richard Krier; Consultant. <br /> Motion by Commissioner Ranallo and seconded by Secretary/Treasurer Marks to approve <br /> as submitted the minutes of the Housing and Redevelopment Authority_ meeting held <br /> August 28, 1984. <br /> Motion carried unanimously. <br /> The developers told the H.R.A. members construction on the condominium project <br /> had been delayed by the last minute withdrawal of construction financing by the <br /> Rothchilds Company, even though that firm had submitted a letter of commitment to <br /> the project and had instructed the developers to proceed with construction when the <br /> project was over 50% sold. Mr. Arkell indicated he perceived all lenders have become . <br /> very apprehensive about financing condominiums because so many-of these projects <br /> have gone sour nationwide. Applying this experience to the Kenzington was completely <br /> unjustified in the eyes of the developer because he perceives the project should be <br /> a "piece of cake", with 60 units already sold and 59 of these to be paid in cash. <br /> Mr. Arkell said he is also frustrated by the lender's objections to "contingency <br /> sales" since he had been able to inform them that Edina Realty was guaranteeing to <br /> purchase any homes which did not sell at market value. -Another strong plus for the <br /> project, the developer said, is the fact that all subcontractors are committed to <br /> the project and Kraus Anderson had agreed to early construction. <br /> Mr.. Yurick told the H.R.A. members none of the buyers had been. lost by the delay <br /> and eight of those who had already sold their homes have made some very creative <br /> arrangements for residency until the condominiums are available. The developer <br /> indicated he has been in close contact with all the buyers and believes those who <br /> have not sold their homes are convinced February and March would be better months <br /> than November and December for the sale of their property. <br /> Chairman Sundland and the Secretary/Treasurer both stated they perceived the H.R.A. <br /> is very committed to this project, considering themselves partners in the endeavor; <br /> and had-no interest at this time in calling in Arkell 's Letter of Credit. Com- <br /> missioner Ranallo inquired of the developers whether there was anything further the <br /> H.R.A. could do to assure the success of the project.; The- developers were requested <br /> to continue to keep them closely apprised of their progress- in- finding a funding <br /> source. Mr. Arkell- indicated. he was certain this would be attained within thirty <br /> days. <br /> Mr. Krier reminded the 'H.R,.A:_ 'members that he .had warned them :at the outset that <br /> there .might be 'many ups. 'and :downs before the project :waS accomplished. He. cited <br /> other projects:'which have taken -a lot longer; Riverplace, which-:is only 50% sold <br />