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-2- <br /> after two years; a project in southeastern Minneapolis, which had been in the works <br /> for over four years; and what is-considered to be a highly successful endeavor in <br /> Richfield, which took two and one-half years before construction.. <br /> The consultant indicated he was very optimistic that H.U. D. would se.lect. .the City's <br /> senior housing 202 proposal later that .month, which could have a very positive <br /> effect on the condominium development and would enable the H.R.A. to get on with the <br /> commercial -redevelopment portion of the Kenzie Terrace Project. Mr. Krier indicated <br /> he perceived there was a unique situation i.n St. Anthony where the purchased housing <br /> project had been so supportive of the subsidized project, which had made quite an <br /> impression on H.U.D. officials. Because of these factors, and the fact that he <br /> agrees with Mr. Arkell that the Kenzington "is one of the best projects he has ever <br /> worked on", the consultant advised the H.R.A. not to be too concerned about the <br /> setbacks at this stage of the project development. <br /> The Attorney was requested to review the terms of the Letter of Credit held by <br /> Arkell . Mr. Soth indicated the expiration date is December 1 , 1984 and he perceives <br /> no action on the part of the H. R.A. is necessary at this time. He added that it is <br /> the developers ' responsibility to notify the H.R.A. 30 days prior to the expiration <br /> date if they intend to replace that document. <br /> Motion by Secretary/Treasurer Marks and seconded by Vice Chair Enrooth to adjourn <br /> the meeting at 9:37 P.M. <br /> Motion carried unanimously. <br /> Respectfully submitted, • <br /> Helen Crowe, Secretary <br /> • <br />