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r ; CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY MINUTES October 23, 1984 The meeting was called to order by Chairman Sundland at 8:55 P.M. Present for roll call : Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks, and Commissioners Ranallo and Makowske. Also present: David Childs, .Executive Director; and Richard Krier of the Derrick Companies, Consultant. Motion by Commissioner Ranallo and seconded by Secretary/Treasurer Marks to approve as submitted the minutes of the Housing and Redevelopment Authority meeting held September 25, 1984. Motion carried unanimously. Motion by Commissioner Ranallo and seconded by Vi-ce Chair Enrooth to approve payment of $175.00 to Dorsey & Whitney for legal services rendered during August, 1984, related to the supplemental agreement for the 202 project and the report to the auditors. Motion carried unanimously. The Executive Director had informed the H.R.A. members in his October 19th memorandum that the Consultant had concluded, after comparing the property, reuse, and fi;:ture appraisals, and relocation estimate for the Walbon property with the cash flows run by the Springsted Company in June, that the proposed redevelopment of the Walbon property at 33rd and -Old Highway 8 for townhomes to be feasible and Mr. Krier had recommended the H.R.A. begin negotiations with the Walbons. In his memo, Mr. Childs had listed the six major steps he perceived the H.R.A. would have to take to pro- ceed with the project. The Consultant was present and first congratulated the H.R.A. on being selected for 202 funding for their proposed senior housing project .on Kenzie Terrace, which Mr. Krier indicated, he perceived to be a major accomplishment for the community. A brief discussion ensued related to what effect the 202 project and the Walbon redevelopment might have on the securing of construction financing for the Kenning- ton project. The H.R.A. Consultant indicated he believes construction financing for the Kenzington project would be made available within the next few weeks but he did not perceive either the 202 project or the Walbon development could have much effect on securing that financing, since the major objection from financial institu- tions had been their disappointment that they could anticipate so little mortgage financing since all but one of the 60 prospective condominium buyers had indicated they intend to pay. cash. The most recent meeting with one of those institutions had been rescheduled because one of the bankers was out of town, Mr. Childs said. Mr. Krier discussed various aspects of the memorandum to the H.R.A. which he had • distributed at the start of the meeting in which he had described the -Walbon project; reported on the real estate valuation set for the property and recommended the action the H.R.A. should take to proceed with the project. The Consultant also -