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-2- <br /> When Commissioner Ranallo asked .-the developer if he knew why it had been so easy <br /> for. Arkell to get financing­for -a similar project in Richfield, Mr. ..Yurick said <br /> his firm was puzzled about that .as well , but had concluded one of the lenders <br /> 'who lived i n .that .area -had pushed:for financing that project. He agreed with <br /> Commissioner Ranallo that once construction- on the Kenzington is started, and with <br /> the approval of the 202 project across Kenzie Terrace, it would be. much easier <br /> to proceed with Phases II and •III of the Kenzie Terrace Project, for which a <br /> different mix of housing than originally planned, might have to be considered. <br /> Any further developments related to the-Kenzington financing would be reported <br /> immediately to the City, Mr. Yurick promised. <br /> Mr. Childs reported the proposed Walbon Redevelopment Project is moving forward <br /> rapidly with three developers indicating an interest in doing the project and the <br /> Walbon's attorney expected to make a counter offer to the City's for the purchase <br /> of their property. The Manager said he anticipates that, pending the successful <br /> closing of those negotiations, it would not be long before a special meeting of <br /> the H.R.A. could be called to consider a purchase agreement and tax increment <br /> financing and rezoning for the project. <br /> Motion by Commissioner Ranallo and seconded by Commissioner Makowske to adjourn <br /> the H.R.A. meeting at 9:05 P.M. <br /> Motion carried unanimously. <br /> Respectfully submitted, • <br /> Helen Crowe, Secretary <br />