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61 H.R.A. Action <br />2 Motion by Marks, seconded by Makowske to authorize the acquisition of <br />3 the property described in the August 24th Bulletin Notice of Hearing <br />4 for sale to the St. Anthony LaNel Partnership for an amount less than <br />5 paid by the H.R.A. for the land for the purpose of the partnership <br />6 constructing a multifamily rental housing development containing <br />7 approximately 201 housing units and related facilities. <br />8 Motion carried unanimously. <br />9 NEW BUSINESS <br />10 Staff Reoorts Successful Negotiations with Arkell and Tushi <br />11 Mr. Childs summarized the information regarding the settlement agreement <br />12 negotiated between Arkell, Tushie and the H.R.A. which had been reported <br />13 in the letter which H.R.A. members had been provided prior to the <br />14 meeting. The amounts Messrs. Arkell and Tushie had agreed to accept <br />15 from the refund of a portion of the forfeited Letter of Credit and <br />16 arbitrage proceeds from the Housing and Revenue Bonds issued to finance <br />17 Phase III of the Kenzie Terrace Redevelopment Project were reiterated <br />18 by the Executive Director. There was general H.R.A. agreement that <br />19 staff had negotiated a reasonable agreement with the former project <br />20 developers which had avoided a law suit. <br />21 Mr. Childs indicated he was hopeful that the acquisition of property <br />2from Mr. Saliterman would be accomplished by next week after which the <br />3 land would be sold to LaNel who have indicated they would start <br />24. construction as soon as the current tenants are relocated. <br />25 H.R.A. Actio <br />26 Motion by Enrooth, seconded by Marks to approve the settlement agreement <br />27 staff has negotiated with Messrs. Arkell and Tushie. <br />28 Motion carried unanimously. <br />29 Enrooth Won't Be Present for the September 27th Meetings <br />30 The Vice Chair indicated the above during a brief discussion of meetings <br />31 which are scheduled for the remainder of the month. <br />32 <br />33 Motion by Marks, seconded by Enrooth to adjourn the H.R.A. meeting at <br />34 10:30 P.M. <br />35 Motion carried unanimously. <br />36 Respectfully submitted, <br />37 Helen Crowe, Secretary <br />