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I as recommended by the Executive Director. Response to School District <br />.2 #282's review of the plans would also be delayed until the appropriate <br />3 time in the project approval process. <br />4 Voting on the motion: <br />5 Aye: Marks, Enrooth, Sundland. <br />6 Abstention: Ranallo. <br />7 Notion carried. <br />8 CLOSED EXECUTIVE SESSIONS <br />9 F and G of the agenda both called for <br />10 to negotiation strategies having to <br />11 Kenzie Terrace Redevelopment Project, <br />12 public and required discussions with <br />13 Director which were closed to the pr <br />14 these opened at 7:11 P.M. <br />I.R.A. directions to staff related <br />do with the final phase of the <br />which of course could not be made <br />the H.R.A. Attorney and Executive <br />ass and the public. The first of <br />15 H.R.A. Agrees on FicLure to be Presented to Arkell and Tus <br />16 Nr. Soth reported the discussions he and Mr. Childs had with the <br />1017 unsuccessful project developer, John Arkell, and his project architect, <br />18 Gary Tushie, in relation to a settlement proposal to refund a portion <br />19 of the forfeited arbitrage proceeds from the Housing Revenue Bonds <br />20 issued to finance that project. The H.R.A. Attorney reported that by <br />21 the close of those talks, both the architect and the developer had <br />22 suggested they might be willing to reduce their share of what remains <br />23 in the arbitrage funds as of September 1st. He gave a figure which he <br />24 perceived might be a realistic negotiating point which Mr.. Soth added <br />25 he thought would leave the developer owing much more on the project than <br />26 he could have ever hoped to get from what remains in the arbitrage <br />27 funds. <br />28 Nr. Childs indicated that if they were able to get the figure Mr. <br />29 Soth was suggesting, the City would be able to retain $190,000.00 of <br />30 the arbitrage proceeds to pay some of the project land costs. <br />31 H.R.A. Action <br />32 Motion by Ranallo, seconded by Sundland to authorize staff to negotiate <br />33 an agreement to return $280,000.00 of forfeited Letter of Credit dollars <br />34 and arbitrage earnings to Mr. Arkell to cover both his and the project <br />35 architect's claims, contingent on the Housing Redevelopment Bond issue <br />36 being closed September 20th. <br />37 Notion carried unanimously. <br />0 3 <br />