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` C= = O F S T_ ANTHONY <br />SPEC = AL HOU S = N G AND RED EVE LOPMENT <br />AUTHOR 2 TY MEET = N G M= NUTS S <br />AU GU S T 4 1 9 8 8 <br />1 <br />2 The meeting was called to order by Chair Sundland at 5:00 P.M. <br />3 Present for roll call: Sundland, Vice Chair Enrooth, and <br />4 Commissioners Makowske and Ranallo. <br />5 Absent: Secretary/Treasurer Marks. <br />6 Also present: David Childs, Executive Director <br />7 Bill Soth, H.R.A. Attorney <br />8 Greg Bronk and Paul Brewer, Lang -Nelson <br />9 Gary Holmes and David Carland, CSM Corp. <br />10 The purpose of the meeting as advertised was to approve the redevelop - <br />11 ment contract as negotiated with Lang -Nelson Companies for the third <br />12 phase of the Kenzie Terrace Redevelopment Project. <br />13 Paul Brewer, Lang -Nelson Company, reported that it had been one year <br />4 almost to the day when he had given a presentation to the H.R.A. to do <br />� <br />,15 the project and the Council had chosen Gaughan Companies. When Gaughan <br />16 Companies failed to do the project, Lang -Nelson and the City began <br />17 discussions about having them finish the project. Lang -Nelson has <br />18 worked hard to put a package together and was present that night with: <br />19 (1) plans, (2) a $20,000 non -contingent option check, (3) signed <br />20 redevelopment agreement, (4) a $360,000 Letter of Credit with a 30 day <br />21 financing contingency, and (5) personal guarantees from Lang and Nelson. <br />22 Mr. Brewer described the project which contained slightly bigger units <br />23 with the same number of units, resulting in larger buildings. They <br />24 propose 3 buildings of 48, 55 and 96 units instead of 2 buildings of <br />25 100+ units each, as proposed by Gaughan Companies. The buildings will <br />26 be 3 story, with underground parking, hip -type roofs and mostly brick <br />27 exteriors. They plan to model the building after a project they have <br />28 just completed in Coon Rapids. <br />29 Lang -Nelson hopes to have bonds sold in 30-45 days. The City would then <br />30 acquire the land and construction would start as soon as the land is <br />31 acquired. There would be an 18-22 month construction period. Norwest <br />32 Bank would provide the Letter of Credit to enhance the bonds. <br />33 The H.R.A. thanked Mr. Brewer for his proposal and stated that a year <br />34 ago, when they chose Gaughan Companies over Lang -Nelson, the Council <br />35 had an extremely difficult time making that decision since both <br />0 1 <br />