HRA MINUTES 06231987 - Laserfiche WebLink

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• 1 -2- 2 his $100,000 Letter of Credit plus the arbitrage, minus $19,000 to cover 3 current H.R.A. and $5,000 a month thereafter, the agreement did not 4 require any of this and retained St. Anthony's right to terminate the 5 redeveloper any time it wants without giving back anything. Mr. Childs 6 commented that the agreement also empowered the H.R.A. to develop 7 whatever size project will meet the tax increment requirements. 8 H.R.A. Action 9 Motion by Marks, seconded by Ranallo to adopt the resolution which 10 authorizes the execution of the June 23, 1987 agreement with Arkand 11 Partnership and Kraus Anderson, Inc. regarding voluntary termination or 12 assignment by those parties of their interest in the redevelopment of 13 Phases II and III of the Kenzie Terrace Redevelopment project. 14 H.R.A. RESOLUTION 87-002 15 A RESOLUTION AUTHORIZING THE CHAIRMAN AND EXECUTIVE 16 DIRECTOR TO EXECUTE AN AGREEMENT BETWEEN THE ST. ANTHONY HOUSING 17 AND REDEVELOPMENT AUTHORITY AND ARKAND PARTNERSHIP/ 18 KRAUS-ANDERSON, INCORPORATED 19 Motion carried unanimously. 1020 MAXFIELD MARKET STUDY 21 Mr. Childs summed up the above by saying the study basically indicated 22 there is feasibility for from 88 to 125 senior rental units being 23 provided in the Kenzie Terrace Project. The Executive Director said 24 copies of the study had been given to two developers who had both 25 indicated an interest in doing the project. One of these, walker 26 Development, had told Mr. Childs they were exploring the feasibility of 27 combining from 100 to 125 senior units with a strip shopping center. 28 Mr. Soth pointed out that the housing redevelopment bonds could not be 29 used for the latter. Vice Chair Enrooth commented he perceived the 30 H.R.A. already realized probably only a portion of those bonds could be 31 used for the project now. 32 Consultant Reports Other Developers' Interest 33 Mr. Krier indicated his contacts with four developers had convinced him 34 that there were certainly companies who were very interested in doing 35 the project. He indicated one firm was going to return with a proposal 36 for constructing 200 units of housing which would be half senior and 37 half market rate rentals with full knowledge that the Minneapolis 38 neighbors would most likely oppose the latter. 39 The consultant then brought the H.R.A. members up to date on contacts 40 with Minneapolis officials related to a joint project with that City and •41 listed the various funds which might be available to do the project from 42 that source. Mr. Krier described those meetings as "very upbeat and 43 positive" and said the Minneapolis representatives seemed genuinely