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• C= TY CDP' S T_ ANTHONY <br />HO U S= N G AND R E D EV E L O PME N T AUTHOR = TY <br />M S N UT E S <br />.JANUARY 27 , 1987 <br />The meeting was called to order by Chairman Sundland at 9:50 P.M. <br />Present for roll call: Sundland, Vice Chair Enrooth, Secretary/Treasurer <br />Marks, and Commissioners Ranallo and Makowske. <br />Also present: David Childs, Executive Secretary <br />William Soth, H.R.A. Attorney <br />Larry Hamer, Public Works Director <br />John Arkell and Steven Yurick, President and Project <br />Manager for Arkell Development <br />Jim Johnson, Executive Vice President, Kloster Madsen, <br />Inc. <br />NOVEMBER 25 1986 HOUSING AND REDEVELOPMENT AUTHORITY MINUTES <br />Motion by Ranallo, seconded by Marks to approve as submitted. <br />• Motion carried unanimously. <br />CLAIMS <br />Motion by Marks, seconded by Makowske to approve payment of $342.00 and <br />$1,912.50 to the Dorsey & Whitney law firm for legal services to the <br />H.R.A. during October and November, 1986. <br />Motion carried unanimously. <br />NEW BUSINESS <br />Arkell Presents Contractor Considered for Partner on Phases II and III, <br />Kenzie Terrace Redevelopment Project <br />Twenty-three million dollars in bonds had attracted many companies to <br />become partners on this project, Mr. Arkell told the H.R.A. members. The <br />developer indicated he had asked the President of Kloster Madsen, Inc., <br />John Ryan, to call the H.R.A. Chairman to affirm his firm's interest in <br />becoming a partner in the project. <br />However, Mr. Arkell added, he was facing a deadline of having to pay a <br />$400,000 Letter of Credit, January 30th and was present that evening to <br />request he be allowed to put up a $100,000 Irrevocable Letter of Credit <br />•with the City of St. Anthony to keep the bonds it currently as in its <br />possession as well as the arbitrage which is being held in an escrow <br />account and delay that deadline another month. <br />