HRA MINUTES 11251986 - Laserfiche WebLink

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1, .. V CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY • MINUTES NOVEMBER 25, 1986 The meeting was called to order at 8:51 P.M. by Chairman Sundland. Present for roll call: Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks, and Commissioners Ranallo and Makowske. Also present: David Childs, Executive Secretary William Soth, H.R.A. Attorney Steven Yurick and Gary Tushie, Project Manager and .Architect, Arkell Development Corporation. OCTOBER 28, 1986 HOUSING AND REDEVELO Motion by Marks, seconded by Ranallo to approve as submitted. Motion carried unanimously. CLAIMS Motion by Ranallo, seconded by Makowske to approve payment of $51.00 to the Dorsey & Whitney firm for the legal services rendered during September, 1986. • Motion carried unanimously. NEW BUSINESS H.R.A. Aooroves Agreement with Arkand Partnership Regarding Housing Revenue Staff input: Mr. Soth read the changes which he had made in the draft of the Agreement, which met with no objections from the H.R.A. along with a proposed resolution which authorized the execution of that Agreement as follows: * Letter of Credit in the amount required by the contract; * the funds to be paid out by the trustee December 1st go in part to Piper Jaffray, the issuer and the remainder goes to pay project costs the developer is committed to; * the first payment from interest accrued to the City would .therefore be made on January 1st; * the funds the City receives may be deposited in investments of no more than 90 days; * the whole effect of the H.R.A. taking over the bonds would only be upon written notice of the H.R.A.; * if the H.R.A. does take over the bonds, the developers • have requested that the agency obtain a release from the City. References to the project as "Building 'C"' were clarified;