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0 <br />• <br />CITY OF ST. ANTHONY <br />HOUSING AND REDEVELOPMENT <br />AUTHORITY SPECIAL MEETING MINUTES <br />April 29, 1986 <br />The meeting was called to order by Chairman Sundland at 8:00 P.M. <br />Present for roll call: Chair Sundland, Secretary/Treasurer Marks, and Commissioners <br />Ranallo and Makowske. <br />Absent: Vice Chair Enrooth. <br />Also present: David Childs, Executive Director; William Soth, City Attorney; <br />Greg Gustafson, META Partnership; Steven Yurick and Patrick Brinkman, <br />Arkand Partnership. <br />Mr. Soth went through provisions of the proposed 9th Amendment to the Kenzie <br />Terrace Redevelopment Ag eer ment which would, -as discussed in December of 1985, place <br />META as the official redeveloper for Phase I of the Kenzie Terrace Project. <br />1. Arkand will assign their rights and interests in Phase I to META (similar to the <br />arrangement with Walker Methodist Homes concerning the H.U.D. 202 Project). <br />2. META to assume obligations relating to Phase I. <br />3. HRA consents to this transfer. <br />4. Redevelopment contract amended to show change in ownership, i.e., 9th Amendment. <br />5. META would make various representations and warranties to the HRA as described <br />in Paragraph #7. <br />6. Arkand acknowledges that it is not released from any liability relating to <br />Phases I, II, and III, as described in Paragraph #4. <br />7. The required Letter of Credit is not affected by these actions, Paragraph 4B <br />and C. (Arkand still required to maintain the Letter of Credit.) <br />8. The HRA can draw on the Letter of Credit in the case of default by either Arkand <br />or META. <br />9. Title is conveyed subject to this amendment. <br />Mr. Soth also stated that the condo documents have been reviewed and are in order. <br />The documents require that the occupants be 55 or over (spouse of one occupant could <br />be younger). No change in this requirement is allowed without prior approval of <br />the HRA. This provision will be placed in either the condo documents or the deed <br />restrictions, as determined by the City Attorney. Mr. Soth also reported for HRA <br />members' information that the condo documents do allow rental of units. Due to the <br />high unit costs, the only probable situations where rentals would be economically <br />feasible would be: <br />