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-2- <br />1. where children own the unit and rent to their parents for the tax advantages; <br />2. where an owner dies and the unit is rented (to a senior only) during the interim <br />when the unit is awaiting resale; <br />3. where the developer may wish to rent unsold units prior to sale. The developers <br />felt that renting units for this purpose would make them "used" units and <br />would not be cost effective, but they at least would have that ability if <br />presented with severe financial circumstances requiring such actions. <br />This information was presented for HRA update so that they would be fully aware of <br />the more detailed mechanics relating to the project. <br />Motion by Secretary/Treasurer Marks and seconded by Commissioner Makowske to <br />approve the 9th Amendment to the Redevelopment Agreement requiring changes to item 9 <br />relating to the Timetable, establishing the dates for Phases II and III at <br />December 31, 1986 by which time the redeveloper must request in writing that the <br />HRA initiate acquisition of the land for Phases II and III. Representatives of <br />Arkand were present and concurred with this timing. <br />Motion carried unanimously. <br />Motion by Commissioner Makowske and seconded by Secretary/Treasurer Marks to approve <br />the Kenzington Condominium Documents as recommended by the City Attorney. <br />Motion carried unanimously. <br />• The meeting adjourned at 8:50 P.M. <br />Respectfully submitted, <br />David Childs <br />