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OK <br />-2- <br />When Commissioner Ranallo asked the developer if he knew why it had been so easy <br />• for Arkell to get financing for a similar project in Richfield, Mr. Yurick said <br />his firm was puzzled about that as well, but had concluded one of the lenders <br />who lived in that area had pushed for financing that project. He agreed with <br />Commissioner Ranallo that once construction on the Kenzington is started, and with <br />the approval of the 202 project across Kenzie Terrace, it would be much easier <br />to proceed with Phases II and III of the Kenzie Terrace Project, for which a <br />different mix of housing than originally planned, might have to be considered. <br />Any further developments related to the Kenzington financing would be reported <br />immediately to the City, Mr. Yurick promised. <br />Mr. Childs reported the proposed Walbon Redevelopment Project is moving forward <br />rapidly with three developers indicating an interest in doing the project and the <br />Walbon's attorney expected to make a counter offer to the City's for the purchase <br />of their property. The Manager said he anticipates that, pending the successful <br />closing of those negotiations, it would not be long before a special meeting of <br />the H.R.A. could be called to consider a purchase agreement and tax increment <br />financing and rezoning for the project. <br />Motion by Commissioner Ranallo and seconded by Commissioner Makowske to adjourn <br />the H.R.A. meeting at 9:05 P.M. <br />Motion carried unanimously. <br />• <br />41 <br />Respectfully submitted, <br />Helen Crowe, Secretary <br />