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-2 - <br />ownership of it at that time anyway. He told the H.R.A. members the <br />Arkand Letter of Credit would cover Walker -Methodist as well. The <br />Director then reported a mutual agreement between the H.R.A. and <br />Walker -Methodist that the sponsor would pay a fee in lieu of real <br />estate taxes if it should later be determined—fHdt`2202 projects are <br />not subj t to such taxes. Mr. Gilligan indicated H.U.D. had been <br />informed of the agreement and had raised no objections to it at this <br />time. <br />Motion by Secretary/Treasurer Marks and seconded by Commissioner <br />Ranallo to adopt the third amendment.to the H.R.A. Redevelopment <br />Contract with the Arkand Partnership, as proposed by staff, contin- <br />gent upon H.U.D. approval of the arrangement whereby Walker -Methodist <br />agrees to pay fees which would reimburse the H.R.A. for the real <br />estate taxes which would be lost if it is later determined 202 pro- <br />jects are not subject to that type of taxation. <br />Motion carried unanimously. <br />Ms. Gabler indicated the 202 application would be made April 30th <br />and she agreed to keep the staff informed as to when the Metro <br />Council would be acting on that application. The City's representa- <br />tive on the Metro Council had promised to give a favorable review <br />to the application, according to Mr. Childs. <br />• Motion by Commissioner P.anallo and seconded by Vice Chair Enrooth <br />to adjourn'the meeting at 9::05 P.M. <br />Motion carried unanimously <br />n <br />Respectfully submitted, <br />Helen Crowe, Secretary <br />