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-2 - <br />after two years; a project in southeastern Minneapolis, which had been in the works <br />for over four years; and what is considered to be a highly successful endeavor in <br />• <br />Richfield, which took two and one-half years before construction. <br />The consultant indicated he was very optimistic that H.U.D. would select the City's <br />senior housing 202 proposal later that month, which could have a very positive <br />effect on the condominium development and would enable the H.R.A. to get on with the <br />commercial redevelopment portion of the Kenzie Terrace Project. Mr. Krier indicated <br />he perceived there was a unique situation in St. Anthony where the purchased housing <br />project had been so supportive of the subsidized project, which had made quite an <br />impression on H.U.D. officials. Because of these factors, and the fact that he <br />agrees with Mr. Arkell that the Kenzington "is one of the best projects he has ever <br />worked on", the consultant advised the H.R.A. not to 6e too concerned about the <br />setbacks at this stage of the project development. <br />The Attorney was requested to review the terms of the Letter of Credit held by <br />Arkell. Mr. Soth indicated the expiration date is December 1, 1984 and he perceives <br />no action on the part of the H.R.A. is necessary at this time. He added that it is <br />the developers' responsibility to notify the H.R.A. 30 days prior to the expiration <br />date if they intend to replace that document. <br />Motion by Secretary/Treasurer Marks and seconded by Vice Chair Enrooth to adjourn <br />the meeting at 9:37 P.M. <br />Motion carried unanimously. <br />Respectfully submitted, <br />Helen Crowe, Secretary <br />