HRA MINUTES 03221983 - Laserfiche WebLink

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V.� - 2- Chairman Sundland told those present the H.R.A. has been very encouraged by the community interest shown towards the project which at times reached the point of almost being "a demand that the City get on with the project as soon as possible". Although no firm commitment had been made by H.U.D. at this time, the Chairman indicated he perceives the conversation he and the Secretary/ Treasurer had with a H.U.D. official when they were in Washington, D.C. had been very fruitful when it came to obtaining information which Chairman Sundland perceives could prove very helpful for the non- profit organization, which would develop the subsidized senior housing in Phase 2. The City residents should be very impressed with the bi- partisan support the project had received from Congressmen Sabo, Sikorski, and Vento as well as Senators Boschwitz and Durenberger who had all sent representatives to support the City's lobbying efforts with H.U.D., according to Chairman Sundland. Councilman Ranallo arrived at 7:46 P.M., and he and Dick Krier of Westwood Planning & Engineering Co., the H.R.A. Planning Consultant, and Stephen Yurick, representing the redevelopment group, participated in the discussion. Mr. Krier distributed copies of his memorandum to the H.R.A. members in which he had addressed the purpose of the hearing to be held that evening and recommended several actions to be taken by the H.R.A. to continue the project. For the benefit of those in attendance, Mr. Yurick summarized the project as it would be developed in three phases, pointing each out on the preliminary renderings of the project. One person who was present asked how soon the units in Phase 1 would be available for sale. Mr. Yurick told her his firm anticipates initiating a presale of units as soon as the Redeveloper's Contract is signed. The public hearing to take testimony on the sale of property for Phase 1 was opened at 7:49 P.M. Mr. Krier reiterated the schedule summary of dates for developing the Kenzie Terrace Redevelopment Project as suggested by the tentative developer and the H.R.A. negotiators. April, 1983 Signing Redeveloper Contract, Deposit Letter of Credit, Begin Property Acqusition and Relocation May, 1983 Consideration of PUD Plan for Phase I, Make Application for 202 Housing July, 1983 Construction Plans Submitted, Deliver Second Letter of Credit, Loan Commitment by Redeveloper August, 1983 Sell Tax Increment Bonds Phase I September, 1983 Sell Phase I Property to Redeveloper November, 1983 Start Construction Phase I, Begin Acquisition, Relocation Phase II May, 1984 Construction Plans Phase II June, 1984 Sell Tax Increment Bond Phase II and III