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L� <br />M <br />CITY OF ST. ANTHONY <br />HOUSING AND REDEVELOPMENT AUTHORITY MINUTES <br />May 10, 1983 <br />Chairman Sundland called the meeting to order at 7:51 P.M. <br />Present for roll call: Sundland, Vice Chairman Letourneau, Secretary/ <br />Treasurer Marks, and Commissioners Ranallo and <br />Enrooth. <br />Also present: David Childs Executive Director; William Soth, Attorney; <br />Dick Krier of Westwood Planning & Engineering, Inc., <br />Planning Consultant; Stephen Yurick of Arkell Develop- <br />ment, Tentative Redevelopers of the Kenzie Terrace <br />Redevelopment Project; and Carol Johnson, City Finance <br />Director. <br />Motion by Commissioner Ranallo and seconded by Vice Chairman Letourneau <br />to approve as submitted the minutes of the H.R.A. meeting held March <br />22, 1983. <br />Motion carried unanimously. <br />Mr. Krier reported there had been a further delay in signing of the <br />Redevelopers Contract so additional information vital to the successful <br />development of the project could be researched. Additional appraisals <br />of the real estate had been ordered so Kraus Anderson, the co -developer, <br />could be assured the purchase figures would be consistent with those <br />of the Department of Housing and Urban Development; a new budget had <br />been developed; and his firm had developed a new cash flow analysis <br />which addressed "the worst case possibilities which could happen before <br />the project is completed", Mr. Krier said. He had concluded that <br />this analysis supported his belief that even with delays in the Phase <br />2 and 3 schedules and only a partial completion of Phase 3, the project <br />could be considered a highly feasible undertaking, with only a limited <br />risk for the City. <br />The latest version of the Redevelopers Contract had been provided the <br />H.R.A. members for review prior to the meeting. Referring to the <br />section addressing condemnation, the Secretary/Treasurer cited a <br />recent court ruling which had raised some questions in his mind about <br />the extent of risk for the City once condemnation proceedings are <br />initiated. <br />Mr. Soth told him it should be recognized that at some time the City <br />would be forced to buy the property with some risk involved, with the <br />greatest risk possible during the acquisition of land for Phases 2 <br />and 3. However, he said he would anticipate the City would proceed <br />with condemnation proceedings only after they had reached a "level of <br />comfort" with such a step. According to the Attorney, the developer <br />had authorized the City to proceed with the acquisition of land for <br />