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CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY MINUTES May 24, 1983 Chairman Sundland called the meeting to order at 9:13 P.M. Present for roll call: Sundland, Vice Chairman Letourneau, and Commissioners Ranallo and Enrooth. Absent: Marks. Also present: David Childs, Executive Director; William Soth, Attorney; Dick Krier of Westwood Planning & Engineering, Inc., Planning Consultant; and Stephen Yurick of Arkand Part- nership, tentative Redevelopers of the Kenzie Terrace Redevelopment Project. Motion by Vice Chairman Letourneau and seconded by Commissioner Enrooth to approve as submitted the minutes of the H.R.A. meeting held May 10, 1983. Motion carried unanimously. Copies of the Redevelopment Agreement to be signed by the Chairman and Secretary/Treasurer had been distributed by Mr. Krier who had outlined the provisions of that agreement in the letter which had been included in the agenda packet. The Planning Consultant noted that the contract had been signed by the parent company of Kraus -Anderson, Inc., which he perceived would be more beneficial to the City than just having the real estate subsidiary a partner. Mr. Soth indicated he had in his possession the $100,000 Letter of Credit covering the first phase of the project, but intends to see if he can persuade the bank to drop the two paragraphs they added to the document because it would be better for the City if these additions could be removed. Mr. Krier reminded the H.R.A. members that the redeveloper would have to submit another Letter of Credit for $300,000 before any land is acquired for Phase 2 which would minimize the City's risk if the property is acquired and not developed by Arkand. The Planning Consultant said his firm would be negotiating with Mr. Saliterman to see if the land in Phases 2 and 3 could be purchased as needed, but doubted the owner would go along with that proposition. Mr. Yurick told the Chairman his firm would be promoting Phase 2 sales as soon as construction is started on the 134 units in Phase 1 and both phases could be constructed concurrently if there is a market demand for it. Motion by Commissioner Ranallo and seconded by Vice Chairman Letourneau to adopt the resolution which authorizes the execution of the Redevelop- ment Agreement with the Arkand Partnership. H.R.A. RESOLUTION 83-003 AUTHORIZING THE REDEVELOPMENT CONTRACT Motion carried unanimously.