HRA MINUTES 08091985 (2) - Laserfiche WebLink

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• CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY MINUTES August 9, 1985 The meeting was called to order at 5:15 P.M. by Chair Sundland. Present: Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks, and Commissioners Makowske and Ranallo. Also present: David Childs, Executive Director; and William Soth, H.R.A. Attorney. Mr. Soth provided a detailed explanation of the Seventh Amendment to the -Re- development Contract relating to the Kenzie Terrace Redevelopment Project.. The amendment contains the following provisions: 1. Extends the deadline for completion of minimum improvements for Phase I of the Kenzie Terrace Redevelopment Project from June 6, 1986 to August 1, 1986 or a 55 day extension. 2. Incorporates language relating to minimum improvements which were approved in 1984 by the H.R.A. but which were not incorporated in agreement as an amendment. 3. Provides for no reversion of Phase I for a default on Phases II and III. • Motion by Secretary/Treasurer Marks and seconded by Commissioner Makowske to approve H.R.A. Resolution 1985-003. H.R.A. RESOLUTION 1985-003 A RESOLUTION AUTHORIZING THE SEVENTH AMENDMENT TO THE REDEVELOPMENT CONTRACT Motion carried unanimously. The Consent Agreement between META and Arkand will approve the following: 1. Makes META Arkand's project manager for Phase I. 2. META agrees to provide credit enhancement in securing construction financing for Phase I. 3. Gives META the option to acquire fee title to Phase I upon the earlier of: a. Approval by H.R.A. of substitution of META as redeveloper, or b. Issuance of certificate of completion for Phase I. 4. Gives META the right to purchase Arkand's development authority for Phases II and III, subject to H.R.A. approval and at META's option. • Motion by Secretary/Treasurer Marks and seconded by Vice Chairman Enrooth to approve H.R.A. Resolution 1985-004.