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YS <br />• <br />is <br />303 <br />CITY OF ST. ANTHONY <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />MINUTES <br />December 14, 1982 <br />The meeting was called to order by Chairman Sundland at 9:15 P.M. <br />Present for roll call: Sundland; Vice Chairman Letourneau; Secretary/ <br />Treasurer Marks; and Commissioners Enrooth <br />and Ranallo. <br />Also present: David Childs, Executive Director; William Soth, Attorney; <br />Richard Krier, Westwood Planning and Engineering Co.; <br />and Brad Bjorklund, Planning Commission Representative. <br />Motion by Commissioner Ranallo and seconded by Commissioner Enrooth <br />to approve as submitted the minutes of the H.R.A. meeting held <br />November 9, 1982. <br />Motion carried unanimously. <br />The proposed.format for a redevelopment contract which could be sub- <br />mitted to developers when they present their proposals had been re- <br />written by the Attorney, as indicated in his cover letter of December <br />8th. Mr. Soth said the only major change he had made was to incorpor- <br />ate Mr. Krier's recommendation that only 25 percent of the project <br />total, or $750,000, Letter of Credit be required of the developer. <br />The planner explained that this is the amount customarily required by <br />both Minneapolis and St. Paul so the H.R.A. won't end up with nothing <br />to show for the risk taken initially and he added that there is very <br />little chance that a builder would walk away from a $750,000 invest- <br />ment. The amount of the Letter of Credit would be reduced as the <br />different phases of the project are completed, he added. Mr. Soth <br />noted that no court action.would be required to cash in the Letter of <br />Credit in the event of default. <br />Mr. Krier reiterated that there <br />phase 2 until all the plans and <br />architectural engineering which <br />investment from the developer. <br />would still be tied in with the <br />of the whole development. <br />could be no acquisition of property in <br />specifications are in, including <br />would require at least a five percent <br />However, he confirmed that phase 2 <br />northern portion which is the "cream" <br />Motion by Vice Chairman Letourneau and seconded by Commissioner Enrooth <br />to approve the format of the redevelopment contract as submitted under <br />which the Kenzie Terrace Redevelopment Project would be constructed. <br />Motion carried unanimously. <br />In his progress.report, Mr. Krier indicated the Eberhardt Company who <br />manages the north shopping center and who had been working with the <br />IS sponsors of the senior housing project across Kenzie Terrace, appears <br />to be seriously considering a major renovation program for the center <br />and would be willing to join in on the senior housing if it is resurrected <br />