HomeMy WebLinkAboutHRA MINUTES 112519861, .. V
CITY OF ST. ANTHONY
HOUSING AND REDEVELOPMENT AUTHORITY
• MINUTES
NOVEMBER 25, 1986
The meeting was called to order at 8:51 P.M. by Chairman Sundland.
Present for roll call: Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks,
and Commissioners Ranallo and Makowske.
Also present: David Childs, Executive Secretary
William Soth, H.R.A. Attorney
Steven Yurick and Gary Tushie, Project Manager and
.Architect, Arkell Development Corporation.
OCTOBER 28, 1986 HOUSING AND REDEVELO
Motion by Marks, seconded by Ranallo to approve as submitted.
Motion carried unanimously.
CLAIMS
Motion by Ranallo, seconded by Makowske to approve payment of $51.00 to the
Dorsey & Whitney firm for the legal services rendered during September, 1986.
• Motion carried unanimously.
NEW BUSINESS
H.R.A. Aooroves Agreement with Arkand Partnership Regarding Housing Revenue
Staff input: Mr. Soth read the changes which he had made in the draft of
the Agreement, which met with no objections from the H.R.A.
along with a proposed resolution which authorized the execution
of that Agreement as follows:
* Letter of Credit in the amount required by the contract;
* the funds to be paid out by the trustee December 1st
go in part to Piper Jaffray, the issuer and the remainder
goes to pay project costs the developer is committed to;
* the first payment from interest accrued to the City would
.therefore be made on January 1st;
* the funds the City receives may be deposited in investments
of no more than 90 days;
* the whole effect of the H.R.A. taking over the bonds would
only be upon written notice of the H.R.A.;
* if the H.R.A. does take over the bonds, the developers
• have requested that the agency obtain a release from the
City.
References to the project as "Building 'C"' were clarified;
e 1
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the Attorney explained that the Letter of Trustee he had drawn
up authorized the trustee to pay out the money to the H.R.A.;
• *it was confirmed for Commissioner Makowske's benefit that
the H.R.A• would be incurring no new responsibilities or financial
obligations by receiving assignment of the bonds.
•
H.R.A. Action
Motion by Marks,, seconded by Ranallo to adopt H.R.A. Resolution 86-01 with
the changes in wording proposed by the H.R.A. Attorney.
H.R.A. RESOLUTION 86-01
RESOLUTION RELATING TO KENZIE TERRACE REDEVELOPMENT PROJECT;
AUTHORIZING THE EXECUTION OF AN AGREEMENT RELATING THERETO
Motion carried unanimously.
ADJOURNMENT
Motion by Ranallo, seconded by Enrooth to adjourn the St. Anthony Housing and
Redevelopment Authority meeting at 9:00 P.M.
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Motion carried unanimously.
Respectfully submitted,
Helen Crowe, Secretary