HomeMy WebLinkAboutHRA MINUTES 08091985• ST. ANTHONY VILLAGE HOUSING AND REDEVELOPMENT AUTHORITY
SPECIAL MEETING AGENDA
5:00 P.M.
Friday, August 9, 1985
City Council Chambers
A. Call to Order.
B. Roll Call.
C. Items relating to the Kenzie Terrace Redevelopment Project.
1. Seventh Amendment of Redevelopment Contract
Summary Description: This Amendment contains the following provisions:
a. Extends the deadline for completion of minimum improvements for
Phase of the Kenzie Terrace Redevelopment:_Project from JLne 6, 1986
to August 1, 1986'or a 55 day extension.
b. 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.
• c. Provides for no reversion of Phase I for a default on Phases II
and III.
Recommendation: The Executive Director and H.R.A. Attorney recommend
approval of Resolution HRA 1985-003 approving the
Seventh Amendment to the Redevelopment Agreement.
2. Consent Agreement
Summary Description: Would approve the following agreements between -META
and Arkand.
a. Makes META Arkand's project manager for Phase I.
b. META agrees to provide credit enhancement in securing construction
financing for Phase I.
c. Gives META the option to acquire fee title to Phase I upon the
earlier of:
1) Approval by H.R.A. of substitution of META as redeveloper, or
2) Issuance of certificate of completion for Phase I.
d. 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.
• Recommendation: The Executive Director and H.R.A. Attorney recommend
approval of Resolution H.R.A. 1985-004 consent agreement
relating to agreements between Arkand and META Partnership.
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3. Loan Commitment
• Summary Description: Makes Arkand the borrower of $8,300,000 at 2-1/2%
above prime (computed monthly) and makes the META
Partnership and their individual members and wives
the Guarantors: the Lender is Home Savings Associa-
tion of Kansas City.
Recommendation: See #7.
4. Promissory Note
Summary Description: Note by Arkand Partnership to Home Savings Associa-
tion of Kansas City for a $8,300,000 construction
loan.
Recommendation: See V.
5. Mortgage
Summary Description: Mortgage relating to Phase I of Kenzington Project
from Arkand Partnership`toiHomeiSavings Association
of�Kansas City securing the indebtedness under the
note.
Recommendation: See V.
• 6. Security Agreement
Summary Description: From Arkand Partnership to Home Savings Association
of Kansas City securing the note and covering personal
property and fixtures in Phase I.
Recommendation: See V.
7. Guaranty
Summary Description: Guaranty by META Partnership individual partners
and spouses of the loan to Arkand.
Recommendation: The Executive Director and H.R.A. Attorney recommend
approval of Resolution HRA 1985-005 relating to the loan
commitment promissory note, mortgage, security agreement
and guaranty.
8. Agreement and Consent
Summary Description: An agreement between the H.R.A. and Home Savings
Association of Kansas City and Arkand, which contains
the following provisions:
1) Approves the Home Savings Association of Kansas
• City note and mortgage as required under the
redevelopment contract.
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2) Agreement by the H.R.A. not to take any action
• against Home Savings Association of Kansas City
or the project in the event of a default under
the contract until Home Savings Association of
Kansas City or another redeveloper takes title and
commences construction on the project.
The H.R.A. also agrees that it cannot delay a
foreclosure by Home Savings Association of Kansas
City.
3) The Agency's reversionary rights to recover
Phase I are subordinate to mortgage as presently
provided in the redevelopment contract.
4) If Home Savings of Kansas City acquires possession
or title to Phase I, the H.R.A. will have no
right of reverter, but if Home Savings Associa-
tion of Kansas City or another redeveloper takes
over Phase I, they will be subject to the
redevelopment project (restates present provisions
of redevelopment contract).
5).'. H.R.A. agrees it.will take no action against
META or Home Savings Association of Kansas City
for default by Arkand unless they have taken
over construction of the project as the re- .
• developer.
Recommendation: The Executive Director and H.R.A. Attorney recommend
approval of Resolution H.R.A. 1985-006 relating to the
agreement and consent between H.R.A. Home Savings
Association of Kansas City, and Arkand.
D. Other Business.
E. Adjournment.
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