HomeMy WebLinkAboutHRA MINUTES 11131984CITY OF ST. ANTHONY
• HOUSING AND REDEVELOPMENT AUTHORITY MINUTES
November 13, 1984
The meeting was called to order by Chairman Sundland at 8:50 P.M.
Present for roll call: Sundland, Vice Chair Enrooth, and Commissioners Ranallo and
Makowske.
Absent: Secretary/Treasurer Marks.
Also present: David Childs, Executive Director; and Stephen Yurick of Arkell,
Developer.
Motion by Commissioner Makowske and seconded by Commissioner Ranallo to approve as
submitted the minutes for the St. Anthony Housing and Redevelopment Authority
meeting held October 23, 1984.
Motion carried unanimously.
Motion by Commissioner Ranallo and seconded by Vice Chair Enrooth to approve payment
to the following, as listed in the November 13, 1984 H.R.A. agenda.
$975.00 to Adrian Helgeson Company for the H.R.A. audit from the date of inception,
August 25, 1981, to December 31, 1983;
• $600.00 to C. R. Pelton & Associates for the Walbon property appraisals; and
$175.60 to Dorsey & Whitney for legal services to the H.R.A. during September, 1984.
Motion carried unanimously.
Mr. Yurick reported a local lender had given preliminary approval to providing the
construction financing for the Kenzington condominprot and
ium jecthe developer
i—ndicated he anticipated a verbal agreement would be reached with that lender the
following Thursday, with a signed commitment within a week.
Although he was very optomistic the deal would be consumated this time, the
developer said, that in view of past disappointments, his firm would not be let-
ting up on their pursuit of financing with other institutions, two of whom have
indicated a strong interest in the project. However, Mr. Yurick said, it would
take between 30 and 60 days to close either of these deals.
Kraus -Anderson, the title company, and the site subcontractors have all agreed
to commence construction sometime in December if the first negotiation is successful,
according to the developer, who said fewer than 10% of the condominium purchasers
had withdrawn their option to buy, and he perceives there had been no lessening in
community interest in the project during the delay in finding the construction
financing. Mr. Yurick told, the Commissioners his firm had a backlog of prospective
buyers ready to go once the project is started.
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When Commissioner Ranallo asked the developer if he knew why it had been so easy
• for Arkell to get financing for a similar project in Richfield, Mr. Yurick said
his firm was puzzled about that as well, but had concluded one of the lenders
who lived in that area had pushed for financing that project. He agreed with
Commissioner Ranallo that once construction on the Kenzington is started, and with
the approval of the 202 project across Kenzie Terrace, it would be much easier
to proceed with Phases II and III of the Kenzie Terrace Project, for which a
different mix of housing than originally planned, might have to be considered.
Any further developments related to the Kenzington financing would be reported
immediately to the City, Mr. Yurick promised.
Mr. Childs reported the proposed Walbon Redevelopment Project is moving forward
rapidly with three developers indicating an interest in doing the project and the
Walbon's attorney expected to make a counter offer to the City's for the purchase
of their property. The Manager said he anticipates that, pending the successful
closing of those negotiations, it would not be long before a special meeting of
the H.R.A. could be called to consider a purchase agreement and tax increment
financing and rezoning for the project.
Motion by Commissioner Ranallo and seconded by Commissioner Makowske to adjourn
the H.R.A. meeting at 9:05 P.M.
Motion carried unanimously.
•
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Respectfully submitted,
Helen Crowe, Secretary