HomeMy WebLinkAboutHRA MINUTES 12181984•
CITY OF ST. ANTHONY
HOUSING AND REDEVELOPMENT AUTHORITY MINUTES
December 18, 1984
The meeting was called to order by Chairman Sundland at 8:27 P.M.
Present for roll call:Sundland, Vice Chair Enrooth, Secretary/Treasurer Marks,
and Commissioners Ranallo and Makowske.
Also present: David Childs, Executive Director; and Stephen Yurick, Executive
Vice President of Arkell Development Corporation, Kenzington Developer
Motion by Secretary/Treasurer Marks and seconded by Commissioner Ranallo to approve
as submitted the minutes of the H.R.A. meeting held December 4, 1984.
Motion carried unanimously.
Mr. Yurick had enumerated the reasons the developers were requesting an extension of
12 months to request acquisition of property for Phases _II_and=II:I-in his December
14"th-letter to the H -R -A -The -developer had ci"ted the difficulty in_obtaining
financing for market rate condo projects related to the general market conditions
in the condominium and housing industry. The redeveloper pointed out that the City's
financial exposure had been kept to a minimum for Phase I of the Kenzie Terrace
Redevelopment Project and indicated his firm was recommending the City wait another
• year to see if those conditions change before expending out money to purchase the
Saliterman property.
Mr. Childs indicated he, Mr. Krier, and the Attorney, had concurred with Mr. Yurick's
conclusion that it would be appropriate to have between 80% and 85% of the Kenzington
project sold out before the marketing of Phase II and III commences and reiterated,
as he had stated in his own December 14th memo to the H.R.A. members, that, with
only a $300,000 debt incurred for the 202 senior housing project, which would be more
than covered by the developer's $400,000 Letter of Credit, the City is in an
excellent financial position which should be retained by not moving into Phase II
and III without careful consideration. The Executive Director, Consultant and
Attorney were therefore all in agreement that the Redevelopers Agreement should be
extended for another year.
Motion by Commissioner Ranallo and seconded by Commissioner Makowske to authorize
the H.R.A. Chair and Executive Director to enter into the sixth amendment to the
Redevelopers Agreement with Arkand Partnership which would extend the date on which
the developers must recommend acquisition of property for Phases II and III of the
Kenzie Terrace Redevelopment Project to December 31, 1985.
Motion carried unanimously.
Commissioner Ranallo commented that he had anticipated construction would have been
commenced on the Kenzington project by now. Mr. Yurick responded that the type of
building construction which is selected would determine the date the footings could
be dug. Because his firm had decided to go with prestressed panels, rather than poured
• concrete, after carefully weighing the pros and cons of each, the developer said the
footings could only be dug within 10 days or two weeks of delivery of the panels,
which Mr. Yurick anticipates would be no later than the last of January. Depending
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upon reception of a firm date for delivery, the developer estimated construction
could be started as early as January lst and no later than January 7th. Construction
would take about 10 months and Mr. Yurick indicated there could be early occupancy
on the top floors sometime between the eighth and ninth months.
In regard to the proposed townhouse redevelopment of the Wal,bon property on Old
Highway 8, Mr. Childs reported he understood the Walbons had gotten an extension on
their option to buy relocation property and the Executive Director indicated he per-
ceives there is not a great distance between his own and a developer's figures for
doing the project. He therefore anticipates a firm proposal could be presented for
Commission consideration at their first meeting in January. H.R.A. members
indicated their appreciation of the intent of the developer to work out any dif-
ferences with the neighbors before a firm proposal is brought to the City for
approval.
Motion by Commissioner Ranallo and seconded by Secretary/Treasurer Marks to adjourn
the meeting of the St. Anthony Housing and Redevelopment Authority at 8:40 P.M.
Motion carried unanimously.
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Respectfully submitted,
Helen Crowe, Secretary