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4.0.-5.0. HRSR 05-23-1996 MAY-21-96 TUE 12 :33 CHUBA CO 4415835 P. 01 VW (,fIUBA 19276 Vernon Street NW • r 17Eyitfil g ^ Building 100,Vernon Plaza Phone (612)441-4488 Elk River,MN 55330 Fax (612)441.5835 21 May 1996 TO: Elk River HRA & EDA 13065 Orono Road Elk River , Mn. 55330 SUBJECT: King & Main Redevelopment We would like to propose the construction of a multi-tennant zero lot-line building on the corner of King and Main Street in downtown Elk River . The size of the building would range from at least 10,000 S.F. up to about 14,000 S.F. based on tennants ' space requirements and design constraints. Completed value of the building would range from $800,000.00 to over $1 million, and not be less than $800,000.00. Construction would begin as soon as tennant committments were firm, design completed and construction lending in place . The earliest anticipated start is late summer/early fall 1996 with substantial completion January 1 , 1997 . We understand that the Elk River HRA intends to create a TIF • District to facilitate this project by way of land cost write- down and demolition. We could not undertake the project without such assistance, based on what we understand to be the present owners ' position on price. Because of the anticipated TIF assistance, we agree that if we cannot start constructionin 1996 and substantially complete it by January 1 , 1997 , that we must then delay construction start. In that event, we would not start construction before July 1 , 1997 , and would substantially complete construction by January 1 , 1998 . Land purchase of the 180 x 180' parcel would be a minimum of $225 ,000 after buildings bought, site cleared,and soil corrections made as necessary. We are prepared to immediately begin drafting discussions and enter into a binding redevelopment contract to commence the I project. Th. You 1 .4'1/ F T TTAL #of Pages i RA NSMI ennis ` . Chuba TO: T ("Cr— , FROM:40°41 C�fly he Chu•a Company CO: Ci ''�' DEPT. PHONE(612)441-4488 FAX I 441 - 94z c FAX# (612)441-5835 COMMENTS • NEW CONSTRUCTION& REMODELING R_ t]I,[ 2R, CITY OF ELK RIVER • NOTICE OF PUBLIC HEARING The Elk River City Council will conduct a public hearing on Monday June 17, 1996, at 6:00 p.m. at the Elk River City Hall, 13065 Orono Parkway, to discuss the acquisition of three properties for redevelopment. The properties being considered for purchase by the Housing and Redevelopment Authority include all or parts of Lots 3, 4, & 5, Block 1, Village of Elk River. This public hearing is required under Minnesota Statutes Chapter 469.028, Subd. 5. All interested persons are invited to attend the public hearing to express their questions and/or comments. Hearing impaired persons planning to attend who need an interpreter or other persons with disabilities who require auxiliary aids should contact the City Clerk at 441-7420 by June 13, 1996. 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