3.0. HRSR 01-18-2000 ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY
MEMORANDUM
TO: Housing and Redevelopment Authority
?)„.FROM: Paul Steinman, Director of Economic Development
DATE: January 11, 2000
SUBJECT: King and Main Site Proposals
The purpose of this worksession is to allow the HRA to listen to the four
proposals and, subsequently, to rate each proposal on the attached rating
form. Staff has indicated on the agenda it would recommend the HRA form
some consensus of which proposal/developer they would intend to proceed
with. A final selection would then be made at the regular meeting of the HRA
on January 24, 2000.
• Upon a final selection being made by the HRA, staff will then proceed to put
together a preliminary development agreement or letter of intent for
execution by the HRA and developer. Such agreement would likely include
the following major points:
■ Developer agrees to close on the property on or before March/April
2000.
■ Developer agrees to complete construction of a building by
December 31,
■ Developer agrees to complete construction of a building with
minimum square footage of
Staff would recommend a closing on the land purchase some time in March or
April of this year, giving the developer approximately 60 to 90 days to review
and come to terms with the requirements of the HRA agreement. It is
important to note as well, that a public hearing will be required prior to the
sale of this lot to any developer.
If you have any questions or comments prior to this meeting, please feel free
to call me at 441-4905.
i
13065 Orono Parkway • P.O. Box 490 • Elk River,MN 55330-1743• (612) 441-7420• Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment