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Item~ 4.3. <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br />DATE: <br /> <br />Economic Development Authority <br />Mayor & City Council <br /> <br /> Mehelich, ~ <br />Catherine Director of Economic Development <br /> <br />October 8, 2001 <br /> <br />SUBJECT: Redevelopment of NE Corner Hwy 169 & Main Street- Update <br /> <br />Staff is continuing to work with developer, ICraus-Anderson, on a redevelopment proposal <br />for the northeast corner of Highway 169 and Main Street. The properties currendy under <br />consideration for the project include the former Ron's Foods, City Emporium, and t~vo <br />adjacent apartment buildings along Third Street. <br /> <br />ICraus-Anderson has submitted a preliminary site plan for review by staff. The current <br />proposal includes three separate buildings for an office, restaurant and multi-tenant retail. <br />The developer is currently undergoing, acquisition discussions with the above property <br />owners. <br /> <br />As owner of the Emporium property the City Council will need to consider the terms of the <br />sale. At this time staff is suggesting sale of the Emporium property at fair market value, <br />which is estimated to be $370,000 for the 0.79-acre corner property (land and building). In <br />addition it is anticipated that the developer will be making a formal request for <br />redevelopment tax increment financing to assist with any extra ordinary costs versus btdldmg <br />on vacant property, such as demolition. <br /> <br />S:\EDALPROSPECTLRons Foods - Emporium\OctUpdat¢.DOC <br /> <br /> <br />