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Vernon S~ee! NW <br />Bulldlr~ 1D0, Vern~,q PL~r.a <br /> <br />(612) 441-~,35 <br /> <br />-21 May 199~ <br /> <br />TO: Elk River HRA & EDA <br /> 13065 Orono Road <br /> Elk River, Mn. 55330 <br /> <br />SUBJECT: King & Main Redevelopment <br /> <br /> We would like to propose the construction of a multi-tennant <br />zero lot-line building on the corner of King and Main Street in <br />downtown Elk River. The size of the building would range from at <br />least 10,000 S.F. up to about 14,000 S.F. based on tennants' <br />space requirements and design constraints. Completed value of <br />the building would range from $800,000.00 to over $1 million, and <br />not be less than $800,000.00. <br /> Construction would begin as soon as tennant commtttments were <br />firm, design completed and construction lending in place. The <br />earliest anticipated start is late summer/early fall 1996 with <br />substantial completion January 1, 1997. <br /> We understand that the Elk River HRA intends to create a TIF <br />District to facilitate this project by way of land cost write- <br />down and demolition. We could not undertake the project without <br />such assistance, based on what we understand to be the present <br />owners' position on price. <br /> Because of the anticipated TIF assistance, we agree that if we <br />cannot start constroctionin 1996 and substantially complete it by <br />January 1, 1997, that we must then delay construction start. In <br />that event, we would not start construction before July 1, 1997, <br />and would substantially complete construction by January !, 1998. <br /> Land purchase of the 180' × 180' parcel would be a minimum of. <br />$225,000 after buildings bought, site cleared,~B-~dYl' <br />corrections made as necessary. <br /> We are prepared to immediately beg{n, drafting discussions and <br />enter into a binding redevelopment contract to commence the <br /> <br />pr o~ct. <br />ThgnR You /) <br /> <br />~he Chuba Company <br /> <br /> F,A,,X TRANSMrTTAL # of Pages_ <br /> <br />CO:_P..cr? ~'. A, . <br /> <br />DEPT._ .. PHOI~..: (812) 441-44~ <br />FAXt '~/' 94Z..¢"'~. i:/,Xi~ (¢12)441-5~35 <br /> <br />COMk4Ehrf$ <br /> <br />NEW CONSTRUCTION & REMODELING <br /> <br />TATEM <br /> <br /> <br />