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LAIN <br /> DEVELOPMENT LLC <br /> • PROPERTIES INC <br /> "housing the heartland " <br /> 1600 University Avenue,Suite 212 <br /> St.Paul,MN 55104-3825 <br /> Phone:651-646-7848 <br /> March 21, 2003 Fax:651-646-8947 <br /> Catherine Mehelich <br /> Director of Economic Development <br /> 13605Orono Parkway, Box 490 <br /> Elk River, Minnesota 55330 <br /> Ref: Downtown Revitalization <br /> Ms. Mehelich, <br /> MetroPlains is requesting for the HRA consider an extension of 6 months for the pre-development <br /> agreement for the revitalization of the downtown project. The current predevelopment agreement <br /> expires on May 1, 2003. This extension will allow us to complete the process that we have begun <br /> and reach the conclusions for development that we all are looking forward to. <br /> • Over the past five months we have been working towards viable options for the revitalization. <br /> Activities have included: <br /> • Meetings with city staff every two weeks <br /> • Confirmation of the two sites in the downtown for revitalization <br /> • Plan development for the two sites including many options looking at phasing, <br /> parking, size of development, number of businesses impacted, size of buildings, sq. <br /> ft. of commercial space and number of housing units. <br /> • Financial feasibility looking at programs, cost of development with various options, <br /> purchase price in comparison with size of development and overall economic <br /> proformas. <br /> • Acquisition determination including discussions with property owners and or <br /> businesses to determine desire to sell and the price point for that option. Discussions <br /> have also included relocation. This has included short and long term options,phasing <br /> and future business plans. <br /> • Data base development summarizing the various agencies, codes, zoning, setbacks, <br /> property owners,businesses, sq.ft. Of commercial currently located in downtown, <br /> assessed values,property lines, contours, transportation including highway 10 and <br /> the railroad and various other site determining factors effecting development. <br /> Some of these activities have been difficult to obtain and have taken more time to determine. We <br /> are working toward real options for both the physical development and the financial viability of <br /> those options. Without having these two in harmony the opportunity to move forward is not present. <br /> • Therefore we are requesting the six-month extension for this purpose. The primary activities in this <br /> extension are to work through the acquisition of properties and summarization of the financial <br />