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Elk River Housing and Redevelopment Authority Minutes Page 2 <br /> June 29, 1998 <br /> • Paul Steinman indicated that a zero dollar land cost from the developer is being <br /> requested as part of this project. He suggested that the HRA consider leaving <br /> various options open for payment of a minimum of$100,000 for the land. Paul <br /> Steinman indicated that there could be several financing options that can be <br /> negotiated for the land. <br /> Terry Veech of MBC distributed a letter to Paul Steinman which included a pro <br /> forma and a building design and operational cost. Mr. Veech indicated that this <br /> pro forma shows no payment for the land. Discussion was held regarding the <br /> building design, layout, and parking. Discussion was also held regarding possible <br /> options to recoup some of the land costs. <br /> Commissioner Farber arrived at this time (5:40 p.m.) <br /> COMMISSIONER FARBER MOVED TO SIGN A LETTER OF INTENT FOR SIX MONTHS AND <br /> THAT THE LAND COST SCENARIO BE NEGOTIATED BY THE ECONOMIC DEVELOPMENT <br /> DIRECTOR. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION <br /> CARRIED 4-0. <br /> Paul Steinman indicated that he would bring the letter of intent back to the HRA <br /> for review at its next meeting. <br /> 6. Adjournment <br /> There being no further business, COMMISSIONER FARBER MOVED TO ADJOURN. <br /> COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> • The meeting of the Elk River Housing and Redevelopment Authority was <br /> adjourned at 5:50 p.m. <br /> Res ectfully submitted, <br /> Sandra Peine C2e4-47eP <br /> City Clerk <br /> • <br />