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Elk River Housing& Redevelopment Authority Meeting Page 2 <br /> January 24, 2000 <br /> • COMMISSIONER THOMPSON MOVED TO NOMINATE STEWART WILSON AS <br /> SECRETARY OF THE HRA FOR THE YEAR 2000. COMMISSIONER TOTH <br /> SECONDED THE MOTION.THE MOTION CARRIED 3-0. <br /> Commissioner Wilson arrived at this time (5:04 p.m.) <br /> B. Designate Official Newspaper <br /> COMMISSIONER TOTH MOVED TO DESIGNATE THE ELK RIVER STAR NEWS AS ITS <br /> OFFICIAL NEWSPAPER FOR THE YEAR 2000. COMMISSIONER THOMPSON <br /> SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> C. Designate Official Depositories <br /> COMMISSIONER TOTH MOVED TO DESIGNATE THE FOLLOWING OFFICIAL <br /> DEPOSITORIES FOR THE YEAR 2000: <br /> o BANK OF ELK RIVER <br /> o FIRST NATIONAL BANK OF ELK RIVER <br /> o 4M FUND <br /> o NORWEST BANK <br /> o USBANKS <br /> COMMISSIONER THOMPSON SECONDED THE MOTION.THE MOTION CARRIED <br /> 4-0. <br /> • 6. Developer Selection - King and Main Site <br /> Director of Economic Development Paul Steinman stated that the two potential <br /> developers remaining for the King and Main site were First National Bank and John <br /> Weicht&Associates/Track of the Wolf. Chair Kropuenske noted that the <br /> developers have made presentations to the HRA and that the HRA is ready to <br /> make its selection. <br /> Commissioner Toth noted that he would be in favor of John Weicht's proposal as it <br /> offers more diversity for the downtown area. <br /> Chair Kropuenske noted that he would be in favor of the First National Bank <br /> proposal as he feels it is the best project for the corner and that the project gives <br /> consideration to adjacent landowners. <br /> Commissioner Wilson indicated that he supports the First National Bank project <br /> because of the cash payment to the HRA in the amount of$175,000. <br /> Commissioner Thompson indicated that he supported the First National Bank <br /> proposal also based on the cash payment. <br /> COMMISSIONER THOMPSON MOVED TO ENTER INTO A PURCHASE AGREEMENT WITH <br /> FIRST NATIONAL BANK FOR THE PURCHASE OF THE PROPERTY AT KING AND MAIN <br /> AND TO DRAFT A PRELIMINARY DEVELOPMENT AGREEMENT TO BE EXECUTED AT <br /> • CLOSING ON THE PROPERTY WITH THE FOLLOWING CONDITIONS: <br />