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MEMORANDUM <br /> Ty of <br /> i ,. TO: Housing and Redevelopment Authority <br /> lk �� River FROM: Pat Klaers, Execu a 'rector <br /> DATE: April 17, 1996 <br /> SUBJECT: King Avenue/Main Street Project <br /> 4. King/Main Project <br /> At the last HRA meeting on 4/3/96, the HRA was in agreement that <br /> the northwest corner of King Avenue and Main Street is a very <br /> important part of the central business district and its future <br /> development or redevelopment plans. This site is divided into four <br /> different parcels which are owned by three different parties. The site <br /> is 180 feet by 180 feet for 32,400 square feet or about 3/4 of an acre. <br /> These properties were on the market in 1994 and in 1995. At the last <br /> • HRA meeting, concern was expressed that if something was not done <br /> with this property as soon as possible in 1996, the opportunity to do a <br /> redevelopment project may be lost. Accordingly, the central business <br /> district could end up with a remodeled building, a business in a <br /> retrofitted facility, or even a home (812 Main) in this quadrant for <br /> quite a few years into the future. In the discussion on this issue, the <br /> HRA expressed its serious intention to be proactive and aggressive <br /> with this property. The HRA indicated its desire to purchase all of the <br /> properties and preserve its opportunity to do something positive in the <br /> central business district even if a redevelopment plan from a developer <br /> was not in place. <br /> After the HRA reviewed some information related to the 1995 ECM <br /> proposal and discussed the minimum market value that was needed in <br /> order for a redevelopment project to be financially feasible, it directed <br /> me to contact the owners of the property to discuss purchase options. <br /> Following this 4/3/96 HRA meeting, I contacted one owner and Mark <br /> Kleckner, Century 21, who represents another owner. Mark offered to <br /> contact the third owner and to organize a proposal for all three of the <br /> owners. At this time I believe that I will have an option offer verbally <br /> accepted by the three owners by the 4/17/96 meeting and would like to <br /> review the option price and a purchase price with the HRA. <br /> • The overwhelming key issue with this project is negotiating a <br /> redevelopment project and the market value that the county places on <br /> 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 <br />