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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> • MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: March 24, 1997 <br /> SUBJECT: King and Main Finances <br /> What follows is a summary of King and Main financing: <br /> Purchase price $410,000 <br /> Settlement Charges $ 1,157 <br /> Prorated Taxes $ 325 <br /> Second half 1996 taxes $ 5,935 <br /> Legal $ 1,284 <br /> • Environmental Audit $ 5,736 <br /> Printing &Publishing $ 31 <br /> Survey $ 1,200 <br /> Total Expenditures to Date $425,668 <br /> Expenses yet to be incurred on King and Main: <br /> Environmental Consultants $ 1,230 <br /> Asbestos Abatement $ 16,315 <br /> Demolition $ 21,639 <br /> Filling/Compacting/Grading $ 4,000 <br /> Total Expenditures Pending $ 43,184 <br /> Staff does not have an accurate estimate of the legal fees associated with this <br /> project in the months of January and February, but these fees should not be <br /> more than $1,000 with review of the Development Agreement and final <br /> issues regarding creation of Tax Increment Financing District No. 16. <br /> As you can see from the enclosed Statement of Financial Activity, the HRA <br /> presently has a cash balance of$63,995. It is anticipated this cash balance <br /> would be the source of funds to pay the pending costs of$43,184. <br /> • \\elkriver\sys\shrdoc\eda\hra\kmfinanc.doc <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />