4.0. 5.0. HRSR 08-03-1998 - Laserfiche WebLink

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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY MEMORANDUM TO: Housing and Redevelopment Authority ryrc FROM: Paul T. Steinman, Director of Economic Development DATE: July 29, 1998 SUBJECT: Agenda Memo for August 3, 1998, Special HRA Worksession Consider Letter of Intent with Midwest Building Components Terry Veech, president of Midwest Building Components, will be available at this HRA worksession to update the HRA on activities regarding the proposed project on the King and Main site. • A draft Letter of Intent is attached to this memo and has been agreed to by Midwest Building Components. An issue which has arisen since the last HRA meeting from a couple of people is whether the HRA should consider a shorter term for this Letter of Intent. As indicated in the Letter of Intent, the term is proposed to be from June 30, 1998, to December 30, 1998. The comments which staff has heard have been to possibly decrease the term of the Letter of Intent to a total of four months. That would mean the Letter of Intent would be in effect until November 1, 1998. The reason these comments have been received regarding a possible shorter term for this Letter of Intent is that there seems to be other developer interest in the King and Main site at this time. Recommendation Staffs recommendation is that the HRA enter into a Letter of Intent with Midwest Building Components for the term of June 30, 1998, to November 1, 1998. If, at the end of the four month term, the HRA is comfortable with the proposed project with MBC the Letter of Intent can be extended or a • Preliminary Development Agreement,which is the next step in the process, could be executed at that time. The HRA has the option to P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment