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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: December 17, 1998 <br /> SUBJECT: Agenda Memo for December 21, 1998, <br /> HRA Meeting <br /> 4. Discuss King and Main Project- Terry Veech <br /> Issue <br /> The issue before the HRA at this time is to consider its options <br /> regarding its commitment to Midwest Building Components on the <br /> di development of the King and Main site. The HRA's letter of intent <br /> with Midwest Building Components will end on December 31, 1998. <br /> Background <br /> The HRA signed a letter of intent with Midwest Building Components <br /> in approximately July 1998, to allow MBC to be the only developer <br /> working with the HRA on the King and Main site through the end of <br /> December 1998. MBC had outlined a variety of activities which they <br /> would accomplish within this six month period and to date, it appears <br /> to staff as though they have accomplished the following activities: <br /> • Complete a concept design for the site <br /> • Discuss such concept design with Planning Commission <br /> • Do soil borings and review environmental testing on the site <br /> • Actively market the proposed building to prospective tenants <br /> The one remaining activity yet to be completed is for letters of intent to <br /> be signed by prospective tenants for occupation of the proposed <br /> building. This obviously is the most challenging aspect of the project <br /> and to date has not occurred. <br /> • <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 />