5.0. 6.0. HRSR 11-22-1999 - Laserfiche WebLink

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November 15, 1999 Re: Proposal for King & Main building site: City of Elk River Marc Nevinski - Assistant Director of Economic Development 13065 Orono Parkway Post Office Box 490 Tel: 612-441-7420 Elk River, MN 55330 Fax: 612-441-7425 Dear Mr. Nevinski: Per your request, we provide these answers to your questionnaire, and we look forward to attending the Elk River HRA meeting on November 22, at 5:00 pm, to answer any other questions: 1) Project description: We propose to build a two (2) story building, up to 10,080 square feet on each floor, of the size and shape suggested by the City of Elk River's concept drawing plans for King and Main. The building design will be "L" shaped, of masonry construction, and will closely follow the city's concept drawings. Special attention will be given to the brick and stone exterior, to correctly match the appearance of the best work of the 1890 - 1900 era construction in our area. Our goal is to add a period building to historic old downtown Elk River, which will serve as a show case for our pre-1898 era products and services. Off-street parking spaces will be allocated per the city's concept drawing, on the site, along both rear edges of the property. The city's plan will provide ample parking. 2) Project finance: About twenty five to thirty percent of the project cost will be a transfer of equity,result- ing from the sale of our current site in Brooklyn Park to the Rudy Luther heirs, for use as an automobile dealership. The balance of seventy to seventy five percent will be financed by conventional commercial mortgage. In preliminary meetings, our bank officers have reviewed our project, and they indicate that our project should be easily approved.