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• 6. Developer Selection—King and Main Site <br /> It appears at this time there are only two potential developers remaining <br /> for the King and Main site in downtown Elk River. As a result of the <br /> most recent worksession held on this issue, two of the four developers <br /> more or less indicated their desire to see the HRA work with First <br /> National Bank on a project on this site. These two developers were KMR <br /> Partners and Municipal Utilities. This leaves two developers proposing <br /> projects on this site — First National Bank and John Weicht and <br /> Associates/Track of the Wolf. The following significant points of <br /> comparison are made by staff with regard to the two remaining <br /> proposals: <br /> ■ First National to pay $175,000 cash at closing <br /> ■ Weicht proposes potential seller-financed project with possible <br /> $100,000 offered for the land <br /> ■ First National to commit to completing a project by end of 2001 <br /> ■ Weicht to complete project by the end of 2000 <br /> ■ First National to occupy a portion of the space itself and lease <br /> remainder to other office users <br /> ■ Weicht to lease part of the space himself, part to other office users, <br /> and part to Track of the Wolf, Inc. <br /> • ■ First National is able to finance the project with or without <br /> additional tenant interest <br /> ■ Track of the Wolf may not be able to commit to the King and Main <br /> project with Weicht until their building is sold in Brooklyn Park— <br /> possibly a couple of months. <br /> Given this information, staffs recommendation is to proceed with <br /> selecting First National Bank as the developer for the King and Main <br /> site. Staff also recommends the following be included in a Letter of <br /> Intent to be drafted by the City of Elk River HRA and executed by First <br /> National Bank: <br /> ■ Commitment to start construction by April 2001 and complete a <br /> project prior to December 31, 2001 <br /> ■ Commitment to complete a project of substantial size as <br /> determined through negotiation with city staff and information <br /> received from any parking analysis completed for the project area. <br /> ■ Commitment to close on the land purchase on or before April 14, <br /> 2000. <br /> Staff recommends a public hearing be held by the HRA at its regular <br /> • meeting in February or March in anticipation of an April closing date. <br />