4.0. EDSR 04-08-1996 - Laserfiche WebLink

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IP i ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM 4) = TO: Economic Development Authority FROM: William Rubin, Executive Director yl,_ DATE: February 12, 1996 (/ V SUBJECT: Agenda Memo for February 12, 1996, EDA Meeting 7. District 728 Maintenance Facility At its meeting of June 12, 1995, the Elk River EDA authorized a Contract for Private Development by and between the EDA and Independent School District 728. The Agreement was entered into the 27th day of October, 1995. A copy of the Agreement is included in the agenda packet and more thoroughly outlines the terms and conditions of the project. Section 3 of the Agreement addresses the topic of default. District 728 is required to obtain a Certificate of Occupancy on or before March 1, 1996. It is also required to provide a minimum investment of $750,000. While general site development activities occurred last fall, higher than expected construction bids delayed this project; As a ppears as though the District will phase-in this project. For #example, the project's first phase will likely contain approximately 12,900 square feet. Construction will begin this spring and should be completed by October. The anticipated investment required for this project is $900,000. A second phase,with an investment of approximately $300,000, will result in the construction of an additional 7,800 square feet. This space may not be constructed for OrdwiPto Five years. As a result of these issues, Dr. Ron Bratlie has agreed to attend the EDA meeting and answer any questions or address any areas of concern. In order that the integrity of the Agreement be retained, it would be in order to move forward with, say, a first amendment which addresses the project's revisions. 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