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THE <br /> HUBAITEM 6 <br /> COMPANY <br /> 7/64 k� �_ 317 Main Street,Elk River,MN 55330 Phone(612)441-4488 <br /> • • <br /> 21 June 1993 <br /> Bill Rubin <br /> City of Elk River • <br /> Economic Development Authority <br /> Elk River, Mn. 55330 <br /> Dear Bill, <br /> We are formally requesting .Tax Increment Financing to assist with <br /> the redevelopment of properties at 317 Main Street and 323 Main Street, <br /> We are proposing to build an office townhouse/condo building with a total <br /> square footage of up to 10,000 S.F. The building will house three existing <br /> businesses in the City of Elk River which are expanding their space requirements. <br /> The first phase is designed to use the property at 323 Main street where a <br /> 11 story home is now located. The 2nd phase which would be started as soon as <br /> tennants are committed would include the property at 317 Main St. The 1st phase <br /> is expected to be around 5000 S.F. and the 2nd phase of about 5000 S.F. Start <br /> times of construction are ASAP as the 1st phase businesses are anxious to expand. <br /> T.I.F. funds would be used to remove existing wells, trees, foundations, buildings, <br /> III and for soils corrections. The 1st phase T.I.F. needed would be $25,000. <br /> 2nd phase T.I.F. funds would be used for land acquisition, building removal, <br /> foundation removal, soils corrections. Total T.I.F. funds for this phase which <br /> would allow for the 'doubling of building size would be $35,000.00. <br /> We have tentative approval of construction loans for the 1st phase. <br /> Please consider this proposal at your earliest convienence. • <br /> • S e yy Yours, <br /> 1 <br /> Bennis G. C u a. <br /> he Chuba Company <br /> • <br /> • AMERICA is REMODEUNG <br /> with <br /> YOUR COMPLETE CONSTRUCTION SERVICE111gir <br />