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MAY-21 -96 TUE _ _ . SC CHUBA CO 44156Z5 P. 01 <br /> CCOMPANY <br /> H <br /> 19276 Vernon Street NW <br /> Building <br /> ��y(s l r ; ng 100,Vernon Plaza <br /> • =r Elk River,MN 55310 Phi (612)441-444M <br /> Fax 012)4114435 <br /> 21 May 1996 <br /> TO : Elk River HRA & EDA <br /> 13065 Orono Road <br /> Elk River , Mn. 55330 <br /> SUBJECT: King & Main Redevelopment <br /> We would like to propose the construction of a multi-tennant <br /> zero lot-line building on the corner of King and Main Street in <br /> downtown Elk River . The size of the building would range from at <br /> least 10 , 000 S . F. up to about 14 , 000 S.F. based on tennants ' <br /> space requirements and design constraints . Completed value of <br /> the building would range from $800, 000. 00 to over $1 million , and <br /> not be less than $800, 000. 00 . <br /> Construction would begin as soon as tennant committments were <br /> firm, design completed and construction lending in place . The <br /> earliest anticipated start is late summer/early fall 1996 with <br /> substantial completion January 1 , 1997 . <br /> We understand that the Elk River HRA intends to create a TIF <br /> District to facilitate this project by way of land cost write- <br /> down and demolition. We could not undertake thero 'ect without <br /> J <br /> such assistance , based on what we understand to be the present <br /> owners ' position on price . <br /> Because of the anticipated TIF assistance , we agree that if we <br /> cannot start constructionin 1996 and substantially complete it by <br /> January 1 , 1997 , that we must then delay construction start . In <br /> that event , we would not start construction before July 1 , 1997 , <br /> and would substantially complete construction by January 1 , 1998 . <br /> Land purchase of the 180 x 180 ' parcel would be a minimum of. <br /> $225 , 000 after buildings bought , site cleared , and soil- -- <br /> corrections made as necessary . <br /> We are prepared to immediately begin drafting discussions and <br /> enter into a binding redevelopment contract to commence the <br /> project. <br /> Th. You <br /> /� 1 <br /> _ f' FAX TRANSMITTAL #of Pages. <br /> ennis ` . Chuba T0: �{-A- , FROM:mow`-? 0lic) 1- <br /> ji'he Chu •a Company co: C!-ry •�• A, <br /> - <br /> he <br /> PHONE(612)441-4488 <br /> FAX I 44f - 94Z FAX# (612)441-5635 <br /> 0COMMENTS <br /> SN1TED <br /> NEW CONSTRUCTION & REMODELING TATEs <br /> RikarYL E <br />