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Elk River AutoMall Administrative Subdivision Request <br />December 18, 1995 <br />Page 2 <br />also involved in a private roadway agreement for emergency accessibility to <br />these parcels. <br />It should be mentioned that two mortgages currently exist on this property; <br />one is held by the Bank of Elk River, and the Elk River EDA has a second <br />mortgage on the property, too. There is some concern on the lender's behalf <br />regarding their equity position if one of the parcels is to change ownership. <br />Therefore, before this administrative subdivision can be recorded at the <br />County, a condition will be made part of this approval that all of the lender's <br />concerns be satisfied. <br />Planning Commission <br />The Planning Commission did not review this application because the <br />administrative subdivision only requires Council <br />Recommendation <br />It is recommended the City Council approve the administrative subdivision <br />for Elk River AutoMall to divide a 3.76 acre site into a 2.91 and .85 acre site <br />with the following condition: <br />1. Prior to recording the administrative subdivision, a letter of approval <br />be received from the Bank of Elk River stating their concerns have <br />been satisfied. <br />s:counci1:as95-12 <br />