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<br /> <br />Housing and Redevelopment Authority Minutes <br />July 1, 2024 <br />--------- <br />Page 3 of 6 <br /> <br />Mr. Touchette stated it is because of the user. He felt once the bottleneck of Highway 169 is alleviated, <br />the desirability of this area of Elk River will continue to grow. <br /> <br />Commissioner Caswell noted there were 4 driveways removed from the stretch of road. <br /> <br />Chair Chuba felt the traffic would be a little more accelerated due to the change in use. <br /> <br />Mr. Touchette indicated there were no plans to change the intersection of Main and Gates that he was <br />aware of, and noted once Highway 169 was finalized, this area would again have plenty of capacity to <br />support the proposed use. <br /> <br />Mr. O'Neil commented that the proposed amendment allows for an anticipated construction date of as <br />early as September and as late as October. <br /> <br />Mr. Touchette stated they would need to get the groundwork completed before winter. <br /> <br />Commissioner Ovall asked if this amendment would allow for closing to occur sooner. <br /> <br />Mr. Touchette indicated it would depend upon city variance approvals and permits. He stated he <br />discussed permits with staff, and it was favorable to allow for him to receive permits to allow for <br />construction before winter. He stated the architect is three weeks away from the permit set and <br />environmentals were completed today. <br /> <br />Mr. O'Neil stated the city did do geotechnical review but not environmental review. Mr. Touchette <br />stated they will complete 4 additional boring for the foundations and doesn't anticipate any foundational <br />problems. <br /> <br />Mr. O'Neil stated that in addition to the amendments included in the packet, Mr. Touchette requested <br />a few additional items. Paragraph 8.2 links the earnest money to the due diligence period rather than an <br />earlier period for title commitment. This will memorialize the earnest money in sync with the <br />termination of the expiration of the due diligence period. Paragraph 11 - addresses an inaccurate <br />sentence by deleting reference to the buyer as an individual. Paragraph 15 - Mr. Touchette would intend <br />to assign the he rights of the agreement to Medical on Main LLC. He would recommend approval of <br />this amendment, and it was reviewed by city legal staff. <br /> <br />Chair Chuba stated he could see why he would want it extended due to the variance application. <br /> <br />Commissioner Beaudry asked if additional earnest money should be requested as in most commercial <br />deals, it's common for nonrefundable earnest money to be requested due to the property being tied up <br />that much longer. <br /> <br />Mr. Touchette indicated that is common in commercial property, but not if you are trying to make a <br />project economically feasible. He noted the challenges that are working against these parcels and can't <br />do what they really want to do. He stated he would lose this user if this isn't completed now, as no one <br />has time on their side. He stated he has invested a lot of time, energy, and money in these properties <br />since 2022 and isn't willing to let that go. <br /> <br />Commissioner Ovall stated he heard Commissioner Beaudry's thoughts and has empathy for the