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<br />-\.1 ~( <br />( II <br />IIi{ River <br /> <br />ITEM 4.2. <br /> <br /> <br />TO: <br /> <br />FROM: <br /> <br />MAYOR & CITY COUNCIL <br />WILLIAM RUBIN, ED COORDINAT~~ <br />NOVEMBER 17, 1993 <br /> <br />DATE: <br /> <br />SUBJECT: DEVELOPMENT AGREEMENT FOR OFFICE <br />PROJECT AT MAIN STREET AND <br />FREEPORT AVENUE <br /> <br />INTRODUCTION <br /> <br />On August 16, 1993, the Elk River City Council approved a tax <br />increment amendment to support an office-townhouse project at <br />Main Street and Freeport Avenue. Therefore, it is in order to <br />execute an agreement with the developer. <br /> <br />BACKGROUND <br /> <br />The Development Agreement outlines the terms and conditions by <br />which the developer, The Chuba Company, will be reimbursed for <br />the demolition and site preparation costs associated with this <br />redevelopment project. A copy of the Development Agreement is <br />attached to this memo. <br /> <br />e <br /> <br />The Elk River Housing and Redevelopment <br />a party to this agreement. This is <br />agreeing to fund fifty percent of the <br />to a maximum of $25,000. <br /> <br />Authority (HRA) is also <br />done in light of the HRA <br />redevelopment costs, up <br /> <br />As with the 1992 project, Mr. Dennis Chuba, owner of The Chuba <br />Company, is guaranteeing the performance of his company. <br />Should The Chuba Company fail to perform under the terms of the <br />Development Agreement, Mr. Chuba is liable for any action the <br />City of its HRA may pursue in enforcing the agreement. <br /> <br />ACTION REQUESTED <br /> <br />The Elk River City Council is asked to approve the Development <br />Agreement with The Chuba Company. <br /> <br />e <br /> <br />P.O. Box 490 · 13065 Orono Parkway · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br />