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6. HRSR 01-03-2006
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6. HRSR 01-03-2006
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City Government
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HRSR
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1/3/2006
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Exhibit A: <br />The Bank of Elk River was established in 1885 as a partnership between Charles M. Babcock, <br />Houlton and Henry Castle. It was incorporated as a State Bank in 1902. <br />The bank was originally located north of the railroad tracks at the northwest corner of Jackson and <br />Railroad Drive. That building was consumed in the great fire of 1898 that destroyed almost all of <br />Elk River's business district. Anew building was built on Jackson, but it also burned down and had <br />to be reconstructed. That building, at 315 Jackson, served the bank until 1976 when our current <br />building was built on Main Street. <br />Over the years the bank purchased and removed all of the buildings between Jackson Place and the <br />intersection of Highway 10 and Main Street. Two additions were made to the Main Street location <br />to accommodate growth. <br />The Bank of Elk River continues to provide a full line of deposit and loan products to consumers <br />and businesses. <br />With deposits increasing from $153,000 in 1909, to $302 million today, the Bank of Elk River has <br />grown to be the largest bank in Elk River and is in the top-20 banks in the Twin Cities metropolitan <br />area. <br />Exhibit B: <br />A 22,000 square foot, two-story addition will be built along Main Street at an estimated cost of $4.1 <br />million. The addition will be constructed to add a third floor in the future. <br />Extensive remodeling will be done to the current building. <br />Exhibit C: <br />100% of the stock of The Bank of Elk River is owned by Metro North Bancshares, Inc. <br />Exhibit D: <br />But for analysis. <br />To be provided later if necessary. <br />Narrative. <br />Exhibit D <br />This addition will cost us significantly more than building a similar size structure on our Otsego <br />property. We estimate this figure to be $940,000. Without tax abatement the project will be built <br />in Otsego. <br />`7 <br />
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