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ITEM # 10. <br />c <br />rover <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development <br />DATE: October 8, 2007 <br />SUBJECT: Concept Review -Fine Dining Prospect <br />Background <br />Over the past month staff has been working to provide site options for a fine dining <br />prospect. Company representatives will be attending the EDA meeting to discuss their <br />project with the EDA for concept review. <br />Staff initially presented a list of six recommended site options based on the company's <br />location criteria. The company narrowed down their choices to three site options and most <br />recently two site options. The company would like to secure a site and begin construction as <br />soon as possible. Company representatives have indicated they are considering alternative <br />site options in Eden Prairie and Minnetonka. <br />Issue <br />Currently, the company's preferred site option is located on Lot 1 Block 1 of Mulvaney <br />Point (see attached map in previous agenda item) located at the corner of Line Avenue and <br />County Road 12 (181" Avenue) in Elk River. The site is currently owned by the United <br />States Post Office who had previously envisioned constructing a new Elk River Post Office <br />on the site. As reported in the previous agenda item regarding this site, the Post Office now <br />plans to sell the property through an RFP bidding process. <br />Requested Direction <br />Following the company's concept presentation, staff requests that the EDA provide staff <br />with feedback on the following policy questions: <br />Does the EDA wish to enter into the bidding process in an attempt to purchase the <br />Post Office property? <br />If the answer to the above question is "yes", does the EDA wish to enter into an <br />agreement/submit a letter of intent to the fine dining prospect stating that the EDA <br />would ultimately sell the property to the prospect? <br />