5. HRSR 03-01-2010 - Laserfiche WebLink

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February 23, 2010 - Cathy Mehelich Director of Economic Development City of Elk Rive r 13065 Orono Parkway Elk River, MN 55330 Re: The Bluffs of Elk River Dear Cathy, r482o Highway 7 t: 952- 545 -8815 Minnetonka, MST 55345 f. 95!2- 545 -8010 I am writing to you regarding the downtown Elk River project known as The Bluffs of Elk River. Minnwest Bank, M. V. is the owner of 64 of the 67 residential condominium units and all of the commercial space in the property located at 633 Main Street N. VII., Elk River, MN. A number of inquires continue to be received from prospective tenants for the residential condominiums. This letter is Minnwest's notification to the City of Elk River that the bank intends to begin leasing condominium units to residential tenants. There are 15 units that are finished and ready for occupancy. At this time the bank does not intend to finish the remainder of the units for leasing purposes. The leasing terms will be within the requirements contained in. "The Bluffs of Elk River Condominium Amended and Restated Declaration" for Common Interest Community No. 61 recorded in Sherburne County as document number 687676 on February 17, 2009. "The Bluffs of Elk River Condominium Association Amended and Restated Bylaws ". The two documents listed above include specific direction as to the length of leases and the need for background checks on each applicant. Copies of the two documents accompany this letter. Lease terms will be no shorter than three months and no longer than twelve months. All leasing applicants will be underwritten by reviewing their application and the content of a background check. Rents charged to tenants will be market rents. Minnwest will engage Acuity Capital or similar company to manage the rental of the units on behalf of the bank. The income received from the leasing of the finished residential condominium units will allow Minnwest to cover some of its costs in maintaining the unsold units until a buyer is found.