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ITEM # 5. <br />City of <br />El. <br />fiver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: April 4, 201 I <br />SUBJECT: Discuss Long Term Intentions for HRA Properties - 716 & 720 <br />Main Street <br />Issue <br />One of the goals established at the January 2011 HRA meeting was to "Discuss long term <br />plans and initiatives for the 716 & 720 Main Street buildings". <br />Background/Discussion <br />In late December 2006 the HRA entered into a contract fox deed for the purchase of the <br />buildings at 716 & 720 Main Street, formerly known as the Houlton buildings. The primary <br />purpose of the HRA's purchase of the property was to take advantage of the non-leveraged <br />sale as part of a long term positioning strategy to be able to expand surface and possible <br />deck parking downtown. <br />In January 2008 the Elk River Area Arts Alliance began occupancy of the 716 Main Street <br />building under ashort-term lease authorized by the HRA. The building at 720 Main Street <br />has been vacant since September 2007 when the lease with the auto parts store expired. The <br />HRA issued final payment on the contract for deed in 2010. The buildings have been <br />maintained with minimal maintenance over the years due to the HRA's initial intentions. <br />However, the ongoing structural and mechanical maintenance of the buildings are getting <br />more extensive and costly (e.g. roof repairs, HVAC systems, etc.), both with and without a <br />tenant in place. <br />N:\Departments\Community Development\Economic Development\Houlton Buildings\4.4.11 LongTerm Intentions.doc <br />