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'ity of <br /> <br />Item 5.1. <br /> <br />Riveno: <br /> <br />Elk River City Council <br /> <br />DATE: <br /> <br />Marc Nevinski, Assistant Director of <br />Economic Development <br /> <br />April 24, 2000 <br /> <br />SUBJECT: <br /> <br />Public Hearing on the Disposal of <br />Public Property - King Avenue & Main <br />Street <br /> <br />Issue <br />The First National Bank of Elk River has offered to purchase the King <br />& Main site from the i-IRA. Per state law, the council is requested to <br />hold a public hearing on the disposal of public property at the corner <br />of King Avenue and Main Street. <br /> <br />Background <br />In January of this year, the First National Bank of Elk River offered <br />to purchase the King & Main site from the HRA for $175,000 to <br />construct a new building to house additional services and operations. <br />Following a public hearing on the sale of the site, it is anticipated that <br />the HRA will approve a purchase/development agreement at its April <br />24, 2000 meeting. <br /> <br />Requested Action <br />Staff recommends that the council hold a public hearing to consider <br />input on the disposal of public property at the corner of King Avenue <br />and Main Street. <br /> <br />Attachments · Site Map <br /> · Legal Description <br /> · Public Hearing Notice <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />