01-12-1981 HR MIN SPECIAL - Laserfiche WebLink

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MINUTES OF A SPECIAL MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY January 12 , 1981 Members Present - Frank Madsen , Larry Toth and Hank Duitsman Also Present - Neil Larson and George Dietz Call to Order - The meeting was called to order by Frank Madsen at 7 :45 p.m. Minutes - Larry Toth moved to table reading of the last minutes until the next meeting . Hank Duitsman seconded the motion . Motion carried 3-0. Meetings - There was discussion of designation of place of meeting. Hank Duitsman moved to meet at the Sherburne County Administration Offices . Larry Toth seconded the motion . Motion carried 3-0. Larry Toth moved to meet the second Monday on quarterly basis (March , June , September and December) . Hank Duitsman seconded the motion . Motion carried 3-0 . Frank Madsen discussed the need to set-up a meeting for February. Hank Duitsman moved to meet on Monday , February 9 . Larry Toth seconded the motion . Motion carried 3-0. Neil Larson , Downtown Project - Mr. Larson presented his preliminary figures on the estimated public and private costs of redeveloping • Block 2 . He said the project would include new and remodeling of some existing retail and office space . It would include the garage , meat market , law offices , and public utility building . There also would be the possibility of expanding as far as Fullerton Lumber and some improvements on Jackson Street at a later date . He said the Total Public Improvements figure ( Exhibit A) was low, and he had discussed this and that there was enough increment on the second page of his figures that it could be increased another $100 ,000 . He projected that the present valuation of the property within the increment will be increased from $550,000 to $2 . 1 million totally and increase the taxes by $67 ,900 per year. This means that it can fund a tax increment of more than the $489. 00 on the first page . Mr . Madsen asked about the interest rate and if he is looking at a 10 year pay off . He said this is to get 12 and 13% and can go as long as 25 years . Larry Toth asked about the rent figure . Mr . Larson said he did not have those figures , but he figured around $6 per square foot . He said this could be higher or lower depending on square footage . A larger store might only get $5 or $4 . 50 whereas a 500 to 600 foot office might be around $7 or $8 . Frank Madsen mentioned that the meat market would like to stay downtown , and asked if he was going to start at one end and then create spaces for business to move into without interruption . Neil Larson said that was his intention , with two or three business not invited to participate. There was discussion of providing parking space . 110