10-27-1997 HR MIN - Laserfiche WebLink

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MEETING OF THE ELK RIVER • HOUSING AND REDEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, OCTOBER 27, 1997 Members Present: Vice Chair Kropuenske, Commissioners Farber and Wilson Members Absent: Chair Gene Schuldt, Commissioner Hinkle Staff Present: Paul Steinman, Executive Director;Sandra Thackeray, City Clerk; Pat Klaers, City Administrator 1. Call Meeting To Order Pursuant to due call and notice thereof, the meeting of the Elk River Housing and Redevelopment Authority was called to order at 6:05 p.m. by Vice Chair Kropuenske. 2. Consider 10/20/97 HRA Agenda COMMISSIONER FARBER MOVED TO APPROVE THE 10/27/97 HRA AGENDA AS PRESENTED. COMMISSIONER WILSON SECONDED THE MOTION. THE MOTION CARRIED 3-0. • 3. Consider Consent Agenda COMMISSIONER WILSON MOVED TO APPROVE THE CONSENT AGENDA AS FOLLOWS: 3.1. 8/25/97 HRA MINUTES-APPROVED 3.2. CHECK REGISTER-APPROVED COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 3-0. 4. Open Mike No one appeared for this item. 5.1. Update Activities Regarding the King and Main Site Executive Director Paul Steinman updated the HRA on the progress of the King and Main site. He indicated that the HRA and city staff have been working with the developer regarding the development of this site for a period of approximately eighteen months. He indicated that during that time the developer has not brought forward any potential tenants for the site. Paul explained that the cost for the lot is$6.94 per square foot or$225,000 for the entire lot. He indicated that in discussion with potential tenants and developers it has become apparent that lease rates in the downtown area are not able to support this high of a land price. Paul Steinman stated that the city has the ability • to be flexible on the land price with the up front sale cost because tax increment financing can be used to recoup some of the city's investment. Paul indicated