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MAY-21-96 TUE 12 :33 CHUBA CO 4415835 P. 01 <br /> VW <br /> (,fIUBA <br /> 19276 Vernon Street NW <br /> • r 17Eyitfil g ^ Building 100,Vernon Plaza Phone (612)441-4488 <br /> Elk River,MN 55330 Fax (612)441.5835 <br /> 21 May 1996 <br /> TO: Elk River HRA & EDA <br /> 13065 Orono Road <br /> Elk River , Mn. 55330 <br /> SUBJECT: King & Main Redevelopment <br /> We would like to propose the construction of a multi-tennant <br /> zero lot-line building on the corner of King and Main Street in <br /> downtown Elk River . The size of the building would range from at <br /> least 10,000 S.F. up to about 14,000 S.F. based on tennants ' <br /> space requirements and design constraints. Completed value of <br /> the building would range from $800,000.00 to over $1 million, and <br /> not be less than $800,000.00. <br /> Construction would begin as soon as tennant committments were <br /> firm, design completed and construction lending in place . The <br /> earliest anticipated start is late summer/early fall 1996 with <br /> substantial completion January 1 , 1997 . <br /> We understand that the Elk River HRA intends to create a TIF <br /> • District to facilitate this project by way of land cost write- <br /> down and demolition. We could not undertake the project without <br /> such assistance, based on what we understand to be the present <br /> owners ' position on price. <br /> Because of the anticipated TIF assistance, we agree that if we <br /> cannot start constructionin 1996 and substantially complete it by <br /> January 1 , 1997 , that we must then delay construction start. In <br /> that event, we would not start construction before July 1 , 1997 , <br /> and would substantially complete construction by January 1 , 1998 . <br /> Land purchase of the 180 x 180' parcel would be a minimum of <br /> $225 ,000 after buildings bought, site cleared,and soil <br /> corrections made as necessary. <br /> We are prepared to immediately begin drafting discussions and <br /> enter into a binding redevelopment contract to commence the I <br /> project. <br /> Th. You <br /> 1 <br /> .4'1/ F T TTAL #of Pages i <br /> RA NSMI <br /> ennis ` . Chuba <br /> TO: T ("Cr— , <br /> FROM:40°41 C�fly <br /> he Chu•a Company CO: Ci ''�' <br /> DEPT. PHONE(612)441-4488 <br /> FAX I 441 - 94z c FAX# (612)441-5835 <br /> COMMENTS <br /> • <br /> NEW CONSTRUCTION& REMODELING R_ t]I,[ 2R, <br />