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Ah ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: August 20, 1998 <br /> SUBJECT: Agenda Memo for August 24, 1998, <br /> HRA Meeting <br /> 4. Receive Update from Midwest Building Components Regarding <br /> King and Main Site <br /> Terry Veech, president of Midwest Building Components, will be <br /> available at this HRA meeting to bring the Commission up to date on <br /> the activities which he has been undertaking over the past month with <br /> regard to the development of the King and Main site. <br /> • <br /> It appears as though this project is moving forward. With this in <br /> mind, staff has already begun initial work on a development <br /> agreement for this project. The major issue which has yet to be <br /> resolved is the sale price of the land. Staff has received the proformas <br /> from MBC and is in the process of having these proformas reviewed by <br /> the city's financial consultant to determine a fair land price based <br /> upon the developer's assumptions. Staff has asked thatthe developer <br /> proceed with its work to secure financing and an appraisal of the land. <br /> From this appraisal staff and the developer can begin to discuss what <br /> land price the project can support. <br /> Staff also has suggested that the developer present the concept and <br /> site plan to the Planning Commission at its worksession on September <br /> 8, 1998, to receive input. As currently discussed, the project is not <br /> required to receive approvals from the Planning Commission or City <br /> Council, however, staff felt it would benefit the HRA to have the <br /> Planning Commission review the site plan and provide its input and <br /> suggestions. <br /> Staff would propose that a draft development agreement be brought <br /> • back to the HRA at its meeting on September 28, 1998. As mentioned <br /> earlier in this memo, the major point is that the HRA needs to agree <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420• Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />