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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> 111) <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> r}O ROMs Paul T. Steinman, Director of Economic <br /> 1-i'! Development <br /> DATE: June 24, 1999 <br /> SUBJECT: Agenda Memo for June 28, 1999, <br /> HRA Meeting <br /> 5. Discussion:King and Main Project <br /> Issue <br /> The purpose of this agenda item is to bring the HRA members up to <br /> • date on a number of meetings that have been held with HRA Chair <br /> Kropuenske, city staff, and a prospective anchor business for a potential <br /> King and Main project. <br /> Background <br /> City staff and Chair Kropuenske have had conversations with a prospect <br /> for a project on the King and Main site. The project/concept being <br /> discussed is for a professional office building with uses that would nicely <br /> compliment others on the existing block, including the Jarmoluk dental <br /> office building. The project would be potentially a two-story building <br /> with at least two tenants on the main floor and office space on the upper <br /> level. <br /> When discussing various financing options with prospects, staff is <br /> inclined to keep in mind the following HRA payment schedule for costs <br /> associated with the initial King and.Main purchase and demolition: <br /> • December 1, 1996 $75,000 - paid <br /> • December 1, 1997 $37,000- paid <br /> • September 1, 1998 - $18,500 - paid <br /> • <br /> • December 1, 1998 $18,500_ paid <br /> 13065 Orono Parkway• P.O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420•Fax: (612)441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />