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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> ?)„.FROM: Paul Steinman, Director of Economic Development <br /> DATE: January 11, 2000 <br /> SUBJECT: King and Main Site Proposals <br /> The purpose of this worksession is to allow the HRA to listen to the four <br /> proposals and, subsequently, to rate each proposal on the attached rating <br /> form. Staff has indicated on the agenda it would recommend the HRA form <br /> some consensus of which proposal/developer they would intend to proceed <br /> with. A final selection would then be made at the regular meeting of the HRA <br /> on January 24, 2000. <br /> • Upon a final selection being made by the HRA, staff will then proceed to put <br /> together a preliminary development agreement or letter of intent for <br /> execution by the HRA and developer. Such agreement would likely include <br /> the following major points: <br /> ■ Developer agrees to close on the property on or before March/April <br /> 2000. <br /> ■ Developer agrees to complete construction of a building by <br /> December 31, <br /> ■ Developer agrees to complete construction of a building with <br /> minimum square footage of <br /> Staff would recommend a closing on the land purchase some time in March or <br /> April of this year, giving the developer approximately 60 to 90 days to review <br /> and come to terms with the requirements of the HRA agreement. It is <br /> important to note as well, that a public hearing will be required prior to the <br /> sale of this lot to any developer. <br /> If you have any questions or comments prior to this meeting, please feel free <br /> to call me at 441-4905. <br /> i <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 />