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ITEM 7. <br /> 1. <br /> • Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development%� <br /> DATE: April 23, 2001 <br /> SUBJECT: ECM Publishers, Inc. Downtown Property <br /> Issue <br /> At its March 26,2001 meeting, the Elk River HRA directed staff to research the details of <br /> two Main Street properties listed for sale. The HRA indicated interest in considering the <br /> area for future redevelopment. <br /> Attachments <br /> * Site Map <br /> • * Building Site Map <br /> Overview <br /> ECM Publishers, Inc. is the owner of two Main Street properties listed for sale. The <br /> following listing information is provided by the Edina Realty listing agent: <br /> Parcel Listing Price Current Use Price/square foot land area <br /> 75-405-0440 $244,900 antique/upholstery shop $35.50 (6,898 s.f.) <br /> 75-405-0450 $170,000 vacant $20.06 (8,475 s.f.) <br /> Maps indicating the ECM property and building area are attached. It should be noted that <br /> the ECM property is separated from the river by a separate parcel. This rear property is <br /> primarily shoreline brush and trees. The total ECM property area is approximately one-third <br /> acre and has 100-feet of frontage along Main Street. The ECM property is limited in size for <br /> a single redevelopment project. However, combined with adjacent properties, either east or <br /> west, the site lends itself well for a larger redevelopment project. <br /> As a matter of reference,in 1996 the HRA acquired the King&Main property (3/4 acre) for <br /> $410,734.83. In addition, the HRA spent over$44,000 in demolition and preparation of the <br /> site. <br /> The draft 2001 Downtown Redevelopment Plan includes a general assessment of building <br /> conditions. Buildings were rated on a scale of"Good", "Fair", or"Poor". The two ECM <br />