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ITEM # 7. <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: August 8, 2005 <br /> SUBJECT: Public Hearings: Consider Disposition of EDA Property to Provo <br /> Enterprises, LLC, O'Brien Holdings, LLC, and Medical Extrusion <br /> Technologies, Inc. <br /> Attachments <br /> • Disposition of Property Public Hearing Notices,Elk River Star News,July 27, 2005 <br /> 411 • Purchase Agreements for Provo Enterprises,LLC, O'Brien Holdings,LLC, and Medical <br /> Extrusion Technologies, Inc. <br /> • Resolutions Authorizing Execution of Purchase Agreements <br /> Background <br /> On July 11, 2005, the EDA called a public hearing for August 8,2005 regarding the sale of three lots <br /> of EDA property located in Northstar Business Park for industrial development purposes. The <br /> attached public hearing notices appeared in the Elk River Star News on July 27, 2005. <br /> Below is a summary of the proposed sale: <br /> Gross Purchase Price <br /> (Buyer) Company Acres for Improved Land Project <br /> Provo Enterprises,LLC 2.84 $207,956 Build 18,000 SF,retain 30 <br /> (Affiance Machine, Inc.) jobs, create 9 new jobs <br /> O'Brien Holdings,LLC 3.7 $276,940 Build 32,000 SF,retain 31 <br /> (Crystal Distribution, Inc.) jobs, create 15 new jobs <br /> Medical Extrusion Technologies, Inc. 2.64 $229,996 Build 20,000 SF, create 23 <br /> new jobs <br /> Provo Enterprises,LLC will lease the property to Affiance Machine, Inc. O'Brien Holdings,LLC <br /> will lease the property to Crystal Distribution, Inc.,and a similar arrangement will be made with <br /> Medical Extrusion Technologies, Inc. <br /> • <br />