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Item 7. <br /> r - <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> Mayor & City Council <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: October 8, 2001 <br /> SUBJECT: Redevelopment of NE Corner Hwy 169 & Main Street - Update <br /> Staff is continuing to work with developer, Kraus-Anderson, on a redevelopment proposal <br /> for the northeast corner of Highway 169 and Main Street. The properties currently under <br /> consideration for the project include the former Ron's Foods, City Emporium, and two <br /> adjacent apartment buildings along Third Street. <br /> Kraus-Anderson has submitted a preliminary site plan for review by staff. The current <br /> proposal includes three separate buildings for an office,restaurant and multi-tenant retail. <br /> The developer is currently undergoing acquisition discussions with the above property <br /> owners. <br /> As owner of the Emporium property the City Council will need to consider the terms of the <br /> sale. At this time staff is suggesting sale of the Emporium property at fair market value, <br /> which is estimated to be $370,000 for the 0.79-acre corner property (land and building). In <br /> addition it is anticipated that the developer will be making a formal request for <br /> redevelopment tax increment financing to assist with any extra ordinary costs versus building <br /> on vacant property, such as demolition. <br /> • <br /> S:\EDA\PROSPECT\Rons Foods-Emporium\OctUpdate.DOC <br />