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INFORMATION <br /> GLK <br /> •corpornted P.O. Box 111 • Elk River, Minnesota 55330 • 612-374-6706 <br /> January 29, 1998 <br /> Mr.Paul Steinman <br /> Director of Economic Development <br /> City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, Mn. 55330 <br /> Paul, <br /> The reason for this letter is to inform you of the changes that have occured regarding our restaurant venture <br /> called Pattiniccio's. <br /> As you are aware, we were going to locate the restaurant at the south end of Sax Food and Drug.For some <br /> reason unknown to us,Sax has not been able to offer us a lease and to date this has caused our project to be <br /> delayed for over two months.To nobody's surprise,the delay has put our venture in serious jeapordy and as <br /> a result, we have been forced to look for a new location for the restaurant. <br /> A/rexploring the different locations offered in the Elk River area,we have decided that the best location for <br /> estaurant would be the old Snyder Drug building in downtown Elk River. Taking into account all the <br /> things we want to accomplish for Elk River with our restaurant, we feel that locating Pattiniccio's right in the <br /> heart of downtown would be a perfect place for all concerned. <br /> Our plan is to not only locate the restaurant in the building, but to also make a serious attempt to purchase the <br /> building which is for sale. The building currently has a good cash flow and our local banker seems more than <br /> willing to get involved. The biggest advantage for us would be the fact that if we owned the building we <br /> would not be held up by factors out of our control and we could finally give this city the fine dining <br /> restaurant it so desperately needs. <br /> Paul, in order to buy the building, we would need for the EDA to become involved also. In light of this fact, I <br /> would like to officially request that the EDA consider contributing $50,000 in financing so we <br /> could purchase the building. If you have any questions or need further details ple a call me at 374-6706. <br /> Your rapid response to our request is greatly appreciated. <br /> Resectfully, <br /> (.; <br /> /^1.,- 7 4-_,,-- <br /> Gregg W. Karns <br /> cc: EDA Finance Committee Review Board <br /> • <br />