EDSR MEMORANDUM 10-14-1997 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY MEMORANDUM TO: Economic Development Authority FROM: Paul T. Steinman, Director of Economic Development DATE: October 9, 1997 SUBJECT: Agenda Memo for October 14, 1997, Meeting 5. West Business Park Development Agreement-Possible Land Purchase Staff has had several meetings with Tony Emmerich regarding a possible joint development agreement for property which is currently in the process of being foreclosed upon in the West Business Park. It dik appears as though Mr. Emmerich is in conceptual agreement with such a development agreement at this time. Staff has attached a recently modified scope of this development agreement completed by Attorney David Sellergren. Staff has also been dealing with Mr. Emmerich regarding a possible land purchase with excess tax increment dollars. Mr. Emmerich has indicated an interest in pursuing this and has indicated verbally that he would sell the land for $1.14 per square foot. Staff has also had discussions with another West Business Park property owner regarding a possible EDA land purchase. This second party has indicated an interest in the sale of a portion of their land to the EDA prior to the end of 1997. It is staffs intention to negotiate with both property owners and pursue the one which offers the most favorable deal. Mr. Emmerich will be in attendance at Tuesday evenings meeting to answer questions and address the EDA regarding the joint development agreement and possible land purchase. The next step in this process will be to put the actual joint development agreement together in preparation for execution by the end of November 1997. The other two West Business Park property owners have also Ill 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420• Fax (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment