EDSR MEMORANDUM 06-09-1997 - Laserfiche WebLink

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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY i MEMORANDUM TO: Economic Development Authority FROM: Paul T. Steinman, Director of Economic Development DATE: June 5, 1997 SUBJECT: Agenda Memo for Meeting on Monday, June 9, 1997 5. Discuss West Business Park Staff updated the EDA at the last meeting on the foreclosure process of the Country Crossing Business Center property. A expected, the mortgagee, Country Ridge Partnership, was the only bidder at the Sheriffs Sale on May 22, 1997. Upon completion of the six month • redemption period, Country Ridge Partnership will be in a position to begin •marketing the •property. Prior •to that time, staff and the EDA have discussed beginning negotiations with Tony Emmerich regarding a joint development/marketing agreement, which would be in place prior to the end of the six month redemption period. Staff has had verbal discussions with Tony Emmerich and he has indicated his desire to work cooperatively to achieve this type of agreement with the EDA. Staff feels it would be advantageous for Attorney Dave Sellergren to aid in the negotiations with Mr. Emmerich and the other two property owners in the West Business Park. With regard to this staff has attached a memo from Dave Sellergren outlining various responsibilities and an example of a similar type of agreement which he drafted for a private party. Sellergren has also indicated in the memo a cost for completing this process. Staff feels it would be beneficial to have Mr. Sellergren, or another individual, involved in the negotiation process as it is expected the property owners will also be represented by a minimum of two individuals. Staff would like to begin negotiations with Mr. Emmerich as soon as possible so that we can be assured of having an agreement in place by 411 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