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ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> • <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> iFROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: May 8, 1997 <br /> SUBJECT: Agenda Memo for May 12, 1997, Meeting <br /> 5. Business Center Foreclosure <br /> As described on the attachment to this memo, a majority of property <br /> identified as the Country Crossing Business Center is being foreclosed <br /> upon. The Sheriffs sale for this property is scheduled to occur on <br /> Thursday, May 22, 1997, at 10 a.m. <br /> • After discussion with the attorney representing the mortgagee, the <br /> property will proceed through the following steps prior to becoming <br /> free and clear of back taxes/assessments, liens, and other mortgages <br /> which may have been placed on the property: <br /> • Sheriff sale on May 22 <br /> • Six month redemption period during which the mortgagor can <br /> redeem by paying all outstanding debts against the property. <br /> Essentially, the legal representative indicated the property would be <br /> unsaleable until the end of the redemption period which will be <br /> approximately November, 1997. At present there are no industrial <br /> users who have indicated a desire for this property, however, if there <br /> were, we would be directing them toward the Gagne property due to <br /> this current foreclosure situation. <br /> Staff has had discussions with other EDA members and intends to <br /> meet with the owners of this property after the Sheriffs sale has been <br /> completed to begin working out a cooperative marketing agreement. <br /> Given the time frame identified above, this agreement would be able to <br /> take effect in November, at the end of the six month redemption <br /> • period. <br /> 13065 Orono Parkway • P. O. Box 490 • Elk River, MN 55330-1743 • (612) 441-7420 • Fax (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />