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Item # 6 <br />t~ver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: January 7, 2008 <br />SUBJECT: Update -Elk River Area Arts Alliance Lease of 716 Main Street <br />A lease agreement between the HRA and the Elk River Area Arts Alliance (ERAAA) was <br />executed in mid-December 2007 for use of the 716 Main Street building. The term of the <br />lease commenced January 1, 2008 and expires December 31, 2009. <br />At its December 2007 meeting the HRA inquired why the properties (716 & 720 Main <br />Street) were not tax exempt from real estate taxes. According to the Sherburne County <br />Assessor, by state statutes the HRA could not apply to have the property exempted from <br />real estate taxes due in 2007 because the transaction did not close before July 1, 2006. <br />Negotiations on the property began in July 2006 and the closing occurred December 28, <br />2006. Tax exempt status of the properties has been applied for and confirmed by the <br />County Assessor for real estate taxes due and payable in 2008. <br />