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EDA/HRA Executive Director's Report <br />December 13, 2010 <br />Page 4 of 4 <br />Housing Developments <br />A few housing developments that staff has been working with over the past year just <br />recently closed on financing ox commenced construction. Eaxliex this year Duffy <br />Development received award from MN Housing Finance Agency fox tas credit financing of <br />a 53-unit Elk River Station Apartments building located across from the Noxthstar Depot <br />Station. Construction began Fall 2010 and is anticipated fox completion Stumnex 2011. <br />Units will be rented out to household incomes at 60% of the median income fox the 11- <br />county metro (535,220-$66,420). <br />Staff has been working with Dominiuxn Development on a $7-million tax exempt housing <br />revenue bond approved by die City this sufxunex to acquire and rehabilitate the existing 68- <br />unit Dove Txee apartments located near Lions Paxk Centex. The developer will invest over <br />$16,000 per unit in unprovements. Closing is occurred October 28`". As a result, the City <br />received $69,003 in its Development Fund from fees to process the financing request. <br />Renovations are anticipated to begin soon. <br />Region 7W Comprehensive Economic Develo~lnent Stxategy~CEDS) <br />Eaxliex this year staff and a few EDA, HRA Commissioners and the Mayor participated in <br />public information meetings to develop economic development strategies for the Region 7W <br />(Steams, Benton, Wright, Sherburne Counties). The CEDS analyzes the regional economy <br />and serves as a guide fox establishing regional goals and objectives, deveing and <br />implementing a regional plan of action, and identifying investment priorities and funding <br />sources. A CEDS is required by the US Dept of Cofnmeree in order to access federal <br />economic development giants fox infrastructure, disaster recovery and some stimulus <br />funding programs. The CEDS plan was recently completed and submitted Fall 2010. <br />Cofnmunities in the 4-county region axe now eligible to apply for Federal EDA/Depaxttnent <br />of Commerce giants for public infrastructure projects d7at result in job creation (e.g. <br />business park development). Staff continues to monitor the quarterly giant announcements <br />fox applicable projects and applications. <br />N:\Departments\Community Development\Economic Developmem\EDA to moveWgenda\Year2010\Exec Dir report 12.13.10.doc <br />