5.3. SR 10-13-2003 - Laserfiche WebLink

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Item 5.3. MEMORANDUM TO: FROM: DATE: SUBJECT: Mayor and City Council Catherine Mehelich, Director of Economic Development~/~ October 13, 2003 HRA Downtown Revitalization Project Update Attachments · Downtown Revitalization Project Description, July 2003. · MetroPlains Development Preliminary Time Table. · Fact Sheet - Small Cities Development Program. · Small Cities Development Program - Proposed Rehabilitation Areas. · Draft Commercial and Mixed-Use (Residential) Building Rehabilitation Program. Background In the past few months the HRA has been considering staff's research to issues and questions raised by the public with regard to MetroPlains' attached concept for the redevelopment of the Jackson Block and Bluff Block. At its July meeting the I-IRA directed staff to proceed in preparing a Development Agreement with MetroPlains. Staff continues to work closely with the project attorney and the developer to prepare a draft agreement for the HRA's review and consideration at a regular meeting within the next 30 to 60 days. The development agreement will include a provision that requires the developer to present, prior to final project approval by the HRA and Council, a parking plan for the construction and post construction period. The financial feasibility of the project depends on the city and developer's ability to receive financial assistance from a variety of resources. In July the HRA and City Council authorized MetroPlains to submit a financing application to the MN Housing Finance Agency for the Jackson Block project. Notification of financing award from MHFA is anticipated the end of October. In addition to the MHFA application, the financial plan prepared by MetroPlains is dependant upon funds from the Small Cities Development Program (SCDP), administered by the MN Department of Employment and Economic Development (DEED).