6. EDSR 09-10-2012 - Laserfiche WebLink

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• • 411 4. "Core Downtown"- the Task Force's vision is based on a demand. All of which will be necessary in order to create the future market that will seek rehabilitation and redevelopment magnitude of real estate value that would make opportunities, especially for properties situated along the redevelopment feasible.While market driven, any Mississippi River. The plan seeks to establish the`Brick and redevelopment of this area will likely require taxpayer S. Main Blocks" as the center for historical rehabilitation and assistance,in the form of financial incentives and assistance, creates a path to determine the economic viability of this regulatory changes, and land acquisition. objective. Lastly, the plan attempts to provide opportunities to draw people to the core downtown. Festivals,markets, 7. Commitment to Implement- no redevelopment music events,in addition to physical connections to the river framework has value until commitment to implement is to promote the core as a destination, a characterization that agreed upon by all affected parties;this community consensus will be more and more important as travel patterns evolve is only initiated by the City Council's adoption of the Plan. away from the direct access currently employed. With this consensus, an agreed upon set of priorities and a work plan is established to begin the process of creating the 5. Single Family Neighborhoods- the redevelopment foundational steps of the Plan. framework's philosophy started with the premise of preserving the single family neighborhoods, some for the rich 8. Financial Commitment- due to the economics of asset of affordability and other sectors for their historical redevelopment and revitalization,no vision can be quality.A goal of the plan is that the commercial implemented without a major financial commitment by the redevelopment and reinvestment successes on both sides of City. Some of the redevelopment costs will realistically have Highway 10 will translate directly into reinvestment interest to be absorbed through the use of tax increment, tax by residential property owners. abatement and other forms of public/private participation. In addition, taxpayers should anticipate the City may have to 6. "North of Highway 10"- the area of most significant capitalize rehabilitation related funds and commit to change is the 5 block area north of Highway 10. The Task significant capital improvements involving open space and Force envisions that as market dictates, this will evolve into a other infrastructure costs. destination neighborhood. An "employment center" (e.g. office,medical,institutional) to bring daytime users that In conclusion,the Mississippi Connections Redevelopment support the core downtown commercial is envisioned. Framework serves as the template for the future. Elements of Additionally, a higher density residential component should the framework may have to be altered over time but the be located abutting Lions Park,coupled with a greenway and commitment to start the implementation inherently to pursue strategically located storm water assets.This Study Area also the redevelopment objectives vigorously should translate into creates the greatest challenge for redevelopment due to the making this part of Elk River strong and sustainable. type of existing buildings,number of buildings,limited inherent physical assets, and no immediate strong market Draft as of September 4, 2012 - Part I Executive Summary,page 3 -