3. CCSR-HRSR 09-04-2012 SPEC JOINT (2)

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S • • Recent Public & Private Investments There have been a number of significant private improvements to the area in recent years. i "IIIIIIIIIIIIIIIIIIII ni rp Before After—Granite Shores Aili First National Bank of Elk River a. • First National Financial Center Building(Year 2000) Before-Jackson After-Jackson • The Bank of Elk River Expansion (Year 2005) In 2001, the Elk River Housing&Redevelopment Authority These private investments contribute significantly to increase the (HRA) determined that downtown Elk River's long-term vitality city's taxable market value and maximize the benefit of public should be a community goal. At the same time, several key investments as shown in the table below: parcels along the riverfront became for sale,which prompted the HRA to solicit development proposals from approximately 100 developers in order to form a public/private partnership to Project Market Estimated Market Add'l revitalize downtown Elk River. After receiving five development Value Before Value After tax proposals, the HRA and City Council selected MetroPlains payable Development to further refine their development concepts. 2012 Granite Shores $833,225 $9,241,600 $89,963 Five years later, concepts turned into reality and Granite Shores Jackson Place $175,800 $3,221,800 $36,092 and Jackson Place redevelopment projects were constructed. The The Bank of $1,395,600 $4,239,300 $56,874 projects added approximately 20,000 square feet of space for new Elk River businesses and over 100 new residents to the downtown. Expansion Project As a result of these private investments,the City was able to $2,606,100 $13,902,900 $182,929 expand the King Avenue parking lot and construct the long- awaited River's Edge Commons Park. Draft as of September 4, 2012 -Part I, page 19 -