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Recent Public & Private Investments <br /> There have been a number of significant private improvements to <br /> the area in recent years. <br /> -_,r <br /> i '^ <br /> 4.1 111 <br /> H 9 <br /> jai', I Before After—Granite Shores <br /> First National Bank of Elk River ,, <br /> • First National Financial Center Building(Year 2000) <br /> • The Bank of Elk River Expansion (Year 2005) Before-Jackson After-Jackson <br /> These private investments contribute significantly to increase the In 2001, the Elk River Housing&Redevelopment Authority <br /> city's taxable market value and maximize the benefit of public (HRA) determined that downtown Elk River's long-term vitality <br /> investments as shown in the table below: should be a community goal. At the same time, several key <br /> parcels along the riverfront became for sale,which prompted the <br /> Market Value Expansion HRA to solicit development proposals from approximately 100 <br /> Project Market Estimated Market Add'1 developers in order to form a public/private partnership to <br /> Value Before Value After tax revitalize downtown Elk River. After receiving five development <br /> proposals, the HRA and City Council selected MetroPlains <br /> payable Development to further refine their development concepts. <br /> 2012 <br /> Granite Shores $833,225 $9,241,600 $89,963 Five years later, concepts turned into reality and Granite Shores <br /> Jackson Place $175,800 $3,221,800 $36,092 and Jackson Place redevelopment projects were constructed. The <br /> The Bank of $1,395,600 $4,239,300 $56,874 projects added approximately 20,000 square feet of space for new <br /> Elk River businesses and over 100 new residents to the downtown. <br /> Expansion <br /> Project <br /> $2,606,100 $13,902,900 $182,929 <br /> Draft as of November 5, 2012 -Part I,page 19 - <br />