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Housing&Redevelopment Authority Page 4 <br /> March 17,2004 <br /> b. Level of Assistance and Type <br /> Ms. Ippel stated that the level and type of assistance has not yet been determined. There <br /> are options for the HRA and Council to consider. The City's first choice is typically <br /> "pay-as-you-go"in which the developer"upfronts"the money and is reimbursed <br /> through the property taxes by the City. A second alternative would be"upfront bonds" <br /> issued on the full faith and credit of the City which then assumes an income stream <br /> from the project. In addition,there are additional income streams to be consider <br /> besides those generated by the project. <br /> Mr.Prosser stated that the request for upfront money is not unusual,considering that <br /> owner-occupied housing is included in the proposal. Typically,they create financing <br /> issues through the private sector. <br /> c. Concept Plan <br /> This issue was briefly touched on in Director of Economic Development Mehelich's <br /> overview of the project. Mr.Prosser stated that the concept plan will be tied to the <br /> development agreement and needs to be specific enough to get what the City wants <br /> without granting the regulatory approvals. <br /> Mr.Klaers stated that funding for the parking lot construction including King Avenue <br /> and the Municipal Utilities area will come from the revenue generated by the tax <br /> increment district. <br /> 5. Comments from the Audience <br /> Keith Holme,co-owner of Kemper Drug, stated that he was pleased with the parking <br /> enforcement attempts by the City. He noted that the Bank of Elk River employees park in <br /> the Jackson Square parking lot and felt that there was not enough parking for the bank. He <br /> stated he was concerned where those currently parking in the staging areas would then park. <br /> Mr.Holme stated that he would like the City to continue to do occasional parking <br /> enforcement. <br /> Gary Santwire,River's Crossing,stated that he had been hired by an Elk River corporation <br /> to attempt to understand the scope and components of the project. He stated that there are <br /> too many assumptions to evaluate the project at this time,but encouraged simultaneous <br /> construction of the Jackson and Bluff Blocks. He inquired if any part of Jackson Square had <br /> been vacated. City Attorney Peter Beck stated no. <br /> Mr.Prosser stated that the City is not conducting a typical redevelopment process and that <br /> the public is sharing the difficulties of the project during an open process and being able to <br /> participate as the process moves forward. <br /> Mayor Klinzing stated that it is frustrating when there is not enough time to thoroughly <br /> review the information. This has been a two-year process to date and it cannot be <br /> understood in two weeks or two months. <br /> Wendy Simonson,co-owner of Kemper Drug and President of Rivers Edge Downtown <br /> • Business Association,stated that Rivers Edge liked the initial proposal from MetroPlains <br /> which included the Brick Block and the Bluff Block,however,now that the proposal has <br /> S:\MINUTES\2004\Housing&Redevelopment Authority\03 1704HRA&CC.doc <br />