06-07-2004 HR MIN - Laserfiche WebLink

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Housing&Redevelopment Authority Page 2 June 7,2004 5. Downtown Revitalization Project Update • Director Catherine Mehelich explained that the Key Points to a Final Development Agreement with MetroPlains were approved by the HRA in May,which included a plan for the Bluff Block to proceed prior to,or simultaneously with,the Jackson Block construction. She reviewed the next steps which include establishment of a tax increment financing plan and drafting a final development agreement. She noted that drafting of the development agreement will run concurrent to the TIF process and referred the Commissioners to the schedule of events for the TIF plan submitted by Ehlers&Associates in their packet. Ms. Mehelich stated that MetroPlains anticipates starting construction of the Bluff Block by Spring 2005. Commissioner Motin asked for clarification on the September 6,2004 reference to "Plans" on the schedule of events. Ms.Mehelich stated that the"Plans" refer to the TIF Plan, noting that there may be one district for both projects. He questioned why the Planning Commission is scheduled to review the Plan before the HRA. Ms.Mehelich stated that this is due to the timing of meetings and that the Planning Commission review could be scheduled after the HRA,if desired. She explained that the Planning Commission's review consists of making a determination for whether or not the Plan is in compliance with the City's Comprehensive Plan. The Commission concurred that the schedule was satisfactory as presented. Chair Wilson opened the meeting to comments from the public. Keith Holme, co-owner of the Kemper Drug building, stated that Mr.Nadeau informed • him that no one has been in contact with him regarding purchase of his property. Cliff Lundberg,400 Jackson Avenue,asked when the developer would be providing the development cost information. He questioned how the TIF Plan could be completed without knowing the costs of the project. Ms.Mehelich stated that the developer has obtained preliminary bids and that firm costs will be included in the final development agreement. Mr.Lundberg questioned what other types of funding the City would be providing over and above the TIP. Ms.Mehelich stated that reductions in the SAC and WAC,and a dedicated us of park dedication fees are under discussion. She noted that the key points agreement includes language to ensure that the City is not providing too much assistance. Commissioner Thompson asked if the TIF will be set up as a"pay-as-you-go"note.Ms. Mehelich stated yes. Mr.Lundberg suggested that the financial information for the project be put on the City's website. Mr.Holme stated that he felt the information should be published in the Star News. He asked if the two projects would be constructed simultaneously,and if not,would the Bluff Block will be constructed first. Chair Wilson stated yes. Chair Wilson noted that Mr. Holme's question regarding Mr.Nadeau's property should be directed to the developer. Jeanne Kelsey of MetroPlains Development,explained that Ken Brooks,Broker for KJB Real Estate Services,has been in contact with Mr.Nadeau and that the preliminary • environmental work has been completed on his property.