6.4. EDSR 03-17-2014 - Laserfiche WebLink

Home Browse Search

El Elk River comp -r e,,,e Pi,, River` Planning Efforts time, the lack of investment leads to a deterioration of property. These conditions of blight often spread to Economic Development Strategic Plan adjacent properties. Redevelopment will become an increasingly important The Elk River 2013-16 Economic Development Strategic community development issue for Elk River. Several Plan seeks to "Modify [the] Industrial Development goal to factors define the need for city action: Business Development and include two sets of strategies: 1) Industrial Development Strategies, and 2) Commercial Redevelopment becomes a public issue because Strategies." Under the Business Development goal is market forces are not likely to solve the problem. the following objective: "Attract new businesses and While Elk River has the ability to expand, development demand can bypass redevelopment support existing businesses to increase the city's industrial parcels and seek out vacant land. There is little or tax base, commercial base and employment base." no incentive to correct the problems on blighted The Economic Development Strategic Plan provides a parcels. Vacant land avoids many of the barriers strategic approach for attracting industrial and commercial of redevelopment sites. businesses. Redevelopment property is often more expensive. Acquisition includes both land and buildings. Strategic Industrial Marketing Plan Redevelopment often requires the assembly of smaller parcels into a larger site. Multiple property There is a realization among City officials that reaching the owners with differing interests compound the industrial development goals will require more effort than complexity of land acquisition. simply designating property in a land use plan; especially Redevelopment sites have more site preparation as it relates to attracting new business to Elk River. costs. Buildings must be demolished and the site To this end, the City has created a Strategic Industrial cleared before new construction can occur. Marketing Plan. The vision of this plan is for Elk River "to • Redevelopment may face the need and cost of be the light industrial hub for small to medium-size firms environmental remediation. Old buildings may have in the northwest metro region." The Strategic Industrial asbestos or other hazardous materials that require Marketing Plan provides the framework for identifying special treatment. Certain commercial and industrial opportunities and attracting new businesses to Elk River. may have allowed pollutants to enter the soil. Energy City 2024 Action Plan All of these factors combine to create significant economic barriers to redevelopment. Removal of The Energy City Commission is developing an action these barriers is a primary focus of city actions plan to focus its efforts on creating tangible targets and related to redevelopment. benefits to the City, its residents, and business partners. Mississippi Connections Redevelopment 171st Avenue Focused Area Study (FAST) Framework The 171 st Avenue FAST has an employment focus. It The Mississippi Connections Redevelopment seeks to leverage key assets that are embedded in the Framework establishes a long-range vision for the community to reinforce Elk River as a regional hub. The 400-acre core of Elk River. The objective of the plan is to, "provide guidance to property owners, Plan also seeks to create nearly 6.5 million square feet of stakeholders, and community leadership to retail, office and industrial space at the maturity of the position the area in such a way that strengthens plan, which is a 25 to 30 year planning horizon. the area to survive the impacts of time and change; methods to reestablish the downtown Redevelopment area as a destination; a desirable address to do business, live, and enjoy the diversity of uses in The roots of redevelopment are intrinsically tied to local a character rich downtown amid the hustle and economic factors. Limitations on income means a lack of bustle of a growing community." disposable income needed to reinvest in property. Over Chapter 12: Community Developments 127