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Housing & Redevelopment Authori~ <br />March 17, 2004 <br /> <br />Page 4 <br /> <br />b. Level of Assistance and Type <br /> <br />Nfs. Ippel stated that the level and type of assistance has not yet been determined. There <br />are opdons for the HP~A_ and Council to consider. The Ciw's fzrst choice is ~pically <br />"pay-as-you-go" in which the developer "upfronts" the money and is reimbursed <br />through the proper~ taxes by the Ci~. 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 addiuonal income streams to be consider <br />besides those generated bv the project. <br /> <br />biz. Prosser stated that the request for upfront money is not unusual, considering that <br />oxvner-occupied housing is included in the proposal. Typically, they create financing <br />issues through the private sector. <br /> <br />c. Concept Plan <br /> <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 regulatoU' approvals. <br /> <br />Mr. IClaers 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 /> <br />5. Comments from the Audience <br /> <br />Keith Holme, co-owner of Kemper Drug, stated that he was pleased with the parking <br />enforcement attempts by the City. He noted daat the Bank of Elk River employees park in <br />the Jackson Square parking lot and felt that there ~vas not enough par ~king for the bank. He <br />stated he was concerned where those currently parking in the staging areas would then park. <br />NIZ. HoLme stated that he ~vould like the City to continue to do occasional parking <br />enforcement. <br /> <br />Gary, Sant~vire, River's Crossing, stated that he had been hLred bv an Elk Pdver 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. Ci~ Attorney Peter Beck stated no. <br /> <br />2viz. Prosser stated that the City is not conducting a ~pical 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 forxvard. <br /> <br />Mayor I<]inzing 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 t~vo xveeks or two months. <br /> <br />Wendy Simonson, co-oxvner of Kemper Drug and President of Rivers Edge Downtovcn <br />Business Association, stated that Rivers Edge lSked the initial proposal from MetroPl:dns <br />which included the Bnck Block and the Bluff Block, however, now that the proposal has <br /> <br />S:X, MINUTES'\2004¥]ouncit Minutes',03lTI)4141L\ & CC3oc <br /> <br /> <br />