6.0. HRSR 05-27-2003 - Laserfiche WebLink

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V o tOU) li 1i oRI- � MAY 2003 Ve Enhancing Downtown Elk River's Role As a Vital Retail,Commercial and Residential Area. Q.What is the latest on the Downtown Q. Do we know at this point what is going to Revitalization project? happen to the existing businesses in the A. The Elk River Housing & Redevelopment Authority(HRA) has redevelopment area? extended its preliminary development agreement with A. Typically in redevelopment projects, some businesses choose MetroPlains an additional six months to give the developer to stay and some choose to relocate. The developer will work more time to work out project details. Typically, the preliminary with downtown business owners within the project area to development agreement phase is a time when the developer identify how they could be incorporated into any plans for revi- works with the City to identify and work through issues such as talization and redevelopment. For those that do not stay, financial and market feasibility, project arrangements for acquisition and for relo- timing, and refinement of a site plan. cation assistance will be offered. Once the tasks in this phase are com- This Q&A newsletter pleted, cities enter a final development responds to some Q.When is acquisition of agreement with the developer. That:is properties likely to occur? when the planning and zoning o f the recent questions A. It is too early to tell exactly when acqui- approvals and acquisition and con- about Elk River's sition would occur. Currently, MetroPlains is struction will occur. working on market and financial feasibility, downtown revitalization site acquisition details, along with revising 11E.Why did MetroPlains need the project concept. Final acquisition would and redevelopynent. an extension? not occur until after MetroPlains and the A. Typical redevelopment projects can HRA have signed a final development take six to 24 months to work through issues. For a redevelop- agreement and that will not occur for at least six months. ment project to work, it must not only meet community goals, but also make sense from both a market and financial per- Q. If my business or home must be relocated, spective. Currently, MetroPlains is working on the market and will I receive financial assistance? financial feasibility of the project, as well as refining the rede- A. Yes. Businesses and residents that must relocate are provided velopment concept. Redevelopment is a complex process relocation assistance to help assist with moving costs, as and the extension gives MetroPlains the time to thoroughly required under the Uniform Relocation Assistance Act.Also, work through and pull together the various elements of the properties that are purchased for redevelopment must be pur- project. chased at fair market value. That value is determined by a professional appraisal. Q. How does this extension impact the time frame for the project? Q. Are the tax increment financing (TIF) inspections A. If all the work of the preliminary development phase is com- of downtown properties completed yet? pleted within six months, the project can then move to the final A. Yes, the TIF inspections for the redevelopment area have been development phase. The final development agreement phase completed. The City is in the process of establishing a TIF is the time during which activities such as planning and zon- District for downtown that will encompass the Downtown ing approvals, acquisition and construction occur.As a result, Revitalization area and extend beyond it. Developing a TIF the earliest construction could begin would be sometime in District will enable the City to use TIF funding if it is needed for 2004. the project. Q. Is it true that MetroPlains has been meeting Q. My property was inspected. Does that mean with property owners in the revitalization area? I am a part of the redevelopment project? W. Yes, MetroPlains has been making initial contacts with proper- A. No, the TIF District will be larger than this redevelopment proj- ty owners through Ken Brooks of KJB Real Estate Services. ect. The HRA is now in the process of determining the bound- aries of the TIF district.