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CITY OF ELK RIVER DOWNTOWN REVITALIZATION Q&A NEWSLETTER MAY 2003 <br /> Q. Exactly how will this project be funded and concept in the form of a preliminary site plan to the HRA, <br /> will it impact my property taxes? there will be an open house for the public. The Open <br /> 41p. The project will be funded primarily through land payments House would likely occur sometime in June. <br /> by the developer and probably by tax increment finance. <br /> The exact funding structure has not yet been determined. Q.Will the redevelopment address the <br /> traditional character of downtown? <br /> Q.What is TIF? A. Yes, MetroPlains has been directed to capitalize on the <br /> A. Tax increment financing is a tool created by the traditional character of downtown while at the same time <br /> Minnesota Legislature in the mid-1970s to help encour- looking into the future. <br /> age development and redevelopment. Under TIF, proper- <br /> ty tax revenue equivalent to what the current property Q.Why is the City pursuing redevelopment <br /> generates continues to go to all taxing jurisdictions. A revitalization of downtown? <br /> portion of the tax revenue that results from the increased A. For more than 30 years studies have emphasized the need <br /> value of the new development, also called the "tax incre- to better utilize the riverfront, capitalize on the traditional <br /> ment," goes to pay site costs such as acquisition, demoli- character of downtown, and ensure safe pedestrian and <br /> tion, water, sewer, utility, and street improvements. Once vehicle movement. Investment in downtown has stagnated <br /> the site costs have been paid, the tax increment goes to and the riverfront is underutilized. The revitalization will <br /> the taxing jurisdictions. enhance downtown Elk River's role as a retail, commercial, <br /> and residential area and revitalize the investment made in <br /> Q. Is this redevelopment a "sure thing"? the downtown business district. <br /> A. No. Redevelopment is complex. A redevelopment project <br /> must meet the goals of the community and pass the test of Q. How can I stay informed? <br /> both market and financial feasibility. In the preliminary A. Copies of this and future newsletters will be provided at <br /> development phase, the developer is still working through City Hall, the Chamber of Commerce and Elk River <br /> these issues. Municipal Utilities. In addition, information will be pro- <br /> vided in the Elk River Star News and on ERTV Channel <br /> Q.Will.there be another Open House for 12, and the city website at www.ci.elk-river.mn.us. if you <br /> 0 the public to comment on the revised have questions about the revitalization process, please <br /> redevelopment concept? feel free to contact Economic Development Director <br /> A. Yes, after MetroPlains brings a revised redevelopment Cathy Mehelich at (764) 441-7420. <br /> . •1/ <br /> City of <br /> Elk -�-� <br /> River <br /> 13065 Orono Parkway, Box 490 <br /> Elk River, MN 55330 <br /> III <br />