7.2. HRSR 07-28-2003 - Laserfiche WebLink

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Memo to HRA July 28,2003 Page 2 • July 24, 2003 Parking Survey- 12:45 - 1:05 p.m. • July 25,2003 Parking Survey- 9:55 a.m. - 10:05 a.m. Project Goals and Objectives The HRA will recall that the primary goal of the Downtown Revitalization Project is: . . .to assure the long-term viability of downtown by making a connection to the rest of the community and by utilizing the riverfront location. Redevelopment will enhance downtown Elk River's role as a residential, retail, and commercial area and also revitalization investment in the Downtown Business District." Metro Plains was selected the developer based on the HRA's belief that they were best suited to meet the primary goal of the downtown revitalization project. Project Timeline As the HRA will recall, a number of studies and evaluations of downtown have occurred since 1970. The most recent downtown revitalization project began in fall of 2000 when the HRA authorized staff to complete a downtown redevelopment plan in order to identify priority redevelopment sites and guide desired development. In May of 2001,the HRA,Planning Commission, and River's Edge Downtown Busisness Association conducted a joint work session at which staff presented a market analysis,the assessment of building condition,and the historic significance analysis for discussion of redevelopment opportunities. Two interested developers presented riverfront development concepts for discussion. At that time as in the past,parking, financial feasibility, and housing were all issues that were discussed as potential issues for any project within the downtown area. In March of 2002, staff mailed 98 requests for proposals to submit for the redevelopment of certain portions of downtown. In May of 2002, staff and the HRA reviewed five concept proposals for the downtown revitalization project. Three of the five developers were selected to be interviewed;those included Metro Plains,TOLD, and Best&Hempel. The HRA should note that at this time,the initial Metro Plains proposal included three development locations;the Bluff Block,the Brick Block,and the Gazebo Block. In August of 2002,the HRA selected Metro Plains to enter into a preliminary redevelopment agreement for the downtown revitalization project. Since August of 2002, staff,the developer, and the Housing and Redevelopment Authority have been working through a number of issues regarding the downtown revitalization project. These activities included 1) a market and financial feasibility analysis, 2) review of zoning, setback, parking and Wild&Scenic issues, 3) overall project design,4)tax increment financing eligibility assessments, and 5) impacts from the historical context study. The public has been made aware of the discussions through Q&A inserts in the Elk River Star • News,updates to the River's Edge Downtown Business Association meetings,monthly project updates to the HRA,and some direct mailings. Three open houses have also been conducted during the process to obtain feedback from the public. S:\PLANNING\Michele McPherson\MEMOS\7-28 DT memo HRA.doc