6.0. HRSR 10-27-2003 - Laserfiche WebLink

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Downtown Revitalization Project Update October 27,2003 HRA Meeting Page 2 of 2 • Financing Applications The financial feasibility of the project depends on the city and developer's ability to receive financial assistance from a variety of resources. In July the HRA and City Council authorized MetroPlains to submit a financing application to the MN Housing Finance Agency for the Jackson Block project. Staff will provide a verbal report at the HRA meeting regarding the result of the MHFA financing application,which will be announced on October 24`h. In addition to the MHFA application,the financial plan prepared by MetroPlains is dependant upon funds from the Small Cities Development Program (SCDP),administered by the MN Department of Employment and Economic Development (DEED). In response to the HRA's recommendation,the Council directed staff to proceed in preparing the SCDP application for the purpose of obtaining grant funds for commercial and residential rehabilitation, and new residential rental construction,in the Downtown Revitalization Project Area. Following the HRA meeting,the City Council will hold a public hearing regarding the proposed SCDP application. Staff has met with several property owners who indicated interest in the proposed commercial and residential rehabilitation program. The City's SCDP application will be submitted to DEED at the end of October. Announcement of grant award is anticipated in early March of next year. • Communications The Director of Planning attended the recent meeting of the River's Edge Business Association. Draft minutes from the River's Edge meeting is attached. Staff also recently hosted a group of 25 students from the St.Cloud State University Downtown Development class on October 8th. Students started with a fieldtrip to downtown Elk River and a panel discussion with representatives from the River's Edge group,MetroPlains,the Heritage Preservation Commission, and city staff. Students commented on their opinions and observations of downtown Elk River's strengths and weaknesses. Staff received the attached correspondence regarding the proposed Downtown Revitalization Project. Staff did not provide any follow up response. Other Project Activities An open house meeting regarding commercial/retail leasing opportunities in the new proposed project,was recently hosted by MetroPlains and Brookstone,Inc. on Wednesday, October 22nd. There were approximately 25 attendees,most of which represented existing business and property owners from downtown Elk River. Staff continues to work with city attorney,Peter Beck to research the title and ownership of the Jackson Square property. An abstract has recently been created for the property. A survey and legal description is being prepared by the city engineer in order to prepare a title commitment,which is anticipated in the next 30 days.