Laserfiche WebLink
CITY OF ELK RIVER DOWNTOWN REVITALIZATION Q&A NEWSLETTER AUGUST 2003 <br /> Q. Are there any other new developments with Q.When is acquisition of properties likely <br /> the Downtown Revitalization Project? to occur? <br /> A.The Elk River Housing and Redevelopment Authority(HRA) A. It is too early to tell exactly when acquisition would occur. • <br /> reviewed the MetroPlains design concept in June and City staff However, it is likely that acquisition would not occur until after the <br /> summarized the open house activities for the HRA at a special City and MetroPlains would enter a final development agreement. <br /> meeting.The HRA has directed City staff and MetroPlains to <br /> prepare a list of development agreement issues that would be Q. Is this redevelopment a "sure thing"? <br /> brought back to the HRA in the next 30-60 days. A. No. Redevelopment is complex. A redevelopment project must <br /> meet the goals of the community and pass the test of both <br /> Q.What conditions must be met before the City market and financial feasibility. In the preliminary development <br /> would enter a final development agreement phase, the developer is still working through these issues. <br /> with MetroPlains? <br /> A.The developer must complete the refinement of the plan Q.Why is the City pursuing redevelopment <br /> based on public, staff, and HRA comments. Once that is com- revitalization of downtown? <br /> pleted they will update the project budget and market analysis A. The downtown riverfront is very important to Elk River. The <br /> to be able to demonstrate that the project is financially City has identified its long term vitality as a community goal. <br /> feasible. If the project meets those tests, the City will enter a For more than 30 years studies have emphasized the need <br /> final development agreement with MetroPlains. to better utilize the riverfront, capitalize on the traditional <br /> character of downtown, and ensure safe pedestrian and <br /> Q. How will the redevelopment be funded? vehicle movement. Investment in downtown has stagnated <br /> A. Most of the project funding will be provided by the developer. and the riverfront is underutilized. The revitalization will <br /> In addition, the developer and the City have applied for state enhance downtown Elk River's role as a retail, commercial, <br /> grants available for this type of downtown redevelopment proj- and residential area and revitalize the investment made in <br /> ect. Finally, the developer has requested assistance to close the downtown business district. <br /> the remaining gap in redevelopment costs. The assistance <br /> requested includes a write down in the cost of the City-owned Q. How can I stay informed? <br /> property and tax increment that would be generated from the A. Copies of this and future newsletters will be provided at Elk River <br /> new development. The City has retained financial consultants City Hall,the Elk River Area Chamber of Commerce, Elk River <br /> to review this request to be assured that the amount requested Municipal Utilities,and the Elk River Star News. In addition, proj-W <br /> from the developer is justifiable and reasonable. ect updates are provided in the Elk River Star News,on the City <br /> Web site at www.ci.elk-river.mn.us, and at the Rivers Edge <br /> Q.What is the current time frame for the project? Downtown Business Association meetings. If you have questions <br /> A. If the City and MetroPlains move to a final development agree- about the revitalization process, please contact Economic <br /> ment in October when the preliminary development agreement Development Director Cathy Mehelich at(763)635-1000. <br /> expires,the earliest construction could begin would be some- <br /> time in mid-2004. <br /> City of <br /> Elk -�-� <br /> River <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> • <br />