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Consider Arrow Building Center Redevelopment Concept <br /> April 5,2004 HRA Meeting <br /> Page 2 of 2 <br /> • continues to consider acquisition and relocation to a vacated lumberyard in Becker or <br /> relocation and new construction elsewhere. <br /> Issues to Consider <br /> There are several issues for the HRA to consider with regard to this redevelopment concept, <br /> including: <br /> • The HRA has identified the area south of Highway 10 and north of the Mississippi <br /> River a priority downtown redevelopment area. <br /> • The HRA has not had an opportunity to review and identify priority redevelopment <br /> areas,needs, goals and objectives for any areas north of Highway 10 downtown. <br /> • Several adjacent properties,including Martie's Farm Service and the former Hunts Farm <br /> &Feed elevator, have been improved with private reinvestment by the owners. <br /> • According to the City's policies redevelopment of commercial areas is an eligible use of <br /> Tax Rebate Financing and Tax Increment Financing. The project would be required to <br /> meet statutory regulations and city policy requirements,including the "but for" test. <br /> Staff is not requesting the HRA's action on this issue until the May HRA meeting. <br /> However, staff requests the HRA's feedback on any issues for staff to research and respond <br /> to for the May meeting. <br /> • <br /> 1111 <br />