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5.0. HRSR 05-03-2004
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5.0. HRSR 05-03-2004
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City Government
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HRSR
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5/3/2004
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Item if 5 <br /> -Ii <br /> . City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: May 3, 2004 <br /> SUBJECT: Downtown Revitalization Project Update <br /> Attachments <br /> • Memorandum dated April 28,2004 regarding Proposed MetroPlains Project. <br /> • Downtown Revitalization Project Description. <br /> • Correspondence dated April 8, 2004 from MN DEED to City of Elk River. <br /> • Article "MetroPlains hits roadblock in rebirth of downtown Elk River",The Business <br /> Journal,April 16, 2004. <br /> 410 • Rivers Edge Downtown Business Association DRAFT Meeting Minutes,April 14,2004. <br /> Background <br /> At its April meeting the HRA chose note to extend the Preliminary Redevelopment Agreement <br /> with MetroPlains Development. The HRA directed staff and consultants to work closely with <br /> MetroPlains over the next 30-days to reach agreement on certain key points to be included in the <br /> Development Agreement. <br /> Issue <br /> The attached memorandum dated April 28,2004 describes the agreement reached consistent with <br /> the HRA's direction with MetroPlains. Staff from Ehlers &Associates and Briggs &Morgan will <br /> present the agreement details and discuss next steps at the HRA meeting. <br /> Financing Applications <br /> The attached April 8,2004 letter from the MN Department of Employment and Economic <br /> Development (DEED) indicates that the City's application for a Small Cities Development <br /> Program (SCDP) grant has been approved for funding in the amount of$400,000 toward the <br /> proposed new housing construction. The city's application included the following requests: <br /> • Commercial Rehabilitation (13 buildings) $ 85,000 <br /> • Renter Occupied Rehabilitation (5 units) $ 425,100 <br /> • New Housing Construction (Jackson Block) $ 618,000 <br /> Total Application Request $1,128,100 <br /> • <br /> In addition MetroPlains was awarded a portion of their second round tax credit request from <br /> MN Housing Finance Agency for the Jackson Block housing. <br />
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