7.0. HRSR 06-30-2004 - Laserfiche WebLink

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CITY OF ELK RIVER DOWNTOWN REVITALIZATION O&A NEWSLETTER JUNE 2004 The amount of the actual assistance provided is determined Q. How will the City address parking needs by an analysis by the City's independent financial advisor. when the Jackson Block is developed? The financial performance submitted by the developer will A. The City recognizes that since many of the businesses rely• be analyzed to determine the gap or amount that would be on public parking, adequate and well located parking necessary to make the development financially feasible. spaces are a key ingredient to the continued vitality of exist- ing and new businesses in downtown. An important part of Q. Will providing TIF assistance to the developer the project will be the development of replacement parking impact my property taxes? by closing the King Avenue access to Highway 10 and A. No. Because the tax increment comes from only the expanding the parking lot behind Kemper Drug for down- increased value of the property and the pre-existing level of town businesses and employees. Preliminary designs indi taxes still continues to be paid to local governments (city, cate approximately 50 additional spaces. The timing of the county and school district), there should be no impact on replacement parking will be coordinated with the Jackson your property taxes. Block construction. Q. Once the final development agreement is Q. Does MetroPlains own the Bluff Block signed, is the redevelopment a "sure thing"? property? A. No, there will still be land use and other regulatory A. MetroPlains is currently negotiating with the Bluff Block prop- approvals, securing of financing, and acquisition of property erty owners. The negotiation process is a private process that must occur before the development is a"sure thing". held between MetroPlains and the property owners. Q. How can I stay informed? A. There are several ways you can stay informed: Q. What happens if the property owners cannot Attend regular HRA meetings, which are held on the first •reach an agreement with MetroPlains? g g ' Monday of each month at 5:00 p.m. at Elk River City Hall, A. The City will encourage MetroPlains to reach a voluntary 13065 Orono Parkway. In addition, regular HRA meetings agreement with property owners. If the developer and the are broadcast live and replayed on ERtV Channel 12. property owner are unable to reach agreement, a mediator will be used to assist with the process. If the mediation • Visit the Downtown Revitalization Project Update page of the process is unsuccessful, the City could pursue the process City's Website located at www.ci.elk-rivermn.us of condemnation, but it would only be used as a last resort. • Attend regular Rivers Edge Downtown Business Associations meetings held on the second Wednesday of each month at Q. How do the Jackson Block rental housing 8:00 a.m. at the Elk River Area Chamber of Commerce office. rates compare to the current rental housing • Read the Elk River Star News. Articles on the project fre- rates in the downtown? quently appear in the Star News and in the City's newsletter, A. The Jackson Block rates will be$600 to$700 per month, The Current, which is distributed as a Star News insert every which are slightly higher than the current rental housing other month. rates in the downtown. Monthly rent payments will be paid in • Contact the Director of Economic Development Cathy full by the tenant and not subsidized. In today's market- Mehelich or the Assistant Director Heidi Steinmetz at any place, the Jackson Block must compete with market rate time. The Economic Development Department number is developments for it to be successful. (763) 635-1040. . a// City of Elk -�-1 River 13065 Orono Parkway Elk River, MN 55330 •