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. 4k <br /> City of <br /> Elk .....,.. <br /> R <br /> ........„. <br /> iver <br /> City of Elk River <br /> Downtown Revitalization Project <br /> Redevelopment Process <br /> The phases of Redevelopment Process include: <br /> Phase I — Need Identification <br /> The HRA has identified the Core Central Business District as the focus area for redevelopment. The <br /> primary goal is to assure the long-term viability of downtown by making a connection to the rest of the <br /> community and by utilizing the riverfront location. A communications strategy is developed to keep the <br /> public informed of the project and to provide opportunities for public comment. <br /> Phase II — Concept Development <br /> Various design concepts have been developed which incorporates consistent themes from the previous 30 <br /> years of planning, current design objectives, and input from the development community. The design <br /> • concepts identify desired outcomes, potential redevelopment uses and design ideas, and designates potential <br /> areas for redevelopment. <br /> Phase III — Concept Refinement <br /> In this phase the concept is tested for market and financial feasibility with the help of developers and market <br /> specialists. The redevelopment concept is then refined,based on the financial and market analysis. This <br /> phase includes an opportunity for the public to provide comments on the alternative design concepts. <br /> Phase IV— Request for Proposals/Developer Selection <br /> The City will be contacting qualified developers to discuss the redevelopment concept. Developers' <br /> experience and financial capabilities are assessed. One or more developers are selected for further analysis <br /> of the redevelopment feasibility. The City reviews general plans,including uses, design concepts, densities <br /> and financial feasibility with developers. <br /> Phase V— Development Agreement <br /> Most of the planning is completed and a developer has been selected,but the project is still months from <br /> construction. A pre-development agreement is negotiated with one or more developer,providing a period <br /> of exclusive right for development. During this period the developer must refine plans and assess market <br /> feasibility. In the development agreement, the developer secures a lease commitment and financing for the <br /> project,completes land use and other regulatory issues. The development agreement occurs when the <br /> developer completes contingencies and initiates land acquisition and building design. <br /> Phase VI — Construction <br /> • All development agreements are final, acquisition has begun and even some initial demolition of existing <br /> properties has occurred. <br />