6.1. SR 07-06-2004 - Laserfiche WebLink

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