2.0. HRSR AGENDA 04-03-1996 - Laserfiche WebLink

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three King and Main properties together and complete a redevelopment project on this site. Unfortunately, the city did not receive any response to • this RFP and the project was abandoned. In 1995, additional discussion took place regarding this site as it related to a potential project from ECM. Unfortunately this ECM project never materialized and, again, nothing happened at this corner. I need to discuss this site with the HRA to get a feel from the group as to how high a priority this project is in 1996. There still exists an opportunity to package these properties together but this opportunity could disappear with the selling and redevelopment of any one of the three sites. Logically, the city would know about such activity as most redevelopment projects would request city assistance and, accordingly, we would know before something actually transpired. In order for a redevelopment project to happen, a developer would need a firm prospect for the new building. A new building would be occupied by one owner or there could be a "zero lot line" subdivision that splits up the building for different owners. If the city worked on a redevelopment project at this site, there would be a great deal of front end investment into the project, and the ultimate value of a new project would have to be substantial in order for the city to recapture its assistance over a reasonable period of time. Some hypothetical figures that were discussed last year will be • reviewed with the HRA at the meeting so that everyone can get some feel as to the scope of the project and the possibility of something happening at this site. Business Incubator Program The EDA has entered into a contract with Genesis President Harlan Jacobs to work as a consultant toward the development of a city business incubator program. Harlan has met once with the EDA and is scheduled to meet again on April 8. Prior to this April 8 meeting, Harlan will meet with me and the County Administrator to discuss the possibility of the County Administration Building being redeveloped into a business incubator facility. Harlan is also scheduled to tour this building prior to the EDA meeting. The city attorney has made it clear that the city, EDA, or HRA cannot own a facility for speculation. We can own land, but not a building for this purpose. Accordingly, we would have to work in conjunction with the county or with private investors in order to have a business incubator project become a reality in Elk River. The EDA is in its very early discussion stages of this project and not much has happened with the exception of hiring Mr. Jacobs as a consultant. •