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action plan for the Central Business District which, through utilization <br /> 411 of volunteers, is to be completed prior to proceeding to Phase II <br /> completion of a physical design study. The Central Business District <br /> action plan (attached) identifies steps primarily for the investigation <br /> and research of various issues which, when the action plan is completed, <br /> will be used as we proceed into Phase II of the downtown study. <br /> Another primary purpose of Phase I is to achieve a certain level of <br /> volunteer participation and interest in the process." It is necessary for <br /> this interest and participation to carry over into Phase II of the CBD <br /> study. <br /> The City Council has requested a joint meeting with the HRA for April <br /> 12, 1999, from 5 - 6 p.m. to discuss issues related to the Central <br /> Business District action plan and study process. These issues center <br /> around the current direction of the HRA and plan participants, and, <br /> generally, the overall direction of the CBD action plan. Staff feels there <br /> is some council desire to see the HRA provide more structure to <br /> implementation of the CBD action plan. Further issues will be <br /> expressed in the joint HRA/City Council meeting on April 12. <br /> 6. Discuss Central Business District Rehab Loan Program <br /> Issue <br /> A proposal has been put forth by The Bank of Elk River, in partnership <br /> with First National Bank of Elk River, to establish a low interest <br /> property improvement loan program in the Central Business District. <br /> The purpose of this discussion is to take comments from the HRA <br /> regarding possible future implementation of such a program. Staff feels <br /> it would be most advantageous to complete Phase II of the CBD focus <br /> study prior to implementation of a property improvement loan program. <br /> Attached is a memo from Pat Dwyer, The Bank of Elk River, outlining <br /> some of the major issues associated with such a program. The concept is <br /> that the HRA would provide funding to subsidize an interest rate <br /> reduction of property improvement loans from 6 percent to 3 percent. <br /> Mr. Dwyer has anticipated that this would require an HRA commitment <br /> of up to $15,000 per year. <br /> Staff would appreciate initial input from the HRA regarding the <br /> proposed concept as attached to this memo. Staff comments are <br /> summarized as follows: <br /> • <br />