5.0. 6.0. 7.0. 8.0. 9.0. HRSR 01-22-2001

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HRA Agenda Memo January 22,2001 Meeting Page 2 41111 7. Downtown Redevelopment Plan Update Staff has met with Planning,Building and Engineering departments to discuss the resources needed and assigned tasks to begin the inventory portion of the Downtown Redevelopment Plan. In the next three months staff will be working with the various departments to compile an inventory of the following items: • Existing Land Uses • General Building Conditions (Structural/Maintenance/Historical) • Recent Investments In addition,outside factors that impact downtown will be identified and analyzed. These factors include: • Transportation • Traffic • Vehicle/pedestrian links • Parking • Market demands/position/competition • Office/Retail/Housing The HRA at its 11/27/00 meeting directed staff to research the cost and options for hiring a qualified consultant to complete the market analysis component of the plan. . Attached is a memo from Assistant Director,Marc Nevinski regarding staff's review and recommendation for completion of the market analysis. Completion of a market analysis is a critical component for identifying realistic redevelopment opportunities within the downtown and in attracting developers to consider redevelopment projects. It should be noted that a market analysis has never been completed as part of the last five downtown Elk River plans. Since the strong movement of retail to Highway 169,it is becoming increasingly important to identify a realistic market position for the central business district in order for it to survive. 8. Update on Housing Programs Attached is a memo from Assistant Director,Marc Nevinski regarding staff's review and recommendation for the HRA's participation in various housing programs provided by the MN Housing Finance Agency (MHFA). 9. Other Business The City's new financial advisors, Ehlers & Associates, has offered to present a worksession for the City Council,EDA and HRA on the topic of Tax Increment Financing, Tax Abatement and Business Subsidies. The purpose of the joint worksesssion is to provide an opportunity for new officials and incumbents to become more familiar with the basics of these economic development finance tools • prior to evaluating a specific development project. Staff proposes that a joint worksession be scheduled for Monday, February 5, 2001 at 6:00 P.M.