6.0. HRSR 02-26-2001 - Laserfiche WebLink

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ITEM 6.0. ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY MEMORANDUM TO: Housing and Redevelopment Authority FROM: Cathy Mehelich, Director of Economic Dev / ent rfi-n DATE: February 26, 2001 SUBJECT: Downtown Redevelopment Plan Update The goal of the Downtown Redevelopment Plan process is to create a useable tool for the HRA and City Council to guide redevelopment activity in the Central Business District. The Redevelopment Plan will include identification of redevelopment criteria,establishment of a common vision for redevelopment priorities, and a schedule for implementation. The first phase of the planning process includes completing an inventory of properties within the study area and identifying redevelopment issues. Staff has created an inventory of properties and general building conditions based on information gathered from the building department and county assessor's office. Within the next month the Historic Preservation Commission will be completing a preliminary field review of properties for their historic significance. Ali Maxfield Research,Inc.has been contracted to complete the market analysis of the central business 111. district. The analysis will include residential,commercial office and retail market potential. Within the next month,Maxfield Research will be conducting interviews of key persons and stakeholders. It;is anticipated that the market analysis will be complete for presentation to the HRA in April. In May a worksession of the Planning Commission,HRA and River's Edge Downtown group will be scheduled. Staff will present the results of the property inventory and market study. Based on the information presented,specific redevelopment opportunities and priorities should be identified. A property's redevelopment potential will be based on the following criteria: • General building condition • Historic significance • Market potential Using the above criteria a recommendation for redevelopment action will be made. Redevelopment options may include one of the following: • Redevelop site for new development • Encourage rehabilitation of property • Encourage property improvements e.g. façade Attached is information about proposed legislation for historic preservation incentives that may become an option for the CBD properties. Following the visioning process staff will develop an • implementation schedule based on the identified priorities. It is anticipated that the Redevelopment Plan will be complete for adoption in September. 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330-1743 • (612)441-7420 •Fax: (612) 441-7425, Equal Opportunity Housing and Equal Opportunity Employment