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<br /> IleE H L E R S CASE STUDY
<br /> & ASSOCIATES INC , /
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<br /> Monticello Renews Downtown Business District
<br /> Monticello is a prosperous and growing community, about RESULTS
<br /> 45 miles from Minneapolis. For some time, Monticello had The Monticello Mall was redeveloped in 1997 and other
<br /> wanted to revitalize its area retail development occurred in 2000. Cub Foods is
<br /> THE CITY aging downtown, ensuring the anchor tenant. Monticello's new 78,000 square foot
<br /> OF MONTICELLO that it could retain its community center was built in 1999. The community
<br /> Services Provided: commercial district. Part of center houses City offices, a senior center, teen center,
<br /> that effort would include meeting rooms, aquatics center, gym and fitness facilities.
<br /> • Planning the redevelopment of the The community center will also serve as a National
<br /> • Economic Development Monticello Mall. The City Guard training facility. Construction of a new residential
<br /> was also interested in development with related retail on the riverfront is
<br /> • Tax Increment Financing developing_its riverfront scheduled to begin in 2001.
<br /> • Identify and evaluate of property. City officials are pleased that the project has enabled
<br /> finance options EHLERS APPROACH Monticello to achieve three important objectives:
<br /> • Analyze financial impacts of In order to create a plan 1) It brought about the redevelopment of an aging
<br /> III
<br /> project design options for the redevelopment of
<br /> Monticello's downtown, the commercial center.
<br /> • Assist with National Guard 2) The project kept commercial activity concentrated
<br /> use and funding agreement City developed a multi firm in the downtown area.
<br /> consulting team. Ehlers 3) The project will spin off tax increment revenues that
<br /> • Structure and implement was retained to help with can be used to meet other redevelopment needs.
<br /> finance plan the development of plan
<br /> alternatives, evaluate
<br /> financial options, prepare implementation strategies for the
<br /> plan and assist with public participation. In 1996, a 15- ,
<br /> year plan for the redevelopment was completed that
<br /> included both retail and residential development, and a
<br /> new community center. kTi—`"" I!
<br /> As plans for the Monticello redevelopment began to takeI ;; , 'rIN � �I St ^ 711.W
<br /> shape, the City used Ehlers to assist with the project's
<br /> financial planning and implementation. Ehlers, which
<br /> serves as financial advisor to the Monticello, assisted the
<br /> City's economic development aut • .• i. • •- -- .• of -
<br /> a downtown revolving loan program and created guidelines
<br /> for the loan that tied to redevelopment plan objectives. ) io
<br /> Ehlers analyzed the financial implications for various loan •'"`":17...,,,,----- ----i., o
<br /> and grant structures and assisted the Monticello Housing 1
<br /> and Redevelopment in the creation of a tax increment 3
<br /> `'
<br /> finance (TIE) district. That district encompasses the .
<br /> downtown and riverfront planing Area. Ehlers also advised
<br /> �:
<br /> Olonticello in the use of TIF, in developer negotiations, and f ''
<br /> played an active role in planning for a multi-function The Monticello City Hall and Community Center*accommodates a number of facilities
<br /> community center. such as city offices,a fitness and recreation center,aquatics center,future ice arena,
<br /> senior center,child care areas,and a National Guard Training Center.
<br /> EHLERS&ASSOCIATES INC Illinois 630-355-6100 • Minnesota 651-697-8500 • Wisconsin 262-785-1520 • www.ehlers-inc.com
<br /> *Ankeny Kell Architects,P.A
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