5.2. HRSR 12-03-2001 - Laserfiche WebLink

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EHLERS • iSS •_CIATES INC OTo: Catherine Mehelich, Director of Economic Development From: Jim Prosser,Financial Advisor W Subject: Core CBD Redevelopment Date: November 16,2001 As Elk River proceeds with redevelopment of the Core CBD area, it is important to consider development of implementation policies including the following: 1. Proposals for development of multiple areas within the project area should be solicited. Based on the proposals received the HRA may decide to authorize preliminary development agreements for a limited number of areas. It is likely that phased development will improve the overall results. 2. Consideration should be given to "preserving" some selected sites for later development. This will permit the market to appreciate the impact of first phase development and potentially enhance the City's ability to achieve redevelopment goals. • 3. Clear expectations regarding land acquisition should be established. Specifically,it is recommended that the developer will use best faith efforts to negotiate property acquisition. The HRA needs to be willing to use eminent domain if those efforts fail. The HRA may require the developer to utilize mediation prior to considering requests for eminent domain. 4. A strategy that encompasses efforts to influence the Highway 10 and related improvements is key to preserving and perhaps enhancing the ultimate Core CBD redevelopment. 5. Consideration should be given to proceeding with redevelopment RFPs prior to completion of the historical context study. The proposals will be useful in evaluating alternate approaches to preserving certain sites. Additionally,the proposals may identify preservation opportunity cost and benefits to assist in decision making. Actual development in areas containing historically significant properties could be delayed until the fmal report is evaluated. 6. The time frame for the current version of the concept refinement and redevelopment strategy should be expected to last no longer than five years. After that time changing market conditions and base conditions withing the area will change sufficiently to require concept and strategy adjustment and update. 7. It is important to forecast the time frame for redevelopment(based on the process outline previously provided). That time frame should reflect the reality that initial redevelopment is not likely to occur until mid to late 2003. Further redevelopment will occur in stages and be completed over a three to seven year period of time. • LCAbERS IN PU3LI - INAI\ %: ii ne d=ni-IR Bryn 5n ir7/rea9 NA Snlj71/� liaseviV V\I 551=3.1105 'im >ips.rc,cxn