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• <br /> Page 2 <br /> November 16,2001 <br /> 8. It is likely that tax increment or other forms of assistance will be needed to make redevelopment <br /> financially feasible. It is advisable to begin now to assess the ability to qualify the area as a <br /> Redevelopment District and to explore other financial resources. <br /> 9. Continued attention to public dialog on the purpose,process and status of redevelopment efforts is <br /> key to maintaining public confidence in the project efforts. A key part of the communication is <br /> forecasting of time frame,upcoming decisions and opportunities for public involvement. <br /> 10. The City should carefully monitor potential property acquisition opportunities from willing sellers. This <br /> can help make the redevelopment more affordable due to reduced acquisition and relocation costs. <br /> This must be balanced against the holding, financing costs. <br /> 11. The Redevelopment Concepts currently being prepared should be considered a "framework" for <br /> developers in preparation of proposals and not blueprints for exactly what will be built. It is likely <br /> that the fmal redevelopment result will be quite different (and hopefully better) than initial <br /> Redevelopment Concept. <br /> • <br /> N:\Minnsota\Elk River\Riverfront\Strategies.11.15.01.wpd <br /> • <br />