5.0. EDSR 02-14-2005 - Laserfiche WebLink

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Daa'ita •(.L. - _ °City Efk1 , ,, •T � e r JANUARY 2005 Enhancing Downtown Elk River's Role �/ As a Vital Retail,Commercial and Residential Area. Q. I understand the City has approved a final develop- square feet of first floor commercial development along Main ment agreement with MetroPlains. Does the Street and Jackson Avenue; 32 rental housing units on the approval of the final development agreement mean upper two floors and underground parking. The Jackson Block the project is a certain thing? is currently a City-owned parking lot. A. No, not yet. While this is a very signifi- cant event, there is still due diligenceQ.What is the schedule for that needs to occur on the part of the This Anewsletter the project? City and the developer. There are still a responds to some A. The tentative schedule is as follows: number of tasks that must be complet- e the recent questions • MetroPlains'acquisition of properties by ed before construction can occur. Spring 2005; These include construction drawings + b it River and final plat approvals, securing King Avenue parking lot construction in financing, and acquisition of property. downtown revitalization Spring 2005 and redevelopment. • Q. What is a final development Demolition and environmental remedia agreement? tion in the Bluff Block in 2005; The City Council approved the final development agreement • Construction begins in the Jackson Block in Summer 2005 glir with MetroPlains at the Council's meeting on December 6, and is completed by the end of 2006; 2004. The final development agreement sets out the phasing Construction begins in the Bluff Block in Fall 2005 after and timing of the project, the financial commitment of the the U.S. Bank building is vacated and demolished, and developer, as well as any assistance provided by the City. construction is completed by the end of 2006. Q. What type of development is „.,,,,,,, , _�6 proposed for the Bluff and � , Jackson Blocks? •' , E A. The revitalization will include the rede 7 •,/,/,, ,._ -. ,.. velopment of the Bluff and Jackson •'' Sp o Blocks, and the development of the OS King Avenue parking lot. Specific plans • , ,1,3, -51 � '°” C s for Bluff and Jackson Blocks are below. ` The Bluff Block is located on the south- - •" .� _ � f west corner of Main Street and County0 ,‘ �'/ Road 42. It includes about 10,000 square k I feet of commercial space on the first floor ---�T �� '� j along Main Street; 60-68 units of for-sale ' . { housing on the upper three floors, under- M.' "7-7. / I ground parking, and a connection to the r City with a plaza on the corner of Main "' AMAIN ' Street and County Road 42. The Bluff \\��` ST Block currently includes three buildings along the Mississippi River. I - ! • K t ,� II I B' v x The Jackson Block is located on the "-------______ �� t�X � f I northeast corner of Jackson Avenue and _ "' - Main Street. It includes about 10,000 t--1--