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City of Elk River <br /> 2004 Annual Report • <br /> • A key component to the process during 2004 was with regard to the project financing.A Small <br /> Cities Development Program (SCDP) grant from the MN Department of Employment and <br /> Economic Development (DEED) was awarded upon the city's 2003 application. While the <br /> application requested grant funds for the rehabilitation of commercial and residential buildings <br /> downtown, DEED awarded only $400,000 for the Jackson Block rental housing new <br /> construction, which will be provided as a long-term low-interest loan to MetroPlains. <br /> The City Council established Tax Increment Financing District No. 22 (a redevelopment <br /> district) in November. By mid-year MetroPlains had executed a purchase agreement for one of <br /> the three Bluff Block properties, 641 Main Street. <br /> Another key component of the process was the negotiation and approval of the final <br /> development agreement. Earlier in the year the HRA and City Council concurred that the <br /> project should include both the Jackson Block and Bluff Block developments. In addition to the <br /> linkage between the Jackson and Bluff projects the development agreement outlines the project <br /> schedule and financial assistance to be provided. With the HRA's recommendation, the City <br /> Council approved the Final Development Agreement with MetroPlains Development, LLC on <br /> December 6, 2004. <br /> Communication with the public has been a key component of the Downtown Revitalization <br /> Project. The multiple means of communications continued in 2004 to including the following: <br /> ■ Monthly project updates on the city website <br /> • ■ Q &A inserts and project coverage in the Star News <br /> ■ Project update articles in The Current <br /> ■ Monthly updates to River's Edge Downtown Association group <br /> ■ Monthly HRA/Council meeting updates <br /> ■ Direct mailing of meeting notices <br /> • <br />