EDSR MEMORANDUM 07-11-1994 - Laserfiche WebLink

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EDA Agenda Memo Page 4 July,1 1, 1994 $400,000 in a combination grant (that is, not to be repaid) and a zero • interest loan on the balance. Having failed with the REA program, the need for other sources of funds, public and private, continue. Potential options may include: • A $400,000 grant request to the Elk River Municipal Utilities, This request could be modeled after the REA program. • A joint venture request with the Utilities Commission. • TIF funds/RDF settlement funds previously pledged towards other projects. • Other municipal accounts or funds. In order to help the EDA finalize potential sources of funds for infrastructure improvements, it is vital that a meeting with the City Council, City staff, and the Utilities Commission be scheduled. This meeting will help all parties identify and understand potential sources of funds that could be accessed for street and utility improvements. • ACTION REQUESTED The EDA is asked to request that a joint meeting with City staff and the Elk River Municipal Utilities Commission be scheduled at a time that is mutually convenient for all parties. 9. Comp Plan Steering Committee Meeting As a prelude to the July 14th Steering Committee meeting on Elk River's commercial sector, the writer of this memo felt that it was appropriate for the EDA to discuss the future of our Central Business District (CBD). A separate outline on this topic has been prepared and is included in the agenda packet. In short, a vibrant CBD is one of many barometers of a community's health. Because of extraordinary redevelopment costs found in the CBD, investment or reinvestment in this area is an expensive endeavor. Without incentives, private investment` will likely occur elsewhere. There are challenges in providing these incentives; that is, the TIF Law includes a very narrow definition of "blight", and, there are penalties in the form of state aid losses if new TIF Districts are established. In addition,