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Recent Public & Private Investments <br />There have been a number of significant private improvements to <br />the area in recent years. <br />First National <br />Bank of Elk River <br />First National Financial Center Building (Year 2000) <br />The Bank of Elk River Expansion (Year 2005) <br />These private investments contribute significantly to increase the <br />city's taxable market value and maximize the benefit of public <br />investments as shown in the table below: <br />Market Value Expansion <br />Project <br />Market <br />Estimated Market <br />Add'l <br />Value Before <br />Value After <br />tax <br />payable <br />2012 <br />Granite Shores <br />$833,225 <br />$9,241,600 <br />$89,963 <br />Jackson Place <br />$175,800 <br />$3,221,800 <br />$36,092 <br />The Bank of <br />$1,395,600 <br />$4,239,300 <br />$56,874 <br />Elk River <br />Expansion <br />Project <br />$2,606,100 <br />$13,902,900 <br />1 $182,929 <br />Before <br />After — Granite Shores <br />Before - Jackson After - Jackson <br />In 2001, the Elk River Housing & Redevelopment Authority <br />(HRA) determined that downtown Elk River's long-term vitality <br />should be a community goal. At the same time, several key <br />parcels along the riverfront became for sale, which prompted the <br />HRA to solicit development proposals from approximately 100 <br />developers in order to form a public/private partnership to <br />revitalize downtown Elk River. After receiving five development <br />proposals, the HRA and City Council selected MetroPlains <br />Development to further refine their development concepts. <br />Five years later, concepts turned into reality and Granite Shores <br />and Jackson Place redevelopment projects were constructed. The <br />projects added approximately 20,000 square feet of space for new <br />businesses and over 100 new residents to the downtown. <br />November 19, 2012 -Part I, page 19 - <br />