9.2. HRSR 03-06-2017 - Laserfiche WebLink

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November 19, 2012 - Part I Executive Summary, page 3 - 4. “Core Downtown”- the Task Force’s vision is based on a future market that will seek rehabilitation and redevelopment opportunities, especially for properties situated along the Mississippi River. The plan seeks to establish the “Brick and S. Main Blocks” as the center for historical rehabilitation and creates a path to determine the economic viability of this objective. Lastly, the plan attempts to provide opportunities to draw people to the core downtown. Festivals, markets, music events, in addition to physical connections to the river to promote the core as a destination, a characterization that will be more and more important as travel patterns evolve away from the direct access currently employed. 5. Single Family Neighborhoods- the redevelopment framework’s philosophy started with the premise of preserving the single family neighborhoods, some for the rich asset of affordability and other sectors for their historical quality. A goal of the plan is that the commercial redevelopment and reinvestment successes on both sides of Highway 10 will translate directly into reinvestment interest by residential property owners. 6. “North of Highway 10”- the area of most significant change is the 5 block area north of Highway 10. The Task Force envisions that as market dictates, this will evolve into a destination neighborhood. An “employment center” (e.g. office, medical, institutional) to bring daytime users that support the core downtown commercial is envisioned. Additionally, a higher density residential component should be located abutting Lions Park, coupled with a greenway and strategically located storm water assets. This Study Area also creates the greatest challenge for redevelopment due to the type of existing buildings, number of buildings, limited inherent physical assets, and no immediate strong market demand. All of which will be necessary in order to create the magnitude of real estate value that would make redevelopment feasible. While market driven, any redevelopment of this area will likely require taxpayer assistance, in the form of financial incentives and assistance, regulatory changes, and land acquisition. 7. Commitment to Implement- no redevelopment framework has value until commitment to implement is agreed upon by all affected parties; this community consensus is only initiated by the City Council’s adoption of the Plan. With this consensus, an agreed upon set of priorities and a work plan is established to begin the process of creating the foundational steps of the Plan. 8. Financial Commitment- due to the economics of redevelopment and revitalization, no vision can be implemented without a major financial commitment by the City. Some of the redevelopment costs will realistically have to be absorbed through the use of tax increment, tax abatement and other forms of public/private participation. In addition, taxpayers should anticipate the City may have to capitalize rehabilitation related funds and commit to significant capital improvements involving open space and other infrastructure costs. In conclusion, the Mississippi Connections Redevelopment Framework serves as a collection of prioritized tasks and goals. Elements of the framework may have to be altered over time but the commitment to start the implementation inherently to pursue the redevelopment objectives vigorously should translate into making this part of Elk River strong and sustainable.