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0a -os aak <br />Ct, of <br />FHousing & Redevelopment Authority <br />River <br />Key Highlights in 2017 <br />■ The HRA provided financial <br />assistance to New Resources, LLC <br />to rehabilitate a blighted property <br />located on Quinn Avenue <br />■ The HRA and the EDA partnered <br />to implement a Joint Finance <br />Committee in 2018 to expedite the <br />facilitation of financing requests and <br />to enhance collaboration of the two <br />bodies. <br />■ Property acquisition is underway to <br />redevelop the northeast comer of <br />Main Street and Gates Avenue. <br />■ A newly revamped Tax Increment <br />Financing Policy was developed and <br />approved, simplifying the <br />application process for applicants to <br />apply for financial assistance. <br />Year-end Activity Summary 2017 <br />Director's Message <br />As we look back at 2017, the Housing and Redevelopment Authority <br />(HRA) had an exciting year filled with successful new redevelopment <br />projects that will improve preserved and improved our existing housing <br />stock, increased property values, and began preparations for multiple <br />redevelopments to improve commerce, transportation, and livability. <br />The HRA has continued their focus to promote the preservation of our <br />community's housing stock through our Housing Rehabilitation Loan <br />Program facilitated by the Central Minnesota Housing Partnership. <br />Maxfield Research was engaged to update our 2015 housing study to <br />ensure we maximize our efforts to meet our housing needs. Last year <br />alone we had 113 new single family homes constructed, a 54% increase <br />over the previous year accounting for nearly $234 million in new <br />property value. In addition, the City Council approved six new single <br />family plats totaling more than 140 lots. Construction is also underway <br />on a new 100 -unit senior housing project. <br />We met with numerous local businesses owners and developers to find <br />ways in which we can assist with their curb appeal, improve and preserve <br />their structures and seek further opportunities to assist with the <br />redevelopment of some of the community's more "fatigued" properties. <br />In 2018, I am looking forward to a year of progress in the promotion of <br />the HRA rehabilitation loan program and other redevelopment projects <br />in conjunction with the Mississippi Connections Plan in Elk River <br />through goal setting and plan implementation. <br />Amanda Othoudt, EDFP <br />Economic Development Director <br />aothoudt&ElkRiverMN.gov <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />763.635.1042 * www.ElkRiver.MN.g( <br />