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<br />City of Elk River <br />2004 Annual Report <br /> <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 /> <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 /> <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 /> <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 HRAlCouncil meeting updates <br />· Direct mailing of meeting notices <br />