11-07-1988 CC MIN - Laserfiche WebLink

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Page 3 City Council Minutes 11/7/88 e Dick stated that there are many objectives for the Boardwalk and these objectives include: 1. In the long term, an increase in tourism in Elk River 2. Develop more commercial pedestrian traffic for the businesses 3. Clean up the area and make it more aesthetically pleasing 4. Become a focal point for community activities and celebrations 5. Become a intricate part of the overall city wide trail system 6. Provide additional greenspace in the Central Business District In response to City Council questions regarding the use of Tax Increment Financing to fund the boardwalk project, it was indicated by the staff that without this financial assistance, the project could not be financially undertaken by the City alone or assessed out to the benefited property owners. It was stated that the fire which detroyed the hardware store, should be viewed as an opportunity and something that the City should take advantage of in order to follow up on the concept developed by the Governor's Design Team and emphasized at the 2001 Conferences. e The staff noted that the goal of emphasizing the river for increased economic development in the downtown has been discussed by the City Council since the May, 1970 Central Business District Report. Staff indicated that the opportunity presented with the redevelopment of the hardware store is one that should not be passed up by the City. It was stated by the staff that the expansion of the hardware store and the increase scale of development for a new structure at this location will help the City accomplish its economic development goals. This redevelopment project is hoped to "start the ball rolling" for additional redevelopment of other buildings causing a "ripple effect" within the downtown area. Some members of the City Council questioned whether use of Tax Increment Financing monies for the proposed boardwalk was appropriate and according to the intent of the Tax Increment Financing law. Additionally, some Councilmembers strongly requested financial information for the redevelopment before they could justify using Tax Increment Financing to assist in the redevelopment of the hardware store. Staff indicated that such figures should be available at approximately the same time that the boardwalk master plan would be completed by Baurer and Associates (approximately 12/2/88). e Staff requested Council approval to spend $11,000 for having Baurer and Associates, Ltd. to develop a boardwalk master plan complete with survey and elevation work.