6.9.C. SR 05-16-2005 - Laserfiche WebLink

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(As Modified July 13,1998) On July 13, 1998 the Economic Development Authority for the City of Elk River established Tax Increment Financing District No. 20, within the Development Program. The plan for this development project is to build a 40,000 square foot industrial facility. (As Modified August 28, 2000) On August 28,2000 the City of Elk River established Tax Increment Financing District No. 21, within the Development Program. TIF District No. 21 consists of 1 parcel of land and adjacent and internal rights-of-way. Current plans for this development project are to build a 73,000 square foot industrial facility. (As Modified November 1,2004) On November 1, 2004 the City of Elk River established Downtown Phase I Tax Increment Financing District No. 22, within the Development Program. TIF District No. 22 is being established to facilitate the redevelopment of the Bluff Block and Jackson Block in downtown Elk River. The project is part of the Downtown Revitalization Project, with the primary goal being to assume the long-term viability of downtown by making a connection to the rest of the community and by utilizing the riverfront location. The redevelopment will enhance downtown Elk River's role as a residential, retail and commercial area and revitalize investment in the downtown business district. The Bluff Block Development will include 10,000 square feet of commercial development on the first floor along Main Street and 60 units of for-sale housing above the commercial. The development will also include 70-80 below grade parking stalls for the housing and commercial residents. The Jackson Block Development will also include 10,000 square feet of commercial development on the first floor along Jackson Street and at the corner of Jackson and Main. Above the commer.cial development will be 32 units of 1- and 2-bedroom rental housing. The development will also include up to 52 below grade parking units for housing and commercial residents. Subsection D. Boundaries of the Development District The geographic boundaries of Development District No. 1 are set forth on the map attached as Exhibit A to this Development Program. These boundaries have been selected to include those areas of the City which: 1. Are zoned and planned for commercial, residential, and industrial development but require that certain public improvements be installed to make such development possible; 2. May have water and sanitary sewer service made available by the proposed water and sanitary sewer improvements, therefore, making development possible; 3. Have existing water and sanitary sewer service, which may be improved by the proposed water and sanitary sewer improvements. City of Elk River Development Program for Development District No. I 4