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Ћ <br />KEY HIGHLIGHTS <br />Contracted with Maxfield Research & Consulting to update the citywide housing study. <br />Created a Housing Tax Increment Financing District for Jackson Hills Residential Suites. <br /> Purchased two additional blighted properties along Main Street for redevelopment. <br /> Implemented a Permanent Fixture Policy to assist in collaboration with the Downtown Association. <br /> Beaudry Oil & Propane completed the expansion of their Truck Shop facility. <br /> Expanded the Housing Rehabilitation Loan Program targeted area and partnered with the Center for Energy <br />and Environment to administer the program. <br />HOUSING STUDY UPDATE <br />Maxfield Research & Consulting was contracted to update the original housing study completed in 2015. The <br />study projects housing demand from 2017 through 2025 and provides recommendations on the amount and type <br />of housing that could be built in Elk River to satisfy that demand. <br /> <br />The study identified a potential for approximately 864 new housing units. About 20% of the total is for senior <br />housing; while general-occupancy housing accounted for 80% of the need. Demand is strongest for for-sale <br />housing, representing 395 of the 864 new housing units. There is also strong need for additional market rate (172 <br />units) and affordable rental housing (93 units). <br />JACKSON HILLS RESIDENTIAL SUITES <br />The HRA and City Council approved a Housing <br />Tax Increment Financing District to facilitate the <br />construction of Jackson Hills Residential Suites, a <br />40-unit mixed income apartment complex. The <br />project will offer at least 8 units of affordable <br />housing for families in the Elk River community. <br />The project is scheduled to be completed in 2019. <br />Ћ <br />