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To <br />and Cit%- Council and the HRA <br />Request for Action <br />Item Number <br />2 <br />Agenda Section I Meeting Date Prepared by <br />Work Session September 8, 2020 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Modem Construction — Downtown Cal Portner, City Administrator <br />Development Concept Discussion Reviewed by <br />Action Requested <br />Receive information and discuss. <br />Background/Discussion <br />At their September 3, 2019, Work Session, the City Council heard a presentation by Modem Construction on a <br />high density, market rate, mixed -use development concept in downtown Elk River. <br />On October 7, 2019, the Council entered into a preliminary development agreement with the developer allowing <br />the developer to explore the idea of a multi -family, mixed -use development concept in downtown Elk River. The <br />HRA is listed as a party to the agreement, since the HRA owns some of the property. The agreement outlines the <br />developer's obligations to the city and the HRA in Section 3 of the agreement. <br />Jesse Hartung of Modern Construction will present his plan for the project. In addition, he will discuss parking <br />improvements, review proposed traffic study parameters, provide a general outline for financing and construction <br />timelines as well as proposals to support local business during construction. <br />Staff is seeking feedback from the Council and the HRA on next steps. <br />Financial Impact <br />N/A <br />Mission/Policy/Goal <br />Mississippi Connections Plan — Mid-term goals: City partnering with property owners and the development <br />community to implement redevelopment projects that meet the community vision. Continue to assist in the <br />recruitment of highly desirable businesses to the core downtown (e.g. hotel, fine dining, banquet facility). <br />Mississippi Connections Plan — On -going goals: Based on demand, work with property owners and development <br />community on redevelopment proposals. <br />Attachments <br />Preliminary Development Agreement <br />* Mississippi Connections Plan <br />The Elk River Vision r o 1 E B E o a YJ <br />A 9velcoming community wXb revolutionay and spirited msouir� fulness, exceptional FNATURE <br />service, and community engagement that encourages and inspires pmspeyrty. Updated, August 2020 <br />