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<br />Downtown Redevelopment Plan <br />November 20, 2006 <br /> <br />Page 2 <br /> <br />Financial Impact <br />Pursuant to the Statutes, the plan must contain a budget for implementation. Attached with the <br />plan is a budget for the total cost of acquiring the Main Street Mall in Phase II, and also <br />incorporates the amount of tax increment assistance for the Phase I properties Gackson Place and <br />the Bluffs of Elk River). It should be noted that the budget was increased from the amount <br />shown to the Housing and Redevelopment Authority by approximately $90,000, which consists <br />of the amount of capitalized interest that will have to be paid on a S-year contract for deed, <br />anticipating a $720,000 acquisition price. It is anticipated that the acquisition would happen <br />through the Housing and Redevelopment Authority's fund balance and through their annual levy <br />with no fees coming directly from City funds. <br /> <br />Attachments <br />· Redevelopment Plan for Downtown Elk River Redevelopment Project dated November <br />1,2006 <br />· Memorandum to the Housing and Redevelopment Authority dated November 1,2006 <br />. Memorandum to the Planning Commission dated November 14,2006 <br /> <br />Note: Phase III area was expanded at the Housing and Redevelopment Authority meeting <br />and budget was modified to show interest fmancing. <br /> <br />Action Requested <br />Approval of "Redevelopment Plan for Downtown Elk River Redevelopment Project dated <br />November 1, 2006 by the Housing and Redevelopment Authority of the City of Elk River, <br />Minnesota", including the findings of fact as established within the plan. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\Community Development\Scott Clark\HRA \112006 CC DT Redev memo.doc <br />