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Elk River Housing & Redevelopment Authority Minutes Page 3 <br />December 3, 2007 <br />7.1. Update on Downtown Redevelopment Project <br />Chair Wilson stated that it is his understanding that the principal mortgage holder, MnWest <br />Bank is having some difficulty with the Bluff project. He explained that the City has a <br />development agreement for the project but that the agreement is not jeopardized by what is <br />going on. City Administrator Lori Johnson stated that the city has no financial exposure and <br />that the developer is not in default of their agreement with the city. Chair Wilson stated that <br />the issue is a result of what is happening with the real estate market. <br />Commissioner Motin stated that the Jackson Square building is filled. He noted that that the <br />real estate market is being impacted by delinquencies and foreclosures. <br />Commissioner Toth asked if there is any concern with MetroPlains. Ms. Johnson stated that <br />she is not aware of any problem. She stated that the city will do everything it can to help the <br />project be successful, but that most of what is going on is out of their control. She noted <br />that these transactions are private business deals. <br />7.2. Assistant Director of Economic Development <br />Ms. Mehelich stated that she will be requesting that the City Council authorize staff to fill <br />this position within the next three months. She noted that this position deals with business <br />retention, micro loan programs, and provide administrative support to the HRA. <br />Chair Wilson asked when the Community Development Director position will be filled. Ms. <br />Johnson stated that she anticipated it would be filled in the next few months. Commissioner <br />Motin stated that they want to take the time to hire the right person for the job, and <br />therefore, are not in a hurry to fill the position. <br />8. Adjournment <br />There being no other business, Chair Wilson adjourned the meeting of the Elk River <br />Housing and Redevelopment Authority adjourned at 5:59 p.m. <br />Minutes prepared by Debbie Huebner. <br />Tina Allard <br />Ciry Clerk <br />