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Kiver <br /> <br /> City of Elk River <br />Downtown Revitalization Project <br /> <br />Redevelopment Process <br /> <br />The phases of Redevelopment Process include: <br /> <br />Phase I - Need Identification <br />The HRA has identified the Core Central Business District as the focus area for redevelopment. The <br />primary goal is to assure the long-term viability of downtown by making a connection to the rest of the <br />community and by utilizing the riverfront location. A communications strategy is developed to keep the <br />public informed of the project and to provide opportunities for public comment. <br /> <br />Phase II - Concept Development <br />Various design concepts have been developed which incorporates consistent themes from the previous 30 <br />years of planning, current design obiectives, and input from the development community. The design <br />concepts identify desired outcomes, potential redevelopment uses and design ideas, and designates potential <br />areas for redevelopment. <br /> <br />Phase III - Concept Refinement <br />In this phase the concept is tested for market and £mancial feasibility with the help of developers and market <br />specialists. The redevelopment concept is then refined, based on the financial and market analysis. This <br />phase includes an opportunity for the public to provide comments on the alternative design concepts. <br /> <br />Phase IV - Request for Proposals/Developer Selection <br />The City will be contacting qualified developers to discuss the redevelopment concept. Developers' <br />experience and financial capabilities are assessed. One or more developers are selected for further analysis <br />of the redevelopment feasibility. The City reviews general plans, including uses, design concepts, densities <br />and financial feasibility with developers. <br /> <br />Phase V - Development Agreement <br />Most of the planning is completed and a developer has been selected, but the project is still months from <br />construction. A pre-development agreement is negotiated with one or more developer, providing a period <br />of exclusive right for development. During this period the developer must refine plans and assess market <br />feasibility. In the development agreement, the developer secures a lease commitment and financing for the <br />project, completes land use and other regulatory issues. The development agreement occurs when the <br />developer completes contingencies and initiates land acquisition and building design. <br /> <br />Phase VI - Construction <br />Ail development agreements are final, acquisition has begun and even some initial demolition of existing <br />properties has occurred. <br /> <br /> <br />