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From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />Catherine Mehelich, City of Elk River <br /> <br />Jim Prosser & Stacie Kvilvang, Ehlers & Associates <br /> <br />August 21, 2002 <br /> <br />Post Development Selection Actions <br /> <br />EHLERS <br /> <br />& ASSOCIATES INC <br /> <br />The following describes the process and activities once a preliminary development selection <br />is made: <br /> <br />Preliminary development agreement. A preliminary development agreement is <br />drafted for HRA review. The agreement will address the issues that must be <br />addressed prior to final development agreement preparation. These items typically <br />include preparation of a refined site plan, financial and market feasibility analysis <br />and project timing issues. In addition the developer will be required to deposit funds <br />with the City to cover "out of pocket" expenses incurred by the City for legal, <br />planning and financial review and coordination. Negotiating this agreement is <br />typically accomplished within 30 days. <br /> <br />Preliminary development activities. This phase typically requires six to twelve <br />months. During the preliminary deVelopment agreement phase the developer is <br />focused on the following activities: <br /> <br />Land acquisition status. It is desirable for the developer to make contact with <br />property owners in order to reach comfort levels regarding the feasibility and <br />cost of acquisition and relocation. Review of this status will be used to <br />determine project feasibility as well as the need for any city assistance with <br />land assembly. <br /> <br />bo <br /> <br />Financial feasibility analysis. The City and the developer need to assess <br />project financial feasibility. Outside funding and financing sources should be <br />identified and preliminary commitments secured prior to final development <br />agreement. City development fees and anticipated costs should be identified <br />at this point in order to develop an accurate cost analysis. <br /> <br />Site planning. A review of the site plan should be completed to be assured <br />that the development program (number of units, retail space, parking, etc.) <br />that serves as the basis of the financial feasibility remains within acceptable <br />limits. This will not replace final planning review as required by City <br />Ordinance. In addition, preliminary survey review should determine if there <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />3060 Centre Pointe Drive Phone: 651-697-8503 Fax: 651-697-8555 <br />Rosevitle, MN 55113-1105 Emaii: jim@ehlers- <br />inc.com <br /> <br /> <br />