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Downtown Revitalization Project Update <br />May 1, 2006 HRA Meeting <br />Page2of2 <br />disruption to downtown during construction. A 12-month construction period is anticipated <br />for completion of the expansion. <br />Status of Jackson Place project <br />Elk River Municipal Utilities recently relocated an electric vault and manhole in anticipation <br />of the Jackson Place construction. <br />MetroPlains announced last week that MN Housing Finance Agency (NIHFA) awarded the <br />recent application for tax credits toward the Jackson Place development. MetroPlains has <br />completed all of the contingencies outlined in the Development Agreement to allow for the <br />city's transfer of the Jackson Block property and for construction to commence. Closing on <br />the transfer of the property is anticipated to occur in early June. <br />MetroPlains has communicated its intentions to commence construction of Jackson Place <br />immediately following the transfer of property. A 12-month construction period is <br />anticipated fox Jackson Place. <br />Next Steps <br />Staff is working to coordinate the following critical issues which will be discussed as separate <br />items on the HRA's agenda: <br />• River's Edge Commons Park plan and construction <br />• Communications and Marketing plan <br />• Traffic Flow and Public Safety plan <br />