6. HRSR 11-06-2006 - Laserfiche WebLink

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I. INTRODUCTION AND LEGAL BASIS A. Intent The Housing and Redevelopment Authority of the City of Elk River (the HRA) proposes to establish a redevelopment project area as described herein (the Redevelopment Area Attachment 1), in connection with the redevelopment of downtown Elk River. It is assumed that redevelopment will occur in multiple phases. Phase I, identified on Attachment 1 is known as the Bluffs of Elk River and the Jackson Place project, which will result in a total of 67 for sale condominium units, 32 rental units, and 20,000 square feet of commercial lease space and underground parking. Phase II consists of two contiguous buildings commonly known as "Main Street Mall", consisting of two buildings; 716 Main Street (3,950 sq. ft.) and 720 Main Street (5,180 sq. ft.) for a total of 9,130 square feet. The City of Elk River anticipates that they will secure by contract for deed the Phase II property in order to expand the King Avenue parking lot. Phase III is the remainder of the Redevelopment Area and will be the subject of future City-directed studies. Phase I development was publicly secured through the placement of tax increment bonds not to exceed a present value of $3,093,563. Phase II improvement costs are estimated to not exceed $900,000, which includes acquisition, demolition and related soft costs (see Attachment I -Phase II Budget). In Phase III, the City has appointed a special task force that will study and prepare a comprehensive report for the City Council and, as appropriate, assist the Council in acquiring land and/or repairing public infrastructure improvements to effectuate private redevelopment. B. Statement The City and the HRA have determined that development may not occur within the Redevelopment Area by private enterprise in accordance with the goals and objectives of the HRA and the City. The development of these parcels in accordance with the goals and objectives of the HRA and the City are not attainable in the foreseeable future without the intervention of the HRA and the City in the private development process. The HRA has prepared this Redevelopment Plan and subsequent plans, to make the land useful and valuable for contributing to the public health, safety and welfare. C. Redevelopment Area Boundaries The boundaries of the Redevelopment Area are outlined on the Redevelopment Area Boundary Map (Attachment II). All land included in the Phase I, II and III is within the legal boundaries of the City. D. Statement of Authority Minnesota Statutes Section 469.001-469.047 (Housing and Redevelopment Authority Act) grants municipalities the authority to designate redevelopment areas within the boundaries of the municipalities. Within these areas, the municipality may adopt a redevelopment plan and Page 1