04-04-2005 HR MIN - Laserfiche WebLink

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Housing & Redevelopment Authority Apri14, 2005 Page 3 ---------------------------- disconnectbetween the cost of constructing affordable rental housing and cash flows available to repay debt. She stated that the application proposed that the loan would be repaid in full at 1% interest at the end of 30 years consistent with MN Housing Finance Agency (1vIHFA) financing. Ms. Mehelich stated that the loan documents are currently being prepared by the City Attorney for the HRA's consideration at its regular May meeting. 6. Discuss Draft Puroose Project Goal and Objectives for Downtown North of Hiahwav 10 Assistant Director of Economic Development Heidi Steinmetz presented the concept plan for Downtown North of Highway 10. Ms. Steinmetz indicated that staff is currently using the concept map as a guiding document for redevelopment proposals and inquiries from the private sector. Ms. Steinmetz indicated that the next step prior to adopting the redevelopment plan is to develop a narrative description of the HRA's vision for the area. Ms. Steinmetz reviewed a draft narrative with the HRA and requested HRA input. The HRA suggested several changes to the draft. The HRA recommended holding a joint meeting with the City Council to review the draft image concept map and narrative. 7. Discuss Potential Visioning Process for West Side of Downtown Assistant Director of Economic Development Heidi Steinmetz stated that Maxfield Research, Inc. conducted a market study of downtown Elk River in Apri12001. Ms. Steinmetz stated that at that time, Maxfield identified three distinct market areas within the HRA's study area: the Core Central Business District (CBD), the Northern Area, and the Western Transition Area. Ms. Steinmetz indicated that since 2001, the HRA has continued redevelopment planning with the Core CBD (Downtown Revitalization Project) and the Northern Area (the recent visioning process for downtown North of Highway 10). She indicated that in order to create a comprehensive master redevelopment plan for downtown, the HRA may wish to consider undergoing a visioning process for the west side of downtown (the Western Transition Area). She noted that Maxfield Research's Conclusions & Recommendations and Summary of Findings for the Western Transition Area suggest that the area has potential for redevelopment to multi-family housing and some additional offices. Director of Economic Development Catherine Mehelich indicated that staff could submit a grant to the State that would provide funds to homeowners for improvements. Commissioner Motin stated that he would like the HRA to continue reviewing and discussing the Western Transition Area but would like to move slowly on the area until after the Downtown Revitalization project construction has started. The HRA directed staff to begin preparing the past research and current conditions of the area. Update on Housing Programs Mirmesota Czty Partici~ati~c Progv~art (MCI'P) Assistant Director of Economic Development Heidi Steinmetz stated that from 1991 to 1996, the HRA participated in the MN Housing Finance Agency's (1VII~A) MN City Participation Program (MCPP), which provides loan dollars to qualified first time homebuyers. She indicated that the HRA has not submitted a separate application for the program the past several years as Sherburne County has done so and has been awarded annual allocations. Ms. Steinmetz stated that Sherburne County applied fora 2005 allocation