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ITEM 5.3. <br />~~~~ <br />~-^ <br />ever <br />MEMORANDUM <br />TO: Mayor & City Council <br />FROM: Catherine Mehelich, Director of Economic Development/~ <br />DATE: June 14, 2010 <br />SUBJECT: Transit Improvement Area Designation <br />Attachments <br />• DEED Transit Improvement Areas Notice for Applications <br />• DEED Program Guidelines and Requirements <br />The MN Department of Employment & Economic Development (DEED) recently <br />announced it is accepting applications for the designation of Transit Improvement Areas <br />(TIA). Upon designation TIAs would be eligible to receive loan dollars to help fund projects <br />that increase the effectiveness of transit by incorporating commercial, residential, or mixed- <br />use development and provide for sale, pedestrian-friendly use. The attached information <br />summarizes the purpose, background and requirements of the application. <br />Staff recently attended a workshop regarding the program and will discuss the benefits with <br />the City Council. The City Council is asked to consider authorizing staff to proceed in <br />preparing an application for designation of a Transit Improvement Area for the I/z mile <br />radius of the Elk River Northstar Commuter Rail station. The application deadline is July <br />16, 2010. <br />