5.5.A&B SR 07-14-2003 - Laserfiche WebLink

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Item ~ 5.5. A&B MEMORANDUM TO: FROM: DATE: Mayor & City Council Catherine Mehelich, Director of Economic Developmen/~//~ July 14, 2003 SUBJECT: HRA Downtown Revitalization Project Attachments · Downtown Revitalization Project - Redevelopment Concept · MetroPlains Development Preliminary Time Table · Letter of Understanding · Resolution of Support of a Proposal by MetroPlains Development, LLC to Construct Housing Rental Units in the City of Elk River Background At its June 23rd meeting, the City Council heard a presentation from MetroPlains Development regarding concept options for the Downtown Revitalization Project. One week later the HRA reviewed the open house public feedback and directed staff and MetroPlains to proceed in preparing a list of Development Agreement issues for the redevelopment of the Jackson Block and Bluff Block, in accordance with the attached Redevelopment Concept. The financial feasibility of the project depends on the city and developer's ability to receive financial assistance from a variety of resources. As part of the proposed timing, MetroPlains anticipates submitting a Multifamily and Housing Tax Credit application to the MN Housing Finance Agency by July 24~h. As part of the submission, some general consensus issues, as outlined in the attached Resolution of Support, will need to be reached with details to follow over the next 3 to 4 months. A representative from MetroPlains will be present at the meeting to discuss the proposed application. Requested Actions Following the City Council's review and discussion, the HRA is recommending that the City Council consider the following actions: Consider approval of the attached Letter of Understanding between the City of Elk River and MetroPlains Development for the future sale of the city-owned Jackson Block property (public parking lot), and H:\SHRDOC~)owntown Revitalization~Vlemos\Council 7-14.doc