6.0. HRSR 03-24-2003 - Laserfiche WebLink

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Item If 6 i City of Elk River MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Development�� DATE: March 24, 2003 (( SUBJECT: Downtown Revitalization Project Update Attachment • Correspondence from MetroPlains Development dated March 21, 2003. Following is a status report on a few of the issues related to this project. • Communications Staff provided a project report at the Chamber State of the City luncheon on March 18`h The event was attended by over 80 business persons. Staff is working to draft a fourth addition to the Downtown Revitalization‘,Q &A newsletter for distribution in April/May. Tax Increment Financing Redevelopment Eligibility Assessment Due to a few delays in a final on-site inspection, the presentation to the HRA of the TIF redevelopment eligibility has been postponed for a few months. Staff anticipates reviewing a draft report in early April. The condition of buildings is needed to determine the type and boundaries of the TIF district. MetroPlains' Project Activities The attached correspondence from MetroPlains Development outlines the activities completed over the past four months of the preliminary redevelopment agreement phase. MetroPlains is requesting the HRA's consideration of a 6-month extension to the preliminary redevelopment agreement. A representative from MetroPlains will be present at the HRA meeting to discuss the request. MetroPlains has taken reasonable steps to define the feasibility of the proposed projects. Therefore, staff recommends that the HRA consider an amendment to the preliminary redevelopment agreement to extend the timeframe by an additional 6 months. With the • HRA's consensus, staff will work with the attorney to prepare an amendment for the HRA's formal consideration and action at the April regular meeting.