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ITEM 1 6. <br /> • ,^", <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: September 22, 2003 <br /> SUBJECT: Downtown Revitalization Project Update <br /> Attachments <br /> • Downtown Revitalization Project Description,July 2003. <br /> • Downtown Project Communications Update memo dated September 22, 2003. <br /> • MetroPlains Development Preliminary Time Table. <br /> • • Fact Sheet- Small Cities Development Program. <br /> Background <br /> In the past few months the HRA has been considering staff's research to issues and <br /> questions raised by the public with regard to MetroPlains'attached concept for the <br /> redevelopment of the Jackson Block and Bluff Block. The attached memo from the <br /> Assistant Director of Economic Development summarizes the recent communications <br /> outreach. <br /> At its July meeting the HRA directed staff to proceed in preparing a Development <br /> Agreement with MetroPlains. Staff continues to work closely with the project attorney and <br /> the developer to prepare a draft agreement for the HRA's review and consideration at a <br /> regular meeting within the next 30 to 60 days. <br /> Next Steps <br /> The financial feasibility of the project depends on the city and developer's ability to receive <br /> financial assistance from a variety of resources. In July the HRA and City Council <br /> authorized MetroPlains to submit a financing application to the MN Housing Finance <br /> Agency for the Jackson Block project. Notification of financing award from MHFA is <br /> anticipated the end of October. <br /> In addition to the MHFA application,the financial plan prepared by MetroPlains is <br /> dependant upon funds from the Small Cities Development Program (SCDP), administered <br /> • by the MN Department of Employment and Economic Development (DEED). These <br />