6.0. HRSR 10-27-2003 - Laserfiche WebLink

Home Browse Search

ITEM 1 6. . 4& City of Elk River MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Development DATE: October 27, 2003 SUBJECT: Downtown Revitalization Project Update Attachments • Downtown Revitalization Project Description,July 2003. • Staff Memo to City Council Regarding Public Hearing for SCDP Grant Application • Draft Minutes of the October 8, 2003 River's Edge Business Association Meeting • Correspondence from Mr. Steve Camp, and Ms. Loretta Moos • Background In the past few months the HRA has been considering staff's research to issues and questions raised by the public with regard to MetroPlains'attached concept for the redevelopment of the Jackson Block and Bluff Block. Development Agreement At its July meeting the HRA directed staff to proceed in preparing a Development Agreement with MetroPlains. Staff continues to work closely with the project attorney and the developer to prepare a draft agreement for the HRA's review and consideration at a regular meeting within the next 30 to 60 days. The development agreement will include a provision that requires the developer to present,prior to final project approval by the HRA and Council,a parking plan for the construction and post construction period. Staff has also been working with Ehlers &Associates to provide a financial analysis of the proposed projects,including estimated tax increment finance projections. The proposed TIF details will be presented to the HRA for consideration as part of the development agreement. An item of note is that the HRA's Preliminary Redevelopment Agreement with MetroPlains officially expires on November 1, 2003. Staff has been advised that a formal extension by written amendment to the agreement is not necessary. However,MetroPlains is requesting that the HRA consider a motion to continue to work with MetroPlains Development under the spirit of the Preliminary Redevelopment Agreement, but now including Jackson Block, for a period up to January 30, 2004.