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ITEM # 5. <br /> . <br /> , 11/ <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: April 5, 2004 <br /> SUBJECT: Downtown Revitalization Project Update <br /> Attachment <br /> * River's Edge Downtown Business Association March 10, 2004 meeting minutes. <br /> Project Update <br /> Since the March 17 joint meeting of the HRA and City Council there has been no new <br /> • developments with regard to the proposed MetroPlains project. Sid Inman of Ehlers & <br /> Associates will be present at the meeting to discuss the project status. <br /> The Preliminary Redevelopment Agreement between the HRA and MetroPlains was recently <br /> extended on February 2, 2004 for a 60-day period,which expires April 5, 2004. <br /> Two financing applications remain in process,including: <br /> • City application to MN Department of Employment&Economic Development <br /> (DEED) for Small Cities Development Program grant funds to be utilized by <br /> downtown property owners for building rehabilitation, as well loan funds toward the <br /> rental housing component of the MetroPlains proposed Jackson Block development. <br /> Announcement of the grant award is anticipated April 8, 2004. <br /> • MetroPlains submitted a second round application to MN Housing Finance Agency <br /> for additional housing tax credits for the proposed Jackson Block development. <br /> Award announcement is anticipated April 22,2004. <br /> 411) <br />