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ITEM 1 5. <br /> • City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: June 7, 2004 <br /> SUBJECT: Downtown Revitalization Project Update <br /> Attachments <br /> • Downtown Revitalization Project Description. <br /> • Ehlers DRAFT Schedule of Events for Establishment of Tax Increment Financing Plan. <br /> • E-mail correspondence from Ms. Linda Wallendorf, dated June 3, 2004. <br /> • Rivers Edge Downtown Business Association DRAFT Meeting Minutes, May 12,2004. <br /> May 15,2004. <br /> • • Information Article "Riverfront Revival—Hastings Development". Pioneer Press. <br /> May 24, 2004. <br /> • Information Article "The Politics of Downtown Redevelopment". Downtown Idea <br /> Exchange. May 15, 2004. <br /> Background <br /> At its May meeting the HRA approved an agreement with MetroPlains Development on key <br /> points to be included in a final development agreement. The key points included the plan for <br /> Bluff Block to proceed prior to or simultaneously with Jackson Block construction, as well as <br /> other issues related to financial assistance. The attached Project Description details both the <br /> proposed Bluff and Jackson Block projects. <br /> Next Steps <br /> Since the May meeting staff has met with MetroPlains twice to discuss ongoing issues related to <br /> the proposed development. A regular meeting schedule between staff and MetroPlains has been <br /> established to keep in constant communication about next steps and issues as they arise. <br /> Key next steps include the establishment a tax increment financing plan and drafting a final <br /> development agreement. Approval of the TIF plan is required prior to executing a final <br /> development agreement; therefore the drafting of the agreement will run concurrent to the TIF <br /> process. MetroPlains has submitted to the city a deposit of$20,000 to cover expenses related to <br /> the establishment of the TIF, drafting the development agreement, engineering and relocation <br /> • consultation. Following the recent receipt of deposit, staff has authorized Ehlers and Briggs & <br /> Morgan to begin work on the TIF and development agreement. In addition, the city needs to be <br /> certain that MetroPlains follows relocation requirements. Staff will authorize a relocation advisor <br />