5.0. HRSR 08-02-2004 - Laserfiche WebLink

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ITEM # 5. . I/ • City of Elk River MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Development DATE: August 2, 2004 SUBJECT: Downtown Revitalization Project Update Attachments • Project Timetable—Preliminary as of 7-22-04. • Memo from MetroPlains Re:Lease of The Jungle Salon, dated July 29, 2004. Background At its May meeting the HRA approved an agreement with MetroPlains Development on key points to be included in a final development agreement. At its special meeting June 30th the HRA adopted a resolution requesting that the City Council schedule a public hearing on the proposed TIF Plan for the project. Upon the HRA's request the City Council called for a public hearing on September 20, 2004 to consider adoption of the TIF Plan. Current Activities Staff continues to meet twice a month with MetroPlains and Ehlers to discuss ongoing issues related to the proposed development. The attached master timetable has been drafted to include key elements of the tax increment financing process and land use approval process. The timetable is preliminary and is subject to change. Mary Ippel of Briggs &Morgan is drafting the development agreement consistent with the HRA and MetroPlains'agreement of key issues. Staff anticipates the development agreement to be reviewed by the HRA and City Council in October. MetroPlains anticipates starting construction Y tY P g of Bluff Block by spring 2005. Other recent activities include the following: • MetroPlains has closed on the purchase of the Richard Hinrichs property. The attached memo from MetroPlains describes the situation with the lease of The Jungle Salon. • MetroPlains has architects drafting design documents and land use applications. • MetroPlains has completed a Phase I Environmental Survey and the John Oliver& • Assoc. have initiated a boundary survey of the Jackson Block property. • The relocation advisor has had contact with many of the property owners and tenants. • MetroPlains is continuing discussion of purchase agreements for the remaining 2 parcels on Bluff Block.