6.0. HRSR 05-28-2002 - Laserfiche WebLink

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410 ITEM #6 City of Elk River MEMORANDUM TO: Housing & Redevelopment Authority Mayor & City Council FROM: Catherine Mehelich, Director of Economic Development DATE: May 28, 2002 SUBJECT: Downtown Revitalization Project—Joint Meeting Attachments • Please bring your copy of the Historic Contexts Study which was previously distributed. • • Article "What happens when historic properties are found on a development site?", MN Real Estate Journal,May 13, 2002. 6.1 Downtown Revitalization Project Update The City mailed requests for proposals to 98 developers in March. Five proposals were submitted in early May. The following is a list of those who submitted proposals with only the lead developer listed in team proposals: United Properties;TOLD Development Co.; MetroPlains Development;Best and Hempel; and,Amcon Construction Co. The proposals are for various sites within the Downtown Revitalization Area and include new development of retail, office and/or housing. Staff is completing an analysis of the development proposals for a summary report to the HRA at its June 24th meeting. The analysis includes preliminary interview of developer, tour of representative development projects, reference check, and TIF projections of project proposals. Following the summary report, the HRA may select which developers to interview further. Once the developer interview process is completed, the HRA may choose to enter a preliminary development agreement with a developer or development team. During the preliminary development phase,issues are identified that must be addressed in the project and a preliminary site plan is developed. It is important to understand that the City will be selecting a "developer",not a "development". A concept and a plan for this project will be developed throughout the • redevelopment process,incorporating changes as a result of public input, planning requirements,market conditions and the historic contexts study.