7.1. HRSR 11-25-2002 - Laserfiche WebLink

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Item 7 . 1 . City of Elk - .-� River MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Developmen DATE: November 25, 2002 SUBJECT: Downtown Revitalization Project— Consider Proposal for Property Redevelopment Eligibility Assessment Services Attachments • Staff Letter to Property Owners Regarding Contact by Developer's Broker • Map indicating TIF Redevelopment Eligibility Assessment Area • • TIF Property Redevelopment Assessment Proposals—S.E.H. &L.H.B. Project Update The HRA entered into a Preliminary Redevelopment Agreement with MetroPlains at its October 2002 meeting. Staff has been working with MetroPlains on the following activities in the last month: • MetroPlains has selected JLG Architects to work on the Elk River project. JLG was instrumental in the design and rebuilding of downtown Grand Forks after the floods. • MetroPlains has selected Ken Brooks, KJB Real Estate Services to contact property owners who may be part of the development concept area. Staff mailed the attached letter to the property owners notifying them of this contact. • Attended the Chamber of Commerce November Membership Luncheon and presentation by MNDOT regarding plans for Hwy 10 and Hwy 169 Corridors. • Staff is developing a feature on the city's website which would include monthly updates on the Downtown Revitalization project activities. • Determining the buildable area in relationship to the Wild&Scenic River boundaries and requirements. • Staff has reviewed proposals for TIF property redevelopment eligibility assessments. TIF Property Redevelopment Assessment The HRA has previously discussed the consideration of Tax Increment Finance (TIF) to fund a portion of the redevelopment cost. One of the steps in the process of creating a TIF redevelopment district is the evaluation of the physical condition of the buildings in the area. S:\Downtown Revitalization\Memos\11-25-02.doc