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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> Am Items 5, 6, 8, & 9 <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: August 8, 1996 <br /> SUBJECT: Agenda Memo for Monday, <br /> August 12, 1996 <br /> 5. Discussion: Sidewalk Replacement Program Budget <br /> Attached to this memo is a letter from MSA regarding the replacement <br /> of approximately 30,000 square feet of decorative sidewalk in <br /> downtown Elk River at a total cost of$105,000. The purpose of this <br /> agenda item is to have the Commissioners discuss whether it is <br /> appropriate for the HRA to include $15,000 in this year's budget to be <br /> put in a fund for sidewalk replacement project. <br /> 6. Discussion: King and Main Project <br /> Lori Johnson will be available at this HRA meeting to discuss with the <br /> Commissioners the implications of the purchase of the King and Main <br /> project, and the budgeted line item of$37,000 to repay this loan. Lori <br /> Johnson will provide an explanation of the anticipated schedule for <br /> repayment of this loan by the HRA over the period of the next five to <br /> seven years. <br /> Upon completion of a project on this site,staff anticipates tax <br /> increments generated will cover a majority of the costs involved with <br /> this acquisition. Due to timing considerations, however, a project will <br /> not be completed until the fall of 1997, and therefore will not be <br /> ioproviding full tax increment value until 1999. <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743• (612) 441-7420• Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />