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Item 5. <br /> 11,* <br /> O City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Developmen <br /> DATE: July 23, 2001 <br /> SUBJECT: Downtown Riverfront Redevelopment Concept - Update <br /> Since the June 27, 2001 HRA meeting staff has been working with developer, Best& <br /> Hempel to refine the redevelopment concept based on input from the HRA. Best& <br /> Hempel is also conducting financial and market analysis for the project. Staff anticipates <br /> that this planning and analysis step will take several months to complete prior to bringing <br /> back to the HRA for consideration. <br /> Staff has also discussed with Steve Rohlf,Building& Zoning Administrator, the HRA's <br /> • direction to proceed with an application for the historical context study grant. Attached is a <br /> memo from the Heritage Preservation Commission regarding the commission's <br /> recommendation to complete the study. The HPC suggests two options for HRA <br /> consideration in light of grant funds not being available until June 2002: <br /> 1. Wait for a grant to complete the context study (thereby,wait to consider any <br /> redevelopment proposals); or <br /> 2. Conduct a context study without grant money <br /> The HRA will be reviewing the proposed 2002 budget at their August 27, 2001 meeting. <br /> Staff has included$6,000 for completion of the context study. The study is estimated to cost <br /> between$10 - $12,000. The grant would award the city half the cost of the study. The study <br /> is anticipated to take up to six-months to complete. <br /> No immediate action is necessary on the authorization for the context study, since the <br /> redevelopment project is still under preliminary concept analysis by both potential <br /> developers. <br /> e <br />