9.0. EDSR 01-09-1995 - Laserfiche WebLink

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. 1995 ECONOMIC DEVELOPMENT WORK PROGRAM ELK RIVER, MINNESOTA 1. CENTRAL BUSINESS DISTRICT ACTIVITIES A. King Avenue/Main Street Redevelopment Area: Continue to solicit redevelopment interest in the three contiguous parcels in the northwest quadrant of King Avenue and Main Street of the Elk River Central Business District (CBD). This 32,400 square foot site (180' x 180') is ripe for redevelopment as all three properties are currently listed for sale. Potential uses include governmental, business and professional offices, financial institutions, retail stores and shops, personal service establishments, outpatient health care facilities, etc. The Elk River Housing and Redevelopment Authority (HRA) authorized a Request for Proposals (RFP) in August of 1994 in an effort to Pique developer interest. Because of the extra ordinary costs associated with site assembly, demolitions/rehabilitation of existing structures, and site preparation, etc., grant funds from the HRA will • likely be available to reimburse a developer for these expenses. The amount of the grant funds will be determined on the basis of the project submitted for consideration. No proposal achieved the HRA's RFP submission requirements. Despite the lack of developer interest, the HRA authorized appraisals of the three sites to establish their estimated fair market values. Knowing the potential acquisition costs and the "land only" values of the properties, an effort is currently underway to resolicit developer interest in this area. It is hoped that a developer will emerge in 1995 and the HRA can be a catalyst in the redevelopment of this important parcel in the CBD. B. Riverfront Corridor Committee: Continue to work with the Riverfront Corridor Committee regarding the construction of a multi-use pathway along the Mississippi River in the Elk River Central Business District. In September of 1994, the Elk River HRA authorized the creation of the Riverfront Corridor Committee. This group is charged with the task of planning, designing, funding, and implementing the construction of a Riverfront . pathway in the Elk River CBD. The committee is organized and will likely select an urban design firm/architectural firm by February of 1995.