4.5. HRSR 06-04-2018 - Laserfiche WebLink

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��i Eof lk — - Request for Action River To Item Number Housing and Redevelopment Authority 4.5 Agenda Section Meeting Date Prepared by ConsentJune 4, 2018 Amanda Othoudt,EDD Item Description Reviewed by Downtown TH 10 and Lowell Ave TIF Analysis Cal Portner, City Administrator Proposal Reviewed by Action Requested Approve,by motion,the proposal by LHB,Inc. to perform a Redevelopment TIF analysis. Background/Discussion The City of Elk River is exploring the redevelopment of several parcels in downtown Elk River near the ISD #728 building and Elk River Meats. To determine the boundary of this redevelopment plan,it is necessary to inspect each of the properties within the proposed development district. At their May 22, 2018, meeting,the HRA consented to proceed with allowing LHB to survey and inspect downtown properties to determine the next steps in this redevelopment process. LHB provided a proposal to perform an inspection of the former ISD #728 and Elk River Meats properties as well as the properties located along Jackson Ave within the proposed district. All property owners have been contacted and are supportive of the project and have consented to the inspection. LHB will inspect both the interior and exterior of the building and evaluate the coverage of the district. In order for the city to consider this area as a redevelopment TIF district, 70% of the area of the district must be occupied by buildings, streets,utilities, or other similar structures, and more than 50% of the buildings must be structurally substandard. A building is structurally substandard if it is not in compliance with the building code for new buildings or could be brought into compliance for more than 15% of the cost of building a new building of the same type. LHB will be in the area in the next few weeks to perform inspections of several properties within the proposed development district. Financial Impact The cost of the proposal was not budgeted in 2018. It will be paid by savings in other line items which are realized at the end of the year in combination with HRA reserve funds if necessary. Attachments ■ LHB Proposal (April 11, 2018) ■ Map of Proposed (Revised) Project Area The Elk River Vision A n elcoming community n ith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r service, and community engagement that encourages and inspires prosperity /` UR