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<br />Request for Action <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.1 <br />Agenda Section Meeting Date Prepared by <br />General Business May 6, 2019 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Main and Gates Redevelopment TIF Analysis Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, the Main and Gates Redevelopment TIF Analysis proposal by LHB Corporation. <br /> <br />Background/Discussion <br />At their November 7, 2017, meeting, the HRA expressed interest in purchasing residential properties <br />along east Main Street connecting to Highway 169 for a potential redevelopment project that would align <br />with the Mississippi Connections Plan. There are seven properties in the proposed redevelopment area <br />and four properties have been purchased. Staff is working with the property owners of two more <br />properties within the redevelopment area. <br /> <br />Interfund loan resolutions were approved by the HRA and Council in December in the event a TIF <br />District is created to pay for acquisition, demolition and site prep costs incurred as part of this project. <br /> <br />If the HRA plans to create a Redevelopment TIF District, a blight analysis will need to be conducted <br />before the properties are demolished. To qualify as a redevelopment TIF District, more than 50% of the <br />buildings within the proposed district will need to be found to be substandard. <br /> <br />Financial Impact <br />LHB, Corp. will inspect up to seven properties to determine eligibility for a redevelopment TIF district. <br />The cost to perform the inspections and to compile the report outlining the findings will not exceed <br />$13,800. The cost of the inspection depends on the number of properties inspected, and total cost will <br />decrease if fewer buildings are inspected. <br /> <br />Attachments <br /> LHB, Corp., Proposal <br /> <br /> <br /> <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />