Laserfiche WebLink
<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.3 <br />Agenda Section Meeting Date Prepared by <br />General Business April 6, 2020 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. <br /> <br />The HRA is proposing to add another property into the proposed redevelopment area for a total of eight <br />properties. Five properties have been purchased, and staff is currently negotiating with the property <br />owners of two more properties within the revised redevelopment area. <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 />rd <br />LHB, Corp. will inspect 406 Main Street and 419 - 3 Street to determine eligibility for a redevelopment <br />TIF district. The cost to perform the inspections and to compile the report outlining the findings will not <br />exceed $5,600. <br /> <br />Attachments <br /> LHB, Corp., Proposal <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 />