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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Housing and Redevelo ment Authority 4.5 <br /> Agenda Section Meeting Date Prepared by <br /> Consent October 5, 2020 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Amendment to the Preliminary Development Cal Portner, City Administrator <br /> Agreement with Modern Construction of Reviewed by <br /> Minnesota, Inc. <br /> Action Requested <br /> Approve,by motion,an amendment to the Preliminary Development Agreement with Modern Construction of <br /> Minnesota, Inc. <br /> Background/Discussion <br /> On October 7,2019, the HRA and the Council entered into a preliminary development agreement with Modern <br /> Construction. The agreement allows the developer to explore the idea of a multi-family,mixed-use development <br /> concept in downtown Elk River. The HRA is listed as a party to the agreement, since the HRA owns some of the <br /> property. <br /> At their September 21, 2020, meeting, the City Council approved Jesse Hartung's request for an extension of his <br /> agreement with the city to allow him time to further develop his plans for downtown redevelopment. A joint <br /> meeting with the HRA and the Council will be scheduled on January 4, 2021. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> Mississippi Connections Plan—Mid-term goals: City partnering with property owners and the development <br /> community to implement redevelopment projects that meet the community vision. Continue to assist in the <br /> recruitment of highly desirable businesses to the core downtown (e.g. hotel, fine dining,banquet facility). <br /> Mississippi Connections Plan—On-going goals: Based on demand,work with property owners and development <br /> community on redevelopment proposals. <br /> Attachments <br /> ■ Executed Preliminary Development Agreement <br /> ■ First and Second Amendment to Preliminary Development Agreement <br /> ■ Third Amendment to the Preliminary Development Agreement <br /> The Elk River Vision P I I E R E I I Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAfUR <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />