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�J <br /> etyof <br /> ElkRequest for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authoritv 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business March 7, 2022 Brent O'Neil, Economic Development Director <br /> Item Description Reviewed by <br /> Main and Gates Redevelopment Update Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Item presented for information and discussion. <br /> Background/Discussion <br /> Proposers of the Main and Gates development requested to present their project to the City Council on <br /> February 22, 2022. The Council shared feedback which included favorable comments on the building <br /> materials and density. The Council expressed an interest in maximizing the commercial and retail space as <br /> much as possible and echoed the concerns of the Planning Commission regarding sufficient parking is <br /> provided on site. <br /> The proposers also discussed the working project budget estimate of$14.3 million and a forthcoming <br /> request to seek Tax Increment Financing for the project. The Council suggested the proposers continue <br /> to work with the HRA on refining the project and to consider ways to minimize requests for tax <br /> incentives. <br /> As acquisition of the property from the HRA is a critical factor in the overall project and budget, staff <br /> anticipates going into closed session following the regular HRA meeting to discuss real estate aspects of <br /> the project. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The goal of the HRA is to promote certain housing and redevelopment projects. <br /> Attachments <br /> ■ Updated Project Packet and Renderings <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />