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ITEM # 5. <br />fiver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic DevelopmentG/~%~ <br />DATE: May I, 2006 <br />SUBJECT: Downtown Revitalization Project Update <br />Attachments <br />• River's Edge March 8, 2006 Meeting Minutes <br />Background <br />Development Agreement <br />On February 28, 2006 the Amended and Restated Development Agreement by and between <br />the City of Elk River and MetroPlains Development LLC was completed and fully executed <br />by the Mayor, City Administrator and Vern Hanson of MetroPlains. As you may recall a <br />refinement of the language within the Development Agreement was necessary in order to <br />allow MetroPlains to obtain and sell their tax increment financing (TIF) note upfront to <br />investors, rather than after construction is completed. <br />Recent Activities <br />The Bluffs Construction Financing and Construction <br />The execution of the revised Development Agreement then led to the successfizl closing on <br />the permanent construction financing for The Bluffs of Elk River project on Apri14`". <br />Subsequently, the final items required for the building permit were completed and the permit <br />was issued April 7`" with construction commencing April 10`". MetroPlains has reported that <br />to date less than half of the 67 condominium units remain available for sale. The sales trailer <br />was recently relocated from the construction site to the designated staging area located in the <br />city parking lot north of Highway 10. A 12-month construction period is anticipated for <br />completion of The Bluffs of Elk Kiver. <br />The Bank of Elk River Expansion <br />Construction work began Apri124`" on The Bank's expansion project. Prior to construction <br />staff coordinated a meeting with the bank's contractor, VanMan Architects & Builders and <br />the construction manager for The Bluffs project. The purpose of the meeting was to make <br />introductions, discuss the city's building inspections expectations and encourage the two <br />projects to communicate and coordinate as much work as possible in order to minimize the <br />