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item # 5. <br />ver <br />MEMORANDUM <br />TO: Housing and Redevelopment Authority ~ ~j <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development ~-''I <br />DATE: June 26, 2006 <br />SUBJECT: Downtown North of Highway 10 Redevelopment Plan Update <br />Attachments <br />• Work Plan Adopted by HRA in November 2005 <br />• Sub-Planning Area 4 Financial Modeling Template, May 10, 2006 <br />• Preliminary Gap Analysis, Ehlers & Associates, June 16, 2006 <br />Purpose of Memorandum <br />The purpose of this memorandum is to accomplish the following: <br />• Discuss with the HRA how redevelopment financial modeling works and how it can <br />be used in the redevelopment land use planning process <br />• Gather the HRA's input regarding the physical boundaries of the financial modeling <br />template's sample land use concepts <br />Project Purpose and Background <br />Purpose of Redevelopment Plan <br />The purpose of the Downtown North of Highway 10 Redevelopment Plan is as follows: <br />• State Statute 469.028 requires a redevelopment plan to be completed, and approved <br />by the Council, prior to commencing redevelopment actions. <br />• A formal plan creates a consensus (City boards and commissions and citizens) for <br />future actions. <br />• The plan will serve as a redevelopment guiding document for staff and other City <br />boards and commissions. <br />