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ITEM # 5. <br />Kiver <br />MEMORANDUM <br />TO: Housing & Redevelopment Authority <br />FROM: Heidi Steinmetz, Assistant Director of Economic Development ~~~ <br />DATE: August I , 2005 <br />SUBJECT: Downtown Revitalization Project Update <br />Attachments <br />• Memo to City Council from Director of Planning, August 1, 2005 <br />• Traffic Flow Plan for during construction <br />• The Bluffs of Elk River refined design, July 11, 2005 <br />Background <br />The City entered into a development agreement with MetroPlains Development at the end of last <br />year. Since that time staff has been working closely with MetroPlains to make progress on a number <br />of activities leading up to the anticipated summer project construction. <br />Current Activities <br />US Bank PropertX <br />MetroPlains closed on the purchase of the US Bank property on July 18`''. MetroPlains now owns <br />the three properties necessary to complete The Bluffs of Elk River project. <br />Downtown Parkin <br />King Avenue Parking Lot Improvement <br />The construction of the King Avenue parking lot improvement commenced in early June and is <br />nearing completion. The east side of the lot will be seal coated and the entire lot will be striped <br />within the next two weeks. <br />The Street Department is currently working on signage for the lot, which will include the following <br />designations: <br />• Employee Parking Only-Permit Required <br />• Resident Parking Only-Permit Required <br />• Time limit signs <br />