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ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />Housing & Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: March 9, 2009 <br />SUBJECT: Executive Director's Report <br />The purpose of this periodic memorandum is to keep the EDA and HRA informed of <br />various ongoing activities of the Economic Development Division. EDA and HRA <br />Commissioners should feel free to bring up any questions or issues for discussion under the <br />"Other Business" section of the Agenda. <br />Foreclosure Initiatives <br />The strategies to address foreclosures in Elk River are 3-fold - 1) Prevention 2) Preserve & <br />Secure and 3) Recovery. A great amount of staff time is being spent developing and <br />maintaining a comprehensive system to track and share data on foreclosures, vacant <br />properties and status of utilities in a way that can be easily updated and shared with the <br />appropriate city departments to ensure foreclosed/vacant homes are preserved and secured <br />from incurring damage. This data will continue to be helpful in identifying neighborhoods <br />and homes in which the recently awarded $593,820 Neighborhood Stabilization Program <br />(Foreclosure Recovery) Funds can be used. We anticipate a large share of staff time will be <br />dedicated in the next two months to developing the program details with Tri-Cap, <br />completing federal clearance requirements and in marketing the program to the community, <br />lenders and realtors. In addition, a great deal of staff time is being spent on public <br />communication efforts to inform Elk River residents about foreclosure prevention <br />counseling services and encouraging neighbors who suspect vacant homes to contact the <br />city. <br />Broker/Developer Marketing <br />In follow up to last year's successful event, Sherburne County is planning to host second <br />Development Roundtable event this spring/summer. Staff is participating in the planning <br />and joint marketing discussions. More details will follow as they become available. <br />S:\EDA\AGENDA\Year2009\Exec Dir report3.9.09.doc <br />