HANDOUT #1 06-24-2002To:
From:
Subject:
Date:
Catherine Mehelich, City of Elk River
Jim Prosser
Sid Inman
Stacie Kvilvang
Riverfront Development Analysis
June 14, 2002
Provided is an summary analysis of proposals received for the Riverfront Redevelopment
area. All of the proposals are flexible in design and density. Changes in design and density
will affect TIF projections and land sale proceeds. Changes typically occur during the pre-
development agreement phase. Discussions with developers indicate flexibility in this area.
This underscores the fact that the city is selecting a developer at this point and not a
development. Land use and planning ratings have been provided based on the following
criteria:
4 = Concept appears to meet or exceed expected planning guidelines.
3 = Concept meets major components of planning requirements.
Some revisions to concept would be required.
2 = Major changes in concept required to meet planning guidelines.
1 = Concept is generally inconsistent with planning guidelines.
It should be noted that analysis of developer experience and capability are subjective
assessments of expected requirements for this type of development only and do not
relate to developer capability generally. The analysis is based on discussions with
individuals fmniliar with development products. Most of the proposals project a
financing gap. Given the nature of redevelopment this is not unusual. Efforts to close
the gap will begin once a developer is selected for preliminary analysis.
The purpose of this information is to summarize information pertinent to selection of
developers for interview purposes.