4.0. HRSR 06-05-2003 Item # 4
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City of
Elk -1
River
MEMORANDUM
TO: Housing & Redevelopment Authority
Mayor & City Council
FROM: Catherine Mehelich, Director of Economic Development
DATE: June 5, 2003
SUBJECT: Downtown Revitalization Project— MetroPlains Presentation
Attachment
• MetroPlains Preliminary Time Table
Background
• A Special Meeting of the HRA is scheduled for Thursday,June 5th at 5:00 p.m. at City Hall,
for the discussion on the draft Comprehensive Plan and to hear a presentation from
MetroPlains Development regarding the Downtown Revitalization Project. The City
Council has been invited to attend the presentation.
Redevelopment Concept Plans
The presentation by MetroPlains Development will include:
• project activities to date
• review of the original project goals established by the HRA,
• review of design concepts,market analysis and financial feasibility
• review proposed project timetable
The HRA will not be expected to make a final decision on the project plans or financial
arrangements. However, the HRA will be requested to identify issues that need to be
addressed as part of a final development agreement and grant permission for MetroPlains to
proceed with taking the revised concepts to a public open house for feedback. A tentative
date for the public open house has been scheduled for Wednesday,June 18th from 6:00—
8:00 p.m. at Lion's Park Center.
As part of the proposed timing, MetroPlains anticipates submitting a financing request to the
MN Housing Finance Agency by July 24th. As part of the submission, some general
consensus issues will need to be reached with details to follow over the next 3 to 4 months.
11111 A special meeting of the HRA in July may be needed to meet this request.
• ELK RIVER REVITALIZATION PRELIMINARY TIMETABLE
July `03 Purchase Agreement or Memo of Understanding w/City of Elk River
July 24, `03 MHFA Application
Aug-Oct `03 Development Agreement
Sept. `03 Environmental Review
Sept.-Oct. `03 TIF Conclusion
Oct. `03 DTED Application/Small Cities Group
Nov. `03 MHFA Award
Sept.'03-Jan. `04 Site Acquisition/Relocation
Sept.-Nov. `03 Plan Preparation
Nov.- Dec. `03 Plan Approvals
Jan.-June `04 Pre-sales of `For Sale' Units
Jan.-March `04 Financial Closings
Jan.-March`04 Jurisdictional Authorities Sign-offs/Approvals
April-May `04 Demolition
May-June `04 Infrastructure Improvements
June'04-June `06 Construction of Two Phases
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