6.0. HRSR 06-30-2003 14d Item # 6.0.
• City of
Elk _
River
MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Developmen
DATE: June 30, 2003
SUBJECT: Downtown Revitalization Project
Attachments
• MetroPlains Development Preliminary Time Table
Background
At its special June meeting,the HRA heard a presentation from MetroPlains Development
regarding concept options. The HRA directed MetroPlains to proceed by taking the design
• concept for the Jackson Block and Bluff Block to a public open house for feedback. In
addition,MetroPlains recently presented to the City Council for additional feedback. The
attached memo from Economic Development Assistant,Heidi Hall summarizes the
communications outreach and public comments received.
Next Steps for Consideration
As part of the proposed timing,MetroPlains anticipates submitting a financing request to the
MN Housing Finance Agency by July 24`h. As part of the submission, some general
consensus issues, as outlined in the attached Preliminary Time Table,will need to be reached
with details to follow over the next 3 to 4 months. A representative from MetroPlains will
be present at the meeting to discuss the proposed application.
Following the HRA's review and discussion, staff recommends the HRA consider the
following actions:
• Direct city staff and MetroPlains to prepare a list of Development Agreement issues
that would be brought back to the HRA for consideration. Staff requests that the
HRA identify any specific issues that need to be addressed as part of a final
development agreement.
• Consider a motion in support of MetroPlains and the City to submit a Multifamily
and Housing Tax Credit application to the MN Housing Finance Agency,and
recommend that the City Council also provide support of the application and
favorable consideration to a Letter of Intent or a Memorandum Of Understanding
• to transfer the city-owned Jackson Block property.
H:\SHRDOC\Downtown Revitalization\Memos\HRA 6-30.doc
Downtown Revitalization Project Update
June 30,2003 Special HRA Meeting
Page 2 of 2
• While the NHFA application needs to be submitted,receipt of the funds will be contingent
on the HRA and developer reaching a final Development Agreement. The financial
feasibility of the project depends on the city and developer's ability to receive financial
assistance from a variety of resources. In the next several months the staff and developer
will be working to process other requests for financing.
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• 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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