6.0. HRSR 09-07-2004 ITEM # 6.
City of
Elk
River
MEMORANDUM
TO: Housing & Redevelopment Authority
/-
FROM: Heidi Steinmetz, Assistant Director of Economic Development
DATE: September 7, 2004
SUBJECT: Update on Three Properties for Sale on Main Street
Attachments
• Photos of Three Properties for Sale on Main Street
• Zoning Map
• Background
At its August 2, 2004 meeting, the HRA directed staff to research the details of three
properties for sale on Main Street downtown north of Hwy 10. Photos of the three
properties are attached in addition to a zoning map. The HRA indicated interest in
considering the area for redevelopment. The properties are located within the Study Area
Boundary defined by the HRA at its June 30, 2004 Work Session.
After discussing the status of the properties with the three listing agents, staff received three
inquires regarding interest in the redevelopment of the properties potentially for commercial
use.
The following is additional information on the properties:
Address Listing Current Use Days Listed
Price (as of 9-3-04)
430 Main St. $164,900 residential (owner occupied) 42
420 Main St. $215,555 residential (owner occupied) 187
414 Main St. $164,900 residential (rental) 79
Total$545,355
•
Update on Three Properties for Sale on Main Street
September 7,2004 HRA Meeting
Page 2 of 2
• Staff requests the HRA's input on the following questions and options regarding the
redevelopment of this area:
Questions
• What is the HRA's desired use of the area: mixed use, office, etc.?
• What size redevelopment concept is the HRA willing to consider: individual lots, all
three properties, or the three properties plus adjacent properties?
• Is the HRA willing to consider the use of Tax Increment Financing or Tax
Abatement for the redevelopment of this area?
Options
• Initiate a redevelopment project by investing in the acquisition, site preparation, and
marketing for new development or rehabilitation. The HRA's acquisition of the
properties would ensure control over the type of development that would occur on
the site versus risking an"undesirable"use by private sale.
• Assist in financing or coordinating desired redevelopment proposals from a private
developer.
• Do nothing and continue work on a redevelopment plan for the area.
•
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