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4.0. HRSR 04-17-1996 . . # ' • • IP: :;•,..-•:*...,•■•4, .:. , , ...1; • .. . ,0. 'o 4 •: • t,.• .. ' v., . • • '.. 1 •• 4" I ":.; t''.... ,L4.... '• •_„„,,_. • • „L.:41.1.:4,L4.1.4........2.— -4—:-/.; •.' • .; 7 . . • P " .• I • . '4-r',' -7.• . •'(•.r •• .' • ,': , f..i." ' :-..,', ". 0. .'",.',.' r .* .' • ... _ .i..4:.!. .:14....,14.444.,r,..L.4;.;.:4.''. •.J...' ..,(...g....•-• ......' '--:• •-• . :."-- .:'.. ';'''. .:•••,•••;,• Thee...?,./....• :',-•'''. :' • , ., - .: ...•:••• .4.1' ,,,, 0,1 :.;......-••,, .,..,-;- .,• •. . , .• .,• • . ,i;.••• . : - ,..'.• - 1 # , ••• . • • • • ---• • • • • ••••:,.,„ ,! • . ••• . e t . / . ..• . • V'',..,., •.. . • .0•, .. .1,.•.;:.- \ ./ . . ... . ...., 11.•••,-.,•! ; • .., -,!i,A.•,8 5 . •.0...,(,/•: _ ,... ....*Ati . • Z ' . • • iiNiiik, '.!..1,▪ .'..•' T.,.A.;;■...:;•:1 7541040, • . :• : 0 •:.•\,,▪•■:;;.. ....„ . A' 10' 9 F • • i 1 . •:9W',.'•t,.‘!, • / . 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NI .,qii \ . 110, ,,.. .,.. ,. itA 1 4\ 4,/// ,t� • / 4.\\ `•.\• '.,Nill /4\2\\"‘1:\:\\l'\\'\ .\\'' '\ \,,,,.,,,,,,,,1 _.• 4 \\ isti \• , , t \.., * ■N• ,k, , \ 46; ..104 , \ . ., \ • .,...„.,", 4,,„, .:,......, ., ,\.,,.,,,___ ,,, , 4, ,... , ,,.'•':".: 4° , \,....,,,,,. ,e,, ..., % opor 3, A, \\*,. , ._...,0,------ ...„ ‘.„„, . ‘... .41. 0,-..„,s,, ...‘ z.•• 1110 . • AF': j ,. ■336 Creative Solutions for Land Planning and Design Hoisington Koegler Group Inc. ®© • ©® April 17, 1996 Mr. Patrick Klaers, City Administrator City of Elk River P.O. Box 490 13065 Orono Parkway Elk River,Minnesota 55330-1743 RE: Riverfront Pathway Dear Mr. Klaers: As we discussed at the last meeting of the Elk River HRA, we need to complete the schematic design and develop refined cost estimates in order for the City to determine the most appropriate way to proceed with the Riverfront Pathway project. That work is nearing completion, and a meeting with the HRA and Riverfront Pathway committee would be in order. Because of other events that may preclude my presence at a meeting in late April or early May, I would like to schedule such a meeting in the middle of May(May 15 or May 22). We can provide the HRA with information prior to that meeting if desired. • At the meeting,I would like to have the HRA and Riverfront Pathway committee review the entire design. The last time the project was presented to the HRA and the City Council, we learned a great deal, and the continued input of these groups will only benefit the project. We would also review the cost estimates, which would be broken into the following categories: Area`A' The area along the river which falls between Jackson Street and King Street Area `B' The"hole," or the area directly across Jackson Street from Main Street to the river Area `C' The area along the river east of Jackson Street Area `B' would be divided into two parts to provide flexibility in identifying a project that could begin in 1996 or 1997. This information should allow the HRA to determine a course of action that suits the community's ability to implement an acceptable design. Please call me if you have any questions. Sincerely, Hoisington egle Group Inc. fig OP 1 Michael Schroeder • 7300 Metro Boulevard,Suite 525,Minneapolis,Minnesota 55439 (612)835-9960 Fax(612)835-3160 MEMORANDUM Ty of i ,. TO: Housing and Redevelopment Authority lk �� River FROM: Pat Klaers, Execu a 'rector DATE: April 17, 1996 SUBJECT: King Avenue/Main Street Project 4. King/Main Project At the last HRA meeting on 4/3/96, the HRA was in agreement that the northwest corner of King Avenue and Main Street is a very important part of the central business district and its future development or redevelopment plans. This site is divided into four different parcels which are owned by three different parties. The site is 180 feet by 180 feet for 32,400 square feet or about 3/4 of an acre. These properties were on the market in 1994 and in 1995. At the last • HRA meeting, concern was expressed that if something was not done with this property as soon as possible in 1996, the opportunity to do a redevelopment project may be lost. Accordingly, the central business district could end up with a remodeled building, a business in a retrofitted facility, or even a home (812 Main) in this quadrant for quite a few years into the future. In the discussion on this issue, the HRA expressed its serious intention to be proactive and aggressive with this property. The HRA indicated its desire to purchase all of the properties and preserve its opportunity to do something positive in the central business district even if a redevelopment plan from a developer was not in place. After the HRA reviewed some information related to the 1995 ECM proposal and discussed the minimum market value that was needed in order for a redevelopment project to be financially feasible, it directed me to contact the owners of the property to discuss purchase options. Following this 4/3/96 HRA meeting, I contacted one owner and Mark Kleckner, Century 21, who represents another owner. Mark offered to contact the third owner and to organize a proposal for all three of the owners. At this time I believe that I will have an option offer verbally accepted by the three owners by the 4/17/96 meeting and would like to review the option price and a purchase price with the HRA. • The overwhelming key issue with this project is negotiating a redevelopment project and the market value that the county places on 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 this redevelopment project. This determines how long it will take the city to recapture its investment in the project. This value will • determine the length of any TIF redevelopment district and the amount of local government penalties associated with TIF. Other key factors in this project include the purchase price for the sites, the site preparation costs, and the interest expenses that will be necessary as the HRA will have to borrow money for this project. Assistant City Administrator Lori Johnson will have financial information available for discussion Wednesday evening. The timing of this project looks like the following: • Purchase the property in spring, 1996 • Complete some site preparation activities in 1996 • Sell the property in early 1997 for the raw land value and use this money to pay off some of the project debt • In spring, 1997, approve a development plan and do a TIF redevelopment project • Summer, 1999, collect the first TIF payment It should be the goals of the HRA to help provide the central business district with a new business and downtown anchor and to recapture its investment as soon as possible so that the local government penalty is • minimal.