8.3. HRSR 02-04-2019
Request for Action
To Item Number
Housing and Redevelopment Authority 8.3
Agenda Section Meeting Date Prepared by
General Business February 4, 2019 Amanda Othoudt, EDD
Item Description Reviewed by
2018 HRA Annual Report Cal Portner, City Administrator
Reviewed by
Action Requested
Receive the HRA Annual Report presentation.
Background/Discussion
The Annual End-of-Year Report lists all projects completed and ongoing.
Financial Impact
N/A
Attachments
2018 HRA Annual Report (to be handed out at the meeting)
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity
�/M �''3 14mdou+
Demographics
■ Pop. 24, 506 (2017)
■ Unemployment Rate: 2.3% (Nov 2018)
■ Median Age: 35.7
• Homeownership: 77.2% (2017)
• Median HH Income: $85,974 (2017)
• Median Home Value: $229,000 (2017)
• High School Graduate or Higher: 94.5%
■ Bachelors Degree or Higher: 30%
2/4/2019
/r q #44 -
1
Exciting things happened in 2018!
■ 152 new housing starts, 35% increase
■ Housing Study Update
■ Elk River Senior Living
0 Jackson Hills Residential Suites
■ Truck Shop Redevelopment
■ Revamping the HRA Rehab Loan Program
11
Housing Study Update
■ Completed in February
■ Demand for 864 new housing units through 2025
■ 20% demand in senior housing
■ 80% demand in general occupancy
■ Demand for 395 For -Sale Housing
" Demand for 172 Units of Market Rate
■ Demand for 93 Units of Affordable Housing
2/4/2019 '
2
Elk River Senior Living
■ 100 -units independent, assisted and memory care
■ Completed construction July
■ Taxable Market Value $11,520,000
j
Jackson Hills Residential Suites
■ 40 -units mixed income, 8 units affordable
M Approved Housing TIF District
■ Under construction, Spring/Summer 2019 completion
■ Taxable Market Value $3,603,700
2/4/2019
3
Beaudry Truck Shop
■ Approved Redevelopment TIF district
■ Construction of 6 '/2Street
• Regional stormwater pond
■ Acquisition of land for dedicated turn lane
■ Completed construction 2018
HRA Rehab Loan Program
■ Revamp program in late 2018/early 2019
Center for Energy and Environment Administering Program
■ Expanding target area to Urban Services District
2/4/2019
4
Marketing
2/4/2019
2018 Advertising
City of Elk River, IVIN
m4pd- No. Subscribers Cost Cos[ of ft;
Elk River Community Guide 15,000 $750.00
50v
Star News 20,500 $1,922.00
Ad ran for seven weeks 143,500 $1.922.00
Questions?
■
LOard 90L
1 •
1 •
1
■
■
r