7.5. HRSR 02-01-2021 V'
City or
Elk Request for Action
River
To Item Number
Housing and Redevelopment Authori"T 7.5
Agenda Section Meeting Date Prepared by
General Business February 1, 2021 Colleen EddyT, Economic Development Specialist
Item Description Reviewed by
HRA 2020 Annual Report Cal Portner, City Administrator
Reviewed by
Action Requested
Receive the 2020 Annual Report.
Background/Discussion
Staff will present the 2020 Annual Report,which reflects the accomplishments achieved this past year.
Financial Impact
N/A
Mission/Policy/Goal
The Annual End-of-Year Report informs the HRA on the accomplishments achieved in 2020 and ongoing
projects.
Attachments
■ 2020 HRA Annual Report—to be distributed at the meeting
The Elk River Vision
A )relcom' community aa)ith revolutionary and spirited zesourcefulness, exceptional p o w E A E u e r
service, and community engagement that encourages and inspires prosperity®
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2020 was a year like no other!
Although everyone changed the way
they did business, the City of Elk River
had many accomplishments.
The worldwide pandemic taught us how
to be agile and creative. We were able to
accomplish our core mission, we took
on new initiatives to help our
community push through this
unprecedented time.
The City of Elk River strives to
proactively facilitate redevelopment,
housing diversity, and reinvestment in
our community. The Housing and Redevelopment Authority (HRA) had an exciting year filled with
redevelopment projects that will improve our overall community.
2020 IN REVIEW
■Single Family Residential
■Main and Gates Redevelopment
■New Permanent Planters
■Rehabilitation Loan Program
■Realtor’s Forum
■Marketing and Advertising
HIGHLIGHTS
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SINGLE FAMILY RESIDENTIAL
The availability of single family homes for
sale in Elk River were at their highest point
in 2016.
The inventory dropped substantially in
2017, rose slightly between 2017 and 2018
and inventory trended slightly upward again
in 2019 and dropped considerably in 2020.
The median sales price of single family
homes in Elk River has risen to nearly
$320,000.
The demand for homes here and in the
northwest metro and the low supply of
buildable lots and low interest rates can be
attributed to increasing home prices.
The supply of homes for sale since Q1 of
2016 in Elk River has decreased from three
months to just under two months supply in
Q3 of 2018.
We saw a comeback in 2019 settling off at
a 2.8 month supply. In 2020, the supply
was less than 1.25 months.
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SINGLE FAMILY RESIDENTIAL (CONTINUED)
Single family homes in Elk River do not stay
on the market for long.
In early 2016, homes were on the market for
an average of 41 days. In 2019, single family
homes stayed on the market for 25 days or
less. And in 2020 houses flew off the market
as soon as they were listed.
The HRA acquired two more properties in 2020 as
part of a redevelopment project that would align
with the Mississippi Connections Plan.
The two houses were moved and the remaining five
were demolished. Seven properties have been pur-
chased with one remaining.
The HRA coordinated a Developer’s Forum in
March of 2020, but due to the COVID-19 pandem-
ic the meeting was cancelled.
A new sell sheet was created and a two-sided sign
was installed as marketing initiatives. The HRA
plans to host a Developer Forum in 2021 as allowed
and continues to market this exciting property.
MAIN AND GATES REDEVELOPMENT
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Economic De-
PERMANENT PLANTERS
The HRA recognized the need for permanent fixtures available for general public use to maintain a safe, clean,
and accessible downtown area, to preserve the vitality of the business district and prevent the emergence of
blighting conditions.
In 2020, the HRA contributed half of the funds to purchase 24 planter hangars and hanging planters downtown.
The purchase coincided with the EDA’s Together Elk River Campaign. The campaign included display banners,
which were installed in the new light poles, which were purchased by Elk River Municipal Utilities.
BLIGHTED PROPERTIES FORGIVABLE LOAN
In the Fall of 2020, the HRA approved the Blighted Properties Program and policy to allow flexibility for
builders to acquire these types of properties with the caveat that they become owner-occupied upon completion.
REHABILITATION LOAN PROGRAM
In 2019, the Center for Energy and Environment (CEE) took administrative management of the HRA
Rehabilitation Loan Program.
CEE partners with the Minnesota Department of Commerce, Minnesota Housing Financing Agency, and local
utilities (CenterPoint Energy, Xcel Energy, and Great River Energy, to leverage additional program dollars.
With the additional funds CEE was able to close on three loans for Solar and Home Improvements and five
loans through the Minnesota Housing Financing Agency. Homeowners were able to make energy efficiency
improvements, needed home repairs, install new windows, siding and
landscaping
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Staff worked with the city communications division to
create an ad for the Elk River Community Guide.
We advertise in this annual publication via a quarter-page
full color ad.
The guide is sent to all Elk River residents and will be
distributed throughout the year in various venues.
Marketing and advertising of the HRA Housing
Rehabilitation Loan Program continued in 2020 with four
quarter-page color ads in the Star News local newspaper
and five weeks of billboard position online ads.
The ads ran the last four weeks of the year as a kick off to
the upcoming spring home improvement season.
MARKETING AND ADVERTISING
REALTOR’S FORUM
The City of Elk River, partnered with the Saint Paul Area
Association of Realtors (SPAAR) on the 2020 Realtor’s
Forum.
The forum was the last in-person meeting before COVID
hit. Over 50 people attended the forum, which focused on
the local housing market. Speakers included Mayor Dietz,
Dan Dixon from Guardian Angels, Dr. Bittman from ISD
#728 and city staff from Administration, EDA,
Engineering and Environmental.