7. HRSR 03-07-2005ITEM ~ 7.
Kiver
MEMORANDUM
TO: Housing and Redevelopment Authority
FROM: Heidi Steinmetz, Assistant Director of Economic Development ~/
DATE: March 7, 2005
SUBJECT: Discuss 2005 HRA Official Depositories
Commissioner Toth has requested that the HRA discuss the 2005 HRA Official
Depositories.
Downtown re~"esign
just around corner
BY NANCY NGO
Pioneer Press
Rosemount has been working
hard in the past year to shake its
image as a third-ring suburb
with mainly agricultural land.
In recent months, the city
has made efforts to make new
land available for commercial
and retail businesses. Now, it's
looking to give the historic
downtown a major makeover in
order to increase commercial,
' retail and housing options.
For the past several months,
the Rosemount Port Authority
;.has been asking developers to
' draft a redesign for the city's
downtown. After the port
authority wraps up interviews
with four finalists on Tuesday,
they could come up with a rec-
omxnendation for the City Coun-
cil as early as next month.
"The vision for downtown is
that we would designate new
commercial and- office space as
well as residential," said Port
Authority chair Michael Baxter.
"I think we'd like to see that in a
..`developer."
Rosemount is one of several
•-Dakota County cities, including
Burnsville and Hastings, revital-
`izing its downtown. In Rose-
mount, planners hope to redevel-
op the 52-acre district, currently
- -home to some retail space and
scattered single-family homes,
into a bustling commercial hub
and community gathering place.
Two years ago, the city
formed a committee made of
members of the City Council,
Port authority planning com-
mission, residents and business
__ owners to draft a vision for
„ downtown, which is generally
bordered by 143rd Street to the
north, County Road 42 to the
south, the Canadian Pacific rail-
-;:. road lines to the east and Coun-
;; ty Road 3 to the west.
Among recommendations
~' were adding more mixed-use
` office and retail space. Having
more community gathering
spots and housing such as con-
dominiums and townhouses
::.were also on the wish list.
,,.According to the city's request
-documents to developers, Rose-
mount's downtown has the
Rosemount readying,a major
makeover of its downtown
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B
t4SthStW. ~ Area
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' 148th St. W. ~eta-l
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PIONEER PRE55
potential to increase retail by up
to 35 percent and housing by as
many as 500 units.
If redevelopment occurs,
properties that could be affected
include Rosemount Plaza Shop-
ping Center and Shenanigans
restaurant, which are slated for
redevelopment for mixed-use,
according to city documents. A
new commercial building is also
planned for 147th Street that
would require the acquisition of
three homes.
Kim Lindquist, Rosemount
community development direc-
tor, said acquiring property
would come from tax increment
financing from the downtown
district.
"'T'here is significant money
projected in that TIF district
over the next 15 years to allow us
to do things downtown, she said.
Rosemount has been. slowly
getting ready for redeveloping
downtown. In December, -the
city purchased the:'former 4-
acre St. Joseph Catholic Church
on South Robert. Trail: for $2.4
million. The land. is expected to
be the site for a future library
that would be part of the Dakota
County system.
If planning continues to forge
ahead, Baxter said, ground-
breaking could occur in the fall..
Nancy Ngo can be reached at
nngo@pioneerpress.com or 651-
~•,j3 -G't'
228-5172.
+~u~~ulcu.+- 31~Ic~s
aJ t~~,
The City of Elk River's Official Depository Policy
As I have stated before I do not have any problem with the River View bank
in Otsego. I believe they are an asset to "their"community.
As we are an arm of our city government I think that we need to be
cognizant of the part we play in the handling of the fund that we receive
from our community.
The HRA and other units such as the EDA and even the city, to a degree,
need to look at how we us the funds that collected from our tax base.
At the beginning of the year we set forth the levy from which we get our
funding, and then say where the funds that we are not using for given project
are to be keep until they are put to use. That is in bank or financial
institution.
We all know how the banks us the fund that are put in them on deposit.
They are used hopefully to help others in the city, or make improvements in
their faculties, which will increase their tax base. We are here to work on
redevelopment and economic development of Elk River, therefore if that is
the case why would we put fund in a bank that does not fit those guidelines.
I spoke to a member of the city council and was told that some of the banks
on the list do not give any thing back to the community, so therefore the
feeling was they should not be in the loop. This may be true but we need to
look at just from where the funds we get come from. I hope that the city is
not being run on the philosophy of you scratch my back I will scratch your
back. If we are not using the funds generated and they are on deposit these
fund should be available for us in the city. If they are not then that is what I
call "taxation with benefit." Even though some of the larger banks may not
give hand outs they are a source of the funds that are used by this and other
facets of the city government. So therefore in my humble view that is where
the funds should be on deposit, not in an out of town bank that is in direct
competition with those in the city where we are trying to promote
development.
Larry R Toth