2005.12.19 EDA Packet - Laserfiche WebLink

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For Immediate Release Date: From: The Office of the Community Development Director City of Hugo, Minnesota Contact: Mr. Bryan Bear EDA Executive Director �K. bbear@ci.hugo.mn.us 651.762.6320 DOWNTOWN REDEVELOPMENT PLAN MOVING FORWARD, THE CITY OF HUGO INVITES THE PUBLIC TO ATTENDED AN OPEN HOUSE ON JANUARY 18TH Hugo, Minnesota—The community vision for a pedestrian friendly downtown Hugo with unique mixtures of housing, retail, office space and public amenities is moving forward from the drawing board to reality. The downtown plan and the design guidelines are now in place and the City has begun the necessary steps towards implementing a downtown redevelopment project. One of the key elements is the completion of a market study by Maxfield Research of the downtown area. Economic Development Authority (EDA)chair Mike Granger stated that, "The market study is a crucial element to the downtown redevelopment project because it will indicate if there is a market to support the proposed uses." Community Development Director Bryan Bear added that, "the City was able to obtain the services of Maxfield research through grant money received by the Metropolitan Council." The EDA has been very involved in guiding the redevelopment process and has recently been meeting with develops interested in implementing the downtown plan. "There is a strong desire from the development community along with local business owners and residents to see the plan implemented in the near future," stated Economic Development Vice President Phil Klein. A subcommittee was also formed to establish a tax increment financing (TIF) district in the downtown area. TIF is tool that will help the City provide assistance to developers to cover a number of the costs associated with a redevelopment project such as property acquisition,relocation, demolition, and possible environmental remediation. The public is cordially invited to attend an informational open house to discuss the implementation of the downtown plan on Wednesday,January 18th 2006, at 7:00 p.m. in the Oneka Room at City Hall. City staff and officials, along with representatives from Maxfield Research, Landform, the City's planning consultant, and Springsted the City's financial advisor, will be there to answer questions from the downtown property owners and the general public.