2005.08.15 EDA Packet - Laserfiche WebLink

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engineering from MFRA and urban design, landscape architecture and Mound Visions coordination from Hoisington Koegler Group, the public-realm team of this effort has accomplished feats. Enter the development community. Early skepticism turned to passive curiosity and ultimately to financial commitment with Mound's establishment of a downtown tax increment financing district and completion of early infrastructure projects. The catalyst redevelopment project by a local hardware retailer in 2000 was quickly followed by a mixed-use retail/housing project by MetroPlains Development and a new downtown post office. These early projects were critical in demonstrating market success and establishing the flavor for the important "main street" projects to come. Mound Harbor Renaissance, LLC (MHR), consisting of a consortium of development interests was selected by the City in 2001 as the redeveloper of three high-visibility main street districts in downtown. MHR and their consultants including Maxfield Research, Landform Engineering, Barr Engineering, Fagre & Benson, Krass Monroe and Edina Realty has embraced Mound's vision for a traditional downtown and proven to be a wise and highly professional development partner in the effort. MHR's proposal for mixed-use development embraces public space and pushes the envelope in quality design and innovative stormwater systems. Tom Stokes, president of Brenshell Townhomes, one of the development partners, says that"the intense market interest of their downtown units prove the sophistication of today's home buyers who are interested in a full package of high quality amenities that flow from interior details to building architecture to site design to inviting public spaces." The public/private teamwork of MHR and the City is gaining wide recognition and support. In the 2005 calendar year alone the team has secured nearly $5 million in grant funds and received large awards from Hennepin County's Transit-Oriented Development grant and Minnesota Department of Employment and Economic Development environmental grant. The project has also been recognized with significant financial support from the Minnehaha Creek Watershed District as an innovative model for stormwater treatment. The Mound Visions effort will be complete in 2008. All told, over 350 housing units within a five-minute walk from a downtown transit center and 150,000 square feet of commercial space will have been built. The effort will result in roughly $40 million in public investment and another $160 million in private investment. Property taxes generated from this small downtown will increase by over 25 times their pre- development levels. When asked if the effort has been worth it Mayor Pat Meisel says, "We have reconnected with our heritage, set the stage for a generation of success and transformed attitudes from defeatist to confidence. I'd say it's been worth it".