5.8. SR 06-21-2010 - Laserfiche WebLink

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IMPLEMENTATION • i # 62 ; 17181. CN211U2 Focused Area S7udy KEYS TO IMPLEMENTATION Several factors will be crucial in successfully realizing the vision set forth by the community and the EDA within this master plan. These keys apply regardless of the actual form and timing of redevelopment: Patience & Commitment to Vision. Commitment to the plan and patience go hand-in-hand. This plan does more than simply seek to attract new development to southeast Elk River; it seeks to move the area toward a vision for the future. Commitment to the plan means the willingness to actively promote public and private investments that achieve the vision, and to deter developments that do not meet the objectives o f the plan. Not all o f these decisions will be easy. Strategic Investments. I f financial support for the plan was unlimited, the need for strategic decisions would be less important. With limited funds, every expenditure is crucial. It is not possible to immediately undertake all o f the initiatives described in this plan. Needs and opportunities not contemplated in the plan may arise in the future. Every investment must be evaluated f or its impact on achieving the vision f or the f uture o f the ~7ist Avenue FAST. Public & Private Partnerships. Removal o f the physical and economic barriers to development and redevelopment for the ~7~st Avenue FAST may require public finance assistance. The complexity o f development and redevelopment envisioned for the area clearly demonstrates the need f or public financial participation. Private investment will not be su f ficient to pay for all costs associated with redevelopment. A strong public/private partnership is required to make development and redevelopment financially feasible and promote the desired development. The need established in this plan does not make public f inancial assistance an entitlement, and on-going planning will de f ine and substantiate the nature o f assistance f or each step o f implementation. This approach ensures that public monies are used to achieve desired public outcomes and not simply make development more a f fordable (or pro fitable) f or the developer. Financial Planning. The ability to make strategic investments relies on the continued evolution o f financial planning. Implementing the plan cannot be viewed as a series o f independent projects but rather a series o f interrelated actions. Some public improvements serve a broader area and not a single project. Revenues will come f rom multiple projects. Some public investments will be required prior to private redevelopment. The ability to coordinate public actions with the revenues f rom private development will be key to the success o f the plan. Failure to consider the implementation relationships between elements o f the plan will lead to missed opportunities and increased risk for the City. ROLES & RESPONSIBILITIES Implementing this plan will rest with many entities in the community that share a vision for the future for the 171st Avenue FAST. A clear understanding of implementation roles and responsibilities promotes the effective use of limited resources.