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Update on Three Properties for Sale on Main Street <br /> September 7,2004 HRA Meeting <br /> Page 2 of 2 <br /> • Staff requests the HRA's input on the following questions and options regarding the <br /> redevelopment of this area: <br /> Questions <br /> • What is the HRA's desired use of the area: mixed use, office, etc.? <br /> • What size redevelopment concept is the HRA willing to consider: individual lots, all <br /> three properties, or the three properties plus adjacent properties? <br /> • Is the HRA willing to consider the use of Tax Increment Financing or Tax <br /> Abatement for the redevelopment of this area? <br /> Options <br /> • Initiate a redevelopment project by investing in the acquisition, site preparation, and <br /> marketing for new development or rehabilitation. The HRA's acquisition of the <br /> properties would ensure control over the type of development that would occur on <br /> the site versus risking an"undesirable"use by private sale. <br /> • Assist in financing or coordinating desired redevelopment proposals from a private <br /> developer. <br /> • Do nothing and continue work on a redevelopment plan for the area. <br /> • <br /> • <br />