2.0. HRSR 03-10-1998 - Laserfiche WebLink

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development at an appropriate time. Without the City's intervention, it is unlikely that change will occur that capitalizes on the opportunities of the riverfront. Actions • • Acquire sites for redevelopment to create north anchor to downtown; vacate Front Street between Locust and Walnut for extension of public space along the river as property is acquired • Pursue development of the block west of Bridge Park for a hotel (or for other uses consistent with a riverfront/park location) • Improve Bridge Park to create a significant downtown park with a strong orientation to the river; provide facilities needed for community activities; program activities to occur in the park on a regular basis • Redesign River Street to fit the character of the"River District" Probable Costs • Acquisitions of site cannot be determined until they become available and appraisals are made. • Improvements to West Bridge Park are estimated to cost$220,000. • Improvements to River Street from Cedar Street to Locust Street are estimated to cost$775,000. Funding • TIF • If it can be determined that property owners along or near River Street will benefit from the street improvements, a portion of the costs might be assessed against benefitting properties. • Funds programmed by the City for resurfacing of the street. • The City has already allocated funds for initial improvement to West Bridge Park; the use of those funds should be strategized to lead to an • overall improvement program that might occur over the next ten years or so. • The community (through MCP) might be able to raise funds and secure donations of labor and materials for improvements to the park. Breathe life into the Monticello Mall Related Guiding Principles • A good place to do business: This building is the largest multi-tenant building in downtown, with the most potential for activity, located where it can be a major focus for downtown at the terminus to Walnut Street. It has the potential of being one of downtown's centers of activity — one of its anchors. Life here could mean life for many other downtown businesses, so it is critical that the mall have life. • Partnerships for mutual benefit: The building may be obsolete, even though it is not even 30 years old. A developer may be better off start- ing over; the community might also benefit from starting over— this provides a chance to correct the things that make the current building so inappropriate for downtown. It is likely that a developer can not take the necessary action on their own to make the mall an integral part of downtown. Actions • Redevelop retail to create south anchor to downtown. • Integrate the mall with downtown by extending the sense of Walnut Street to the front door of the mall. I, A New Bridge .1"-.....""11.1 Revitalizing Monticello's Downtown and Riverfront Page 4:8