2.0. HRSR 03-10-1998 - Laserfiche WebLink

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The ability to revitalize the downtown and riverfront areas will be directly Finance Tools and influenced by the ability of both public and private parties to obtain and make Resources effective use of the available financial resources. At this point in time, it is impossible to create an complete "plan" to finance the revitalization efforts. The activities that require public support will occur over a number of years. The actual design of public improvements and the scope of development pro- jects influence the cost of implementation. A variety of factors affect the availability of revenues and the financial feasibility of projects. Financing the Downtown Plan requires a framework for making decisions about the use of financial resources. The framework provides guidance on financing actions needed to implement the Plan and the flexibility to tailor these actions to meet the needs of projects as they occur. Several broad principles create the founda- tion for financing the Plan: • Financial resources are limited. The use of resources must be targeted to make the greatest effect on the implementation. • Decisions must balance current need with future implications. Use of current resources may reduce monies available in the future. Does this action lay the foundation for future steps? Does the investment in a cur- rent opportunity lead to additional revenues in the future? • It is likely that critical actions (redevelopment of the Mall, development of the riverfront, reconstruction of Walnut Street) will face funding gaps -- project costs exceeding readily available revenues. The ability to fill the gaps will be a key to implementation. • Tax increment financing MO is an essential funding tool. TIF provides funding without taking general funds away from public and private sources. • • While this section focuses on public finance, the Plan cannot become reality without private investment. The use of public funds should be targeted to actions that encourage private investment in downtown Monticello. •Oi{ b R . x+= - Implementation of the revitalization plan touches on many areas of downtown;each has varying implications with different underlying strategies for revitalization. The remainder of this section discusses the application of these principles to promote the revitalization of downtown Monticello and the implementation of the Plan. The financing of the Plan consists of this section, which identifies the finance tools and resources, and the following section, which links those tools to actual implementation. The implementation of the Plan will involve four broad areas of activity: Tools and Resources • Construction of public improvements and facilities. • A New Bridge Revitalizing Monticello's Downtown and Rlverfiont - Page 4:11