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EHLERS <br /> s ASS 2CIA1ES INC <br /> 0 To: Catherine Mehelich,Director of Economic Development <br /> From: Jim Prosser,Financial Advisor <br /> W Subject: Concept Refinement Issues <br /> Date: November 20, 2001 <br /> After reflecting on the feedback we received from developers on November 2,the following suggestions <br /> are provided regarding the Concept Refinement and redevelopment process: <br /> Redevelopment Strategies <br /> 1. Reaffirm the primary goal of redeveloping the area as a"Cornerstone" or Town Center <br /> development with a focus on establishing the area as a"reflection"of a historical downtown area <br /> with retail components. <br /> 2. Increase housing density to support improved,but limited,retail climate. <br /> • 3. Identify three or four target redevelopment site for initial RFPs. These areas would include sites <br /> that are adjacent to the river, suitable for housing development and could be assembled for <br /> reasonable costs. <br /> 4. Consider including a Banquet Hall (possibly City/HRA owned)as part of redevelopment plan. <br /> The City has identified a desire for a full service restaurant within this area,however the site will <br /> be difficult to market for this use. Including a Banquet Hall,which could be combined with a <br /> restaurant, owned by the City and operated by contract,may improve the possibility of achieving <br /> your objective. Ideally,the Banquet Hall could be located adjacent to public parking and have <br /> river views. <br /> 5. Discuss the potential to relocate the First National Bank and Funeral Home sites adjacent to the <br /> river in order to create a larger redevelopment area and better utilize limited Riverfront area. <br /> 6. Develop a model for facade restoration for selected buildings within the project area. Provide <br /> financial tools to assist with funding. <br /> 7. Target at least three separate housing markets for new development with the area including; <br /> senior co-op rental, senior market rate rental,owner and rental town homes and luxury <br /> apartments,market rentals. <br /> 8. Focus on Jackson as the"gateway"into the area from Highway 10 with clear venues into the <br /> River area. <br /> 4111 <br /> LCAGCRS IN PU3LIC WANG = <br /> v'11`. Bred F.1-fel/ALM "NA <br /> I.aSeviIc V V 551-311J5 3 ,.corn <br />