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Downtown North of Highway 10 Redevelopment Plan Update <br />June 2G, 2006 HRA Meeting <br />Page 3 of 3 <br />The gap analysis reflects the following land/assembly costs: <br />• Land acquisition <br />• Demolition <br />• Relocation expenses <br />• Soft costs <br />Gas analysis assumptions and disclaimer: <br />The amount of TIF estimated to be generated in the analysis assumes that the developer <br />would receive 90% over 25 yrs. and also assumes that the area meets statutory TIF <br />substandard tests. The analysis does not include the incorporation of parks, amenities, <br />infrastructure, or market feasibility. <br />What does the preliminary ag p analysis mean? <br />The analysis indicates that there are significant financial gaps to be considered as the HRA <br />moves forward in its redevelopment planning process. Options for reducing the gap <br />include: <br />• Availability of other financial resources <br />• Changing the land use concept or densities to push for higher values <br />• Consider options for reducing land assembly costs <br />Action Requested <br />Staff identified certain properties to be included in the financial modeling template's sample <br />land use concepts and assumed which properties may be best suited as part of a preliminary <br />redevelopment concept. Staff requests the HRA's input on the preliminary areas identified <br />in the concepts and whether any properties should be added or deleted from the preliminary <br />concept. <br />Next Steps <br />Based on feedback from the HRA at this meeting, staff will present the following <br />information next month: <br />• A refined financial modeling concept for Area 4. <br />• Land use concept based on financial modeling and past studies <br />• Financial modeling concept for Area 3 <br />Upon review and acceptance of the above, it is anticipated that a preliminary land use <br />concept will be ready for review by stakeholders (Neighborhood (Business & Residential), <br />Planning Commission, Heritage Preservation Commission, Park & Recreation Commission, <br />Economic Development Authority and City Council) this fall. <br />S:\Downtown North of Hwy 10\Memos\2006\6-2G-OG.doc <br />