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^ Commuter rail station would be beneficial to area redevelopment opportunities. <br />^ Too much mixed use on east side of Jackson north of 5th Street. Developers feel <br />area should stay residential and a number of residential products could be used <br />^ Consider maintaining single family homes but increasing the densities by using <br />narrower lots (45') and/or detached single family, row homes or twin homes. <br />^ Commercial activity should be destination based including service related, small <br />offices and perhaps small corporate types of commercial uses <br />^ All developers indicated that redevelopment in this area should increase housing <br />density to support the downtown area <br />^ Lions Park is an asset, orient redevelopment to take advantage of this existing <br />amenity <br />^ Service related businesses along Main Street appear to make sense and will <br />expand without direct city intervention as the community continues to grow <br />^ Single Family rehabilitation areas appear reasonable and do not need a developer <br />but avehicle/program to proceed. Stable single family neighborhoods enhance <br />the overall marketability of the area. <br />Next Steps - Ways to attract developers <br />It appears from developer comments that redevelopment is feasible in this area and the <br />City is doing the right thing by planning for different development components in a <br />larger redevelopment area. Developers will generally ask questions about the feasibility <br />of development and the level of interest and participation from the City. The City should <br />consider reviewing several policy issues before proceeding. These policy decisions are <br />not made in a vacuum but instead are made in the context of a redevelopment plan. <br />Some of those policy questions include: <br />1) When and where should redevelopment begin? <br />2) Is the City willing to assist with land acquisition? <br />3) Should the City begin acquiring property ahead of development? And if so is <br />there a funding source for implementation? <br />4) Is development likely to be market driven or is there a need for city assistance? <br />5) If projects are not fmancially feasible, is the City willing to use development <br />incentives such as tax increment fmancing, grants or other sources? <br />6) What are the costs of redeveloping certain portions of the redevelopment area? <br />7) Do the costs outweigh the returns for a potential developer? <br />8) Is a financial feasibility study necessary to determine this? <br />I have provided staff with a copy of a more detailed and specific summary of developer's <br />comments to assist in reviewing the market feasibility of this redevelopment area. <br />If you have any questions, please feel free to contact me. <br />Dave Callister, Financial Advisor 65 ]-697-8553 Fax: (651) 697-8555 <br />3060 Centre Pointe Drive dcallister@ehlers-inc.com <br />Roseville, MN 55 1 13-1 105 http://www.ehlers-inc.com <br />