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Redevelopment Plan <br /> A specific redevelopment plan is prudent when the proposed redevelopment affects a <br /> significant change to the land use of the area, for example, if the city were <br /> recommending redeveloping the Red Fox/Gray Fox business area into a mixed-use <br /> housing/commercial/retail area. However, if the proposed redevelopment is for the <br /> same or similar use, a plan is not necessary. <br /> The planning process would be similar to that of the current TCAAP redevelopment, but <br /> on a much smaller scale, and would involve a great deal of involvement from the <br /> council, commissions, committees, and the public. <br /> Redevelopment <br /> The actual redevelopment could occur in a number of ways: <br /> ■ The city could choose to work with a master developer to redevelop the area <br /> (similar to the TCAAP redevelopment); <br /> ■ The city could choose to acquire and demolish certain properties, then market <br /> the "shovel-ready" properties to developers and/or businesses for development; <br /> ■ The city could choose to aid in soliciting interested developers or businesses to <br /> acquire, demolish, and redevelop specific properties. This option of course <br /> would require collaboration with the property owner and tenant (if applicable). <br /> ■ The city could choose to do nothing and allow the market to drive the <br /> redevelopment. • <br /> Tools to facilitate Redevelopment <br /> The role of government, as we all learned in high school government class, is to step in <br /> where the free-market can't or won't. Therefore, oftentimes the use of"incentives" is <br /> needed to help facilitate the redevelopment of an area. <br /> The following is a list of"incentives" that the city could use to foster redevelopment <br /> within the city: <br /> ■ Creation of a TIF District to help pay for acquisition, demolition, and infrastructure <br /> improvements; <br /> ■ Tax Abatement of the city portion of the property taxes. The abatement can be <br /> 100% of the city taxes or a lesser percentage (i.e., just on the increased value <br /> portion); <br /> ■ Institution of an Economic Development Authority (EDA) levy; <br /> Redevelopment Memo <br /> May 22, 2007 <br /> -2— <br /> \\Metro-inet.us\ardenhills\Admin\Committees\Economic Development Commission\Redevelopment Memo 5-22-07.DOC <br />