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<br />Joint Development Authority <br />TCAAP Redevelopment Project <br />o Creative land acquisition structures such as phased acquisition, ground leases, land <br />banking, or performance-based pricing (costs vary based on goal achievement) could <br />help mitigate lead developer risks/carrying costs. <br />o Flexibility in development agreements such as no requirements for development <br />timelines, flexibility to adjust product types based on market, ability to pause <br />development during market downturns without penalty would be appealing to a lead <br />developer in particular. <br />• Land use plans (TCAAP Redevelopment Code and Regulating Plan) <br />o Rigidity and prescriptiveness of code. <br />o Mismatch between code and current market trends, particularly residential lot <br />configurations and parking requirements. <br />• Cost <br />o Components of the JDA’s vision including affordable housing and sustainability may <br />have additional cost implications. <br />o To realize the vision, may require additional public financing tools. Tools mentioned <br />include tax-increment financing (TIF), low-income housing tax credits (LIHTC), state and <br />federal sustainability grants, local grants (County, Met Council), property tax abatement, <br />below-market land sale prices. <br />• Market factors <br />o Escalating costs including labor, materials, and infrastructure. <br />“Managing this extended timeline requires careful phasing to ensure that early <br />phases create momentum and establish the community’s identity while avoiding <br />oversupply that depresses pricing…. The risk of “ghost town” syndrome in early <br />phases—where infrastructure is in place but insufficient activity exists to create <br />vibrancy—must be actively managed through strategic sequencing and potentially <br />temporary uses or activations.” <br />“Some of the lot configurations could be challenging with regard to the current tastes <br />of the consumer. Detached garages, generally speaking, are categorically rejected by <br />a good portion of the homebuying market in our cold climate. Alleys and rear-loaded <br />entrances are also out of the norm when it comes to what is considered marketable <br />product.”