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The Plan seeks to upgrade the commercial center and other uses to enhance and serve the needs of local residents. The Plan seeks to provide sufficient public and private open space areas throughout the neighborhood that are essential elements of community life and "sense of place" and to provide public connections through streets and pedestrian trails within the neighborhood. 3.2 The approved master plan for the Hamline Shopping Center site specifically (referred to as Phase II) includes a density of 80-140 housing units and a total of 35,000 — 95,000 square feet of retail/office space. These densities vary based upon if the outlot is developed as housing or office space. (An exerpt from the Master Plan for that area is attached) 3.3 Staffs understanding of Presbyterian Home's proposal includes one 5-story building located at the Southeast comer of the site that would include 13,000 square feet of neighborhood retail on the first floor and approximately 100 units of market rate independent senior apartments. The office building at the northeast side of the site would remain as this is Presbyterian Homes' office headquarters. 3.4 The proposal includes greenspace to the back of the lot with a stormwater pond created as an amenity to the site with walking trails. In addition, the proposal includes an outlot for future development as either additional housing or a small office. 4.0 PUBLIC REDEVELOPMENT ASSISTANCE: 4.1 Pres. Homes have indicated a need for tax increment financing or tax abatement assistance for the project. The Arona-Hamline Master Plan indicated that the Phase Two redevelopment (Hamline Shopping Center site) may require city or other financial assistance to reduce the costs of removal of asbestos and building materials. 4.2 Hamline Shopping Center site in not currently in a tax increment district. Further review regarding the pros and cons will be required by staff and the developer to determine the feasibility of creating a new district and/or the possible use of tax abatement. 4.3 Similar to Twin Lakes, the fiscal challenges of land assembly, business relocation, and razing of blighted buildings, along with environmental, infrastructure, neighborhood and market forces requires creativity, commitment and perseverance (time!) from all public funding partners but most importantly from the local community. The local benefits from redevelopment such as increased tax dollars, improved quality of life, improved environmental resources and quality jobs and new housing opportunities must continue to be part of the shared vision of the policy makers and community as any redevelopment process moves forward — big or small. PF3445 —RCD--Pres Homes Proposal (I 11802) Page 2 of 3