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Questions: How can a coordinated front be created in which collaboration among developers occurs? Is there need <br />for a third party site manager? Are the collaborative partners legally bound to a plan and a designated area of real <br />estate development expertise? Altematively, is a consortium open ended in which others and government partners <br />could be added through time and as the market natures? <br />Definition; A "consortium" provides some city control and is a short to medium term development solution. while <br />being "market driven' *, the consortium redevelopment concept is a self - selected team of specialized development <br />companies that take advantage of the market timing to purchase and develop on specific parcels. There must be <br />private sector, internal ordination on who will develop each land use and on what parcels. The consortium prepares <br />a Memorandum of Understanding (MOU) to the City with specific land use types identified and the assignment of <br />each land use to each developer. In order to meet the requirements of the city luster Plan and participate in the use of <br />the City `toot box'', the MOU must be accepted and approved by the City. The property may or may not be purchased <br />at fair market value by the developer (with limited city involvement in establishing market value or using/threatening <br />the use of eminent domain). Since this is primarily a private sector initiative, little City assurances are given for public <br />assistance or incentives, and no City development coordination of uses is anticipated, except in public roads and <br />utilities. It is the burden of the developer to convince the city of the need for the uses proposed and any changes in the <br />long term master plan of Twin Lakes. The developer is also responsible for AUAR modifications and environmental <br />clean up to state and federal standards. <br />Comments: The City, as a partners could guide development and provide some incentive. without a site manager, a <br />consortium could lead to fragmentation and competing developments, but it does provide expertise in each specified <br />field such as retail, residential, office, and hi -tech, flex development, A consortium would need to agree on the <br />distribution of private versus public improvement costs and increment generated from the project to fund the public <br />improvements, <br />