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<br />Why Redevelop <br /> <br />. City infrastructure <br /> <br />. Allows more efficient use of utilities and streets <br />. Reduces impact on traffic and environment <br />. Provides impetus for construction or replacement of <br />public improvements <br />. Provides for green space and parklands <br /> <br />Twin Lakes Proposal <br /> <br />. Twin Lakes Currently <br /> <br />. 175 Opportunity Areas <br />. Truck Terminals & Old Industrial Buildings <br />. No Planned Land Development <br />. Inadequate water ponding and drainage systems <br />. Polluted Lands - soil and ground water <br />. Phase I 80 Acres - Market Value 2004 = $28 mill <br /> <br />Why Redevelop <br /> <br />. Overcome barriers to private redevelopment <br /> <br />. Brownfields - on-site contamination <br />. Asbestos <br />. Obsolete street layout <br />. Outdated and inappropriate zoning <br />. Blighted, abandoned or nuisance properties <br />. Fragmented property ownership <br /> <br />Twin Lakes Proposal <br /> <br />. Twin Lakes Proposal for Phase I <br /> <br />. 80 Acres <br /> <br />. 730 housing units <br />. Senior Condo <br />. Lofts <br />. Urban TH <br />. Gable Row TH <br /> <br />240 units <br />240 units <br />142 units <br />108 units <br /> <br />. 221,150 sq. ft. office <br /> <br />. 331,563 sq. ft. commercial/retail <br />. New Market Value 2003 = $212 mill <br />. Developer provides up front acquisition and <br />development costs <br /> <br />2 <br />