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that the City has previously faced due to the amount of illegal activity that has been 251 occurring on the site. 252 Risk Strategies 253 This is a future action step that can’t occur until a strategic understanding of the brownfield 254 situation is developed. 255 Creation of Incentives 256 This will also be an ongoing process as greater understanding of the costs and needs are known. 257 One area that the City Council may want to have explored is if there are areas like the south side 258 of Terrace Drive where the public input implies moving more towards a policy of an 259 enhancement and upgrade of existing buildings rather than a disinvestment/redevelopment mode. 260 The City’s primary incentive tool right now is Tax Increment Financing, which works much 261 better in redevelopment scenarios rather than enhancement and upgrade scenarios. Although the 262 costs of enhancement and upgrade are generally much lower, new tools may be necessary. 263 One example of how this could work is on the south side of Terrace Drive. Currently, the 264 parking areas are just large asphalt parking lots that drain into the drainageway. If that area is to 265 remain with much of the same buildings as the public input implies, it could be beneficial from a 266 storm water and placemaking perspective to incentivize actions such as introducing landscaping, 267 lighting and other measures that will work to transform the area and perform a water treatment 268 function. The watershed district has also indicated initial support for partnering on this sort of 269 concept. (The lack of green area and excessive pavement areas was frequently mentioned in the 270 public input). These are items that often need to be incentivized because they don’t directly 271 result in immediate rent increases, so the private sector has difficulty carrying the costs on its 272 own but over time, lead to an ability to transition to higher rent uses. 273 Funding for transformation of the buildings themselves could also create a need to develop more 274 customized tools. Having this sort of incentive tool would provide assistance to owners of 275 buildings with existing nonconforming uses and assist in transitioning the buildings to be 276 suitable for conforming uses. This should reduce the hardship faced by owners and also assist 277 the neighborhood by accelerating the move to lower intensity, conforming uses. 278 PO OLICYBJECTIVE 279 Redevelopment of the Twin Lakes area has been a top City policy objective for more than two 280 decades. 281 BI UDGET MPLICATIONS 282 Depending on the direction provided by the City Council regarding next steps, there could be 283 budget implications either due to additional costs or revenues. As these action steps are clarified, 284 they will be brought back to the City Council with more explanation of any budget impact. 285 SR TAFF ECOMMENDATION 286 The redevelopment of Twin Lakes will be an ongoing process and there are a lot of complex 287 issues being presented as part of this RCA. Staff is seeking general direction for next action 288 steps if the City Council sees any need to examine existing policy or regulations based on the 289 public input received. It should be understood that detailed direction on any next action steps 290 (such as particular regulatory language) will need to come back to the City Council in the future. 291 292 Page 7 of 8