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2017-01-09_EDA_Agenda_Packet
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2017-01-09_EDA_Agenda_Packet
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Economic Development Authority
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9c. Attachment B <br />40 <br />1.PROPERTY ACQUISITION OBJECTIVES <br />41 <br />42 <br />43A.Participation by the City and EDA in the acquisition of property will occur only when <br />44there is a clear and demonstrable community benefit. Acquisition of property should <br />45further the following objectives: <br />46 <br />471.Advance an established goal or priority in the Comprehensive Plan or <br />48other adopted community plan. <br />492.Provide site control beyond zoning to help achieve desired community <br />50outcomes. <br />513.Assemble parcels for a larger redevelopment project. <br />524.Expand and diversify the local economy and tax base. <br />535.Encourage additional private development in the adjacent area, either <br />54directly or through secondary “spin-off” development. <br />556.Remove blight to facilitate development and redevelopment. <br />567.Facilitate the development process and promote investment in sites that <br />57could not be developed without assistance. <br />58B.Priority will be given to potential projects that accomplish multiple City and <br />59REDA’s stated objectives. <br />60 <br />2ACQUIRING ENTITY <br />61 <br />. <br />62 <br />63A.The City and REDA will first strive to work with a private development partner to <br />64directly acquire property for identified development and redevelopment <br />65opportunities. The City and REDA’s participation in this case may involve <br />66financial assistance consistent with the adopted Public Assistance Criteria and <br />67Business Subsidy Policy. <br />68 <br />69B.When acquisition and development opportunities cannot be feasibly carried out by <br />70the private market, the City and REDA may acquire property directly. This direct <br />71acquisition must clearly meet identified objectives, provide significant community <br />72benefit, and adhere to provisions of the Framework. <br />73 <br />3.IDENTIFICATION OF COSTS AND RISKS <br />74 <br />75 <br />76A.Information about the costs and potential risks shall be assembled prior to any <br />77decision to participate in the acquisition of property. This information shall <br />78include, but not be limited to: <br />79 <br />801.Estimated acquisition cost, including sale price as well as due diligence <br />81costs, consultant fees, and any other transaction costs. <br />82 <br /> <br />
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