Laserfiche WebLink
9c. Attachment B <br />83 <br />842.An independent opinion of value, which shall in most cases include an <br />85appraisal. Depending on the size and scope of the project, other sources <br />86such as assessed value, broker price opinion, or comparable sales may be <br />used. in lieu of an appraisal subject to City Council and REDA approval. <br />87 <br />883.Identification of other costs necessary for development or redevelopment <br />89of the property, such as: Relocation, demolition, environmental <br />90remediation, infrastructure needs, etc. <br />914.An estimate of holding costs that must be funded during ownership (e.g. <br />92maintenance, insurance). <br />935.Sources of funding to pay for acquisition, redevelopment, and holding <br />94expenses, including: Existing City or REDA funds, grants, etc.. <br />956.An assessment of the site’s marketability for development. This does not <br />96require a market study in all cases but may include outreach to the <br />97development community and brokers to understand the potential of the site <br />98and determine if reuse of the property in the near term is likely. <br />997.Identification of any other costs or risks specific to the particular property <br />100under consideration. <br />101 <br />4.IDENTIFICATION OF POTENTIAL BENEFITS AND COST RECOVERY: <br />102 <br />103 <br />104A.City staff and consultants shall estimate the potential benefits, or cost recovery <br />105potential, associated with the acquisition of any property for development <br />106purposes. These are likely to include: <br />107 <br />1081.The anticipated land resale price to the private market. <br />1092.Estimate of change in market value and tax capacity of the subject <br />110property. If tax increment financing, tax abatement, or any other City <br />111assistance is necessary, provide evidence that the project and resulting <br />112market value would not be feasible but for the City assistance. <br />1133.Consideration of benefit to the surrounding properties. <br />1142.4.Tax increment financing or tax abatement potential for a given proposed <br />115reuse of the site. <br />1163.Outside grant funding. <br />1174.Estimate of change in market value and tax collections. <br />1185.Any available funding from outside the City. Projects will not be shaped <br />119or driven by outside funding opportunities, but the City will seek these <br />120sources if they fit City development goals and objectives. <br />121 <br />5.GAP ANALYSIS AND ESTIMATE OF PERMANENT INVESTMENT: <br />122 <br /> <br />