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9c. Attachment B <br />123 <br />124A.City staff and consultants shall prepare a “Gap” Analysis whenever the City or <br />125REDA purchase property directly. This analysis will compare all of the costs <br />126identified in Section 3 of the Framework against the potential opportunities for <br />127cost recovery identified in Section 4 of the Framework. <br />128 <br />129 <br />130B.If the anticipated costs exceed the estimated cost recovery, the project has a gap. <br />131If a gap exists, the project is not feasible without additional funding from other <br />132existing City or REDA sources. <br />133 <br />134 <br />135 <br />136C.The City and REDA may choose to make a permanent investment and proceed <br />137with projects that have an estimated gap if they are of a high enough priority and <br />138will meet important community objectives. In these instances, the following must <br />139be identified: <br />140 <br />1411.The existing City or REDA source of funding that will provide the <br />142permanent (non-recoverable) investment the project needs. <br />1432.A long-term plan to replenish the City or REDA funding used for this <br />144project. This may include a tax levy, fees, or some other source. <br />145 <br />6.COMMUNITY ENGAGEMENT <br />146 <br />147 <br />148 <br />149A.The City and REDA believe that proactive community engagement and public <br />150involvement are the cornerstone of successful development that meets community <br />151needs. The potential variety in scale and scope of each project makes a one-size- <br />152fits-all approach to community engagement difficult; however, the City and <br />153REDA commit to undertaking a community engagement process appropriate for <br />154each individual project. <br />155 <br />156B.Prior to requesting Council Action for property acquisition, City staff will prepare <br />157a Community Engagement Plan for the proposed project. The Plan will be <br />158flexible and provide the ability to be responsive to projects of differing size and <br />159complexity. Each Plan will, at minimum, include: <br />160 <br />1611.The communications strategy to be employed related to the project (e.g. <br />162social media, website, direct mail, City newsletter, etc.) <br />1632.Number and frequency of neighborhood meetings or open houses. <br />164Smaller projects may not necessitate such a meeting <br />1653.Mechanisms for collection and dissemination of community member <br />166feedback. <br />7. TIMELINE <br />167 <br />168 <br /> <br />