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Development Summary and <br />Economic Impacts <br />• Redeveloped (1994-99) <br />— 30 Acres — Office, high tech and <br />—322,600SqFt, $20millionvalue, 1,150jobs <br />• RedevelopmentOpportunityArea {2000- <br />15) <br />—150 to 170 Acres Redevelopment Area est. <br />up to 3.3 million Sq.Ft., $300-$500 million <br />value, 5.500 to 7,000 jobs <br />Twin Lakes Master Planning Process <br />Challenges <br />• Significanttime commitment <br />• Complicated Project <br />• High RedevelopmentCosts <br />• Constraints <br />• Difficultyin managing the process, every <br />participant playing their respective role <br />� <br />• As of June 2001, City committed over $10 <br />million of tax increment funds to facilitate <br />the cleanup of contaminated sites and to <br />facilitate developmentof new buildings <br />within the area. <br />— $3.3 million — cleanup <br />—$6.7 million— land acquisition, demolition, soil <br />correction, & other site improvements. <br />Keys to Success <br />• Leadership <br />• Participantswhotrustthe process <br />• Communication <br />Quality Development Team and Committed <br />Master Developer <br />• Special Legislation? <br />• Patience <br />• Partners <br />Adjourn <br />�� <br />