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To: <br />From: <br />Subject: <br />Date: <br />Hoisington Koegler Group Inc. <br />Rice Street Crossings TAC <br />Hoisington Koegler Group Inc. <br />Functional Analysis <br />Preferred Redevelopment Concept <br />March 21, 2002 <br />EOM <br />Introduction <br />Redevelopment planning has a natural sequence of events. The first step is to understand what <br />exists. The existing setting creates physical and financial barriers to redevelopment. <br />The second step examines what is desired, Through redevelopment, cities seek to reshape the <br />community. Planning allows cities to consider and to articulate public objectives from <br />redevelopment. The third step explores what is possible. This exploration has two distinct <br />elements: physical and functional. <br />The physical exploration gives form to the public objectives. Planning finds options for <br />redevelopment that achieve the public objectives. Planning considers land use, density, public <br />spaces and infrastructure. The physical exploration creates the information needed to examine <br />the functional elements of redevelopment. <br />The functional analysis of redevelopment seeks to identify and analyze the actions needed to <br />implement the plan. <br />• What public actions and investments are needed? <br />• Will street and utility systems support the development? <br />• Are the financial resources available to support the public costs? <br />Public Actions <br />The first step in the functional analysis focuses on public actions and investments. In this <br />discussion, the phrase "local funding" is used to note potential public costs without linking the <br />actions to a specific source of funding. In general, three specific finance tools may play a role in <br />this project: tax increment financing, tax abatement, and special districts. Each of these tools <br />will be discussed in later in this memo. <br />In analyzing the costs of implementation, it will be important to draw distinctions among the <br />nature of the costs. Some costs will occur regardless of the plans to redevelop adjacent parcels. <br />Some costs will be incurred with any redevelopment. Finally, another set of costs is tied to the <br />123 North Third Street, Suite 100, Minneapolis, MN 55401 -1659 <br />Ph (612) 252 -7133 Fx (612) 338 -6838 www.hkgi.com <br />