03-27-2002 Council Agenda - Laserfiche WebLink

Home Browse Search

Functional Analysis March 21, 2002 Page 4 parking is needed to support the density set forth in the Preferred Concept. Structured parking is proposed in the SE quadrant to allow for greater density of office development. Based on experience with other redevelopment projects, the cities should anticipate that the parking facility will require some local funding. This experience suggests that current market conditions would not support rents adequate to pay for structured parking. The amount of funding will depend on the overall economics of the redevelopment project when it occurs. As the conditions of Rice Street Crossings improve, office developments will likely result in higher rents. Site Assembly Redevelopment typically requires public action and expense to create redevelopment sites. a Acquire property and reconfigure smaller parcels in larger development sites. ® Relocate existing businesses. ® Demolish and remove existing buildings. ® Correct any environmental contamination of the site. Implementation of the redevelopment plan may require the City to take direct action in these areas. It is also possible that implementation occurs through a private developer and the City pays to offset these costs. In both situations, site assembly is an important element of the redevelopment finance plan. At this point in time, it is difficult to forecast the revenues derived from the sale of land for • redevelopment. Initial redevelopment efforts often require full public funding as part of attracting developers that will build the desired project. Land price can be set at an amount comparable to other vacant parcels in this area. Ultimately, land price becomes one variable in determining the amount of public investment needed to attract and sustain the desired redevelopment. Condemnation must be part of the redevelopment tool kit. The ability to condemn property prevents one property owner from blocking the plan. Even the threat of condemnation has value. It removes the leverage to inflate the price of a parcel in the face of pending redevelopment. County Site Redevelopment of the County site creates the foundation for change in the Rice Street Crossings area. Replacing the existing "industrial" uses with mixed use and transit fundamentally changes the nature of this area. This redevelopment and the related infrastructure provide the catalyst for other development in Rice Street Crossings. This site also controls the functional analysis of the project.