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Promote the redevelopment of Market Place. <br />Rationale: The City must play an active role in the redevelopment of the Market Place. <br />The Market Place occupies a critical location in the commercial core area of the City. The <br />Market Place is currently the largest commercial center in the planning area. Its condition, <br />both physical and economic, have important implications for the development of surrounding <br />areas. <br />The redevelopment of the Market Place should occur as soon as <br />possible. Months of discussions between the City and a developer <br />about the redevelopment of the Market Place and surrounding <br />properties acted as a catalyst to this planning process. The prospective <br />developer did not own the property. At the same time, the owner of <br />this property (Twin Cities Federal) actively sought a buyer. Also, the <br />major tenant of the facility, Rainbow Foods, announced plans to <br />relocate to Maplewood. The loss of a grocery store has negative implications for the center and <br />the community. <br />4;RetatectImp r at: atlon <br />� ndacgwsition <br />TCF has granted an option to purchase the property to another developer. Upon finalizing <br />tenant leases, the developer plans to immediately begin rehabilitation of the facility. This <br />situation creates the opportunity for the Market Place to serve as a foundation for other <br />development actions. <br />Actions <br />► Work with the developer to incorporate aesthetic enhancements that promote the <br />objectives of the Development Guide. If necessary, provide financial incentives to bring <br />about these enhancements. <br />• Negotiate agreements concerning the future location of Market Place Drive and parking <br />related to Market Place as part of initial redevelopment agreements <br />► Link redevelopment of Market Place to other development needs and issues. (i.e. <br />relocation of Budget Power) <br />Financial Implications: The redevelopment of the Market Place should have strong positive <br />financial implications. Reinvestment in the facility and the recruitment of new tenants will <br />reverse the recent declines in property valuation. This action must occur for TIF District #3 -1 <br />to be economically viable. <br />Time Frame: Immediate <br />Implementation [Draft - September 1, 1995] Page 4+2 <br />Page 83 <br />