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4.4 Pros and Cons of Redevelopment Concepts The redevelopment concepts represent large multi-faceted projects that will have a vast range of implications for the City of St. Anthony, residents, property and business own- ers. Each offers different types of benefits to the community, each has different draw- backs, and each will require compromises and trade-offs. In order to make an informed decision about redeveloping the Apache area it is important to be aware of the pros and . cons that each redevelopment concept offers and to be comfortable that the trade-offs required are acceptable and beneficial to the community.The Planning Steering Commit- tee and consultant team have analyzed each concept and come up with lists of pros and cons. While not exhaustive identifiers of all possible pros and cons, the lists are valuable evaluative tools. Pros and Cons of Residential Redevelopment Concept ■ Pros Cons Restores Apache area to a positive community focal ■ point. Civic space could be integrated into development. At present,concept provides no major civic meeting ■ space and is difficult to access from rest of commun' . Provides comprehensive solution to one of the two most significant redevelopment challenges facing community. . Residential project may be fastest to develop and safest bet financially with the current strong housing market. . Permits city to play a more active role in determining outcome of Apache redevel. Allows for a coordinated redevelopment of site.Avoids . current piecemeal approach to site use. Removes a negative influence on surrounding property. Creates a dynamic new residential community which, when well built and managed,will be a strong asset to a community with an aging housing stock. Additional population may be good for community as Adding up to 20%more population to community over may provide a critical mass that serves to attract more 5-10 years could cause significant growing pains . options to city in terms of services,restaurants,etc. socially,on school district,and on city services. Creates new housing options for long time residents who The large number of dwelling units needed to make the want to remain in community but are unable to find project feasible requires numerous multi-family . housing of choice. buildings that are not typically owner occupied.Will lead to a significant increase in the amount and ® proportion of rental property in community. With higher-density rental development there is the potential for degeneration over time as buildings age,if they cease to command high rents,and management/ownership turns over. ® Provides a framework to restore the relative tax base to Tax increment financing will be required.The City will this area which has fallen dramatically in recent past. see no general fund tax revenue for duration of tax increment district. The duration of the TI district may be longer than the ■ City can reasonably plan(exceeding 15 rs). High costs may lead to high value development. High costs may lead to high value development. Organizes the retail components to a more functional Will cause a significant dislocation of existing space and permits some existing businesses to remain. businesses,some temporary,some permanent. Improves the water quality in Silver Lake by integrating ® stormwater management techniques into the open space network. Will help link the Hennepin regional park planned for the Links to regional park and lake may be tenuous. Salvation Army site to the rest of the community through an integrated path network undertaken as part of the . project. Critical mass of new population may provide more options to city in terms of services,restaurants,etc. Page 4.5 Northwest Quadrant Redevelopment Plan St. Anthony Village