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Pros and Cons of Corporate Campus/Residential Redevelopment Concept Pros Cons Will substantially enhance visibility and identity of . community. Provides a framework to restore a strong commercial tax Tax increment financing will be required.The City will base to this area. see no general fund tax revenue for duration of tax increment district. Provides strong base of new jobs in community. . Employees will provide added dynamism. Additional population and jobs may be good for . community as may provide a critical mass that serves to attract more options to city in terms of services, ■ restaurants,etc. Provides comprehensive solution to one of the two most A large corporate developer may place significant significant redevelopment challenges facing community. demands on community(from financial to service ■ related). Allows for a coordinated redevelopment of site.Avoids Will cause a significant dislocation of existing current piecemeal approach to site use. businesses,some temporary,some permanent, Removes a negative influence on surrounding property. A large corporate office user will generate significant traffic. Creates some new housing options for long time residents who want to remain in community but are unable to find housing of choice. Provides opportunity to improve the water quality in Silver Lake by integrating stormwater management techniques into new development. Could help link the Hennepin regional park planned for Links to regional park and lake may be tenuous. the Salvation Army site to the rest of the community through an integrated path network undertaken as part of the project. Avoids the overwhelming predominance of a single use, ■ and development can be broken into logical pieces or phases. ■ Rk ■ Northwest Quadrant Redevelopment Plan Anthony Page • ■