EDA Packet 06.20.17 - Laserfiche WebLink

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• Senior housing is a development opportunity for the City and will likely not become overly saturated in the near term. Senior housing is more about 85 year olds than 65 year olds. Therefore, the peak of Baby Boomer senior housing demand may still be 20 years away. Senior cooperatives are a workable model in Minnesota and could be an opportunity for Hugo which typically attracts the younger independent senior population. The success of coops often depends on the ability of buyers to sell their existing homes which are usually in relatively close proximity to a new development. • Trails and sidewalks are important. Especially those that connect important places along safe and interesting routes. • Plan around Hugo's assets. Sometimes cities attempt to promote development that doesn't fit with who they are. Focus on Hugo's wonderful assets and how they play into the long-term development potential of the City. (Re)development is a relationship business. Hugo has a great story to tell and should be shared proactively with the development community and as opportunities arise. • The Great Recession seriously affected the development community. Qualified developers who remain in business are selective about the communities in which they work and are looking for predictability and flexibility. Cities which embrace collaborative approaches to solving problems, identify and pursue partnerships, manage development risks, improve decision making skills and develop clear expectations will be attractive locations for great (re)development. Developers are much more reluctant to invest their limited "pursuit capital" in cities which have not invested the time and energy needed to achieve a commonly held vision. • It's OK to say no. Sometimes it is necessary to say no and demand a better development product. However, it is critically important to provide a clear understanding to the development community about what is expected and achievable. A fast "no" is better than a slow "maybe" from a developer's standpoint — time adds costs to a project and can kill deals. • Successful communities develop a clear vision, react appropriately to opportunities, create innovative financial tools and leverage their key assets. Leadership and "consistency of vision" are keys to successful communities, especially the alignment of policy direction between elected officials, appointed officials and staff. Developers' greatest enemies are uncertainty and risk. Both developers and lenders are even more risk averse now, so communities that can be very clear about their expectations and have policies and procedures that expedite approvals for projects that are consistent with their vision will prevail. 3