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Establishing Effective Redevelopment Districts GFOAz Redevelopment Forum Friday January 26, 2007

Establishing Effective Redevelopment Districts GFOAz Redevelopment Forum Friday January 26, 2007 Presented by: Curtis A. Shook. GFOAz DEVELOPMENT FORUM. Establishing Effective Redevelopment Districts.

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Establishing Effective Redevelopment Districts GFOAz Redevelopment Forum Friday January 26, 2007

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  1. Establishing Effective Redevelopment Districts GFOAz Redevelopment Forum Friday January 26, 2007 Presented by: Curtis A. Shook

  2. GFOAz DEVELOPMENT FORUM Establishing Effective Redevelopment Districts “There is no single recipe for success. The individual circumstances, needs and resources of each Community to determine a specific combination of elements that constitute a winning strategy” ICMA Special Report Achieving Economic Development Success (1991) 1

  3. GFOAz DEVELOPMENT FORUM What is Economic Development? A Comprehensive Economic Development (ED) plan consists of the following elements; • New business recruitment • Current business retention • Current business expansion • Redevelopment Strategies 2

  4. GFOAz DEVELOPMENT FORUM What is Redevelopment / Downtown Redevelopment? Local government taking action and instituting processes that lead to the revitalization of a declining geographic area by providing new human and capital infrastructure that promotes a positive business climate that is competitive in attracting new business and in expanding or retaining existing business. 3

  5. GFOAz DEVELOPMENT FORUM Why do it? • Image – branding a Community, quality of life, Community pride and creating a sense of Community • Diversification of Economic base • Create a positive and healthy business / government environment • Jobs – Personal income and local sales tax growth • New goods and services • To compete with malls and businesses in other communities • “Shop at home” excise tax revenues 4

  6. GFOAz DEVELOPMENT FORUM Redevelopment as a Process Visioning, General Planning and Economic Development Plan • Fit with City or Town Council priorities • Visioning and goal setting • Support of Stakeholders - Public sector stake holders – City Council, City organization, C of C, Main Street - Private sector stake holders – Central Business District store owners, small business owners, civic, social, youth, veteran and neighborhood associations. • Updated General Plan • Fit with ED plan – CBD plan incentives • Fit with long term Capital plan • Fit with long term Financial plan 5

  7. GFOAz DEVELOPMENT FORUM Strategic Planning as a Process “The Apache Junction Crossroads Redevelopment District” • Redevelopment Goals • Organizational Resources / Threats • Community Resources / Threats • Development of an overall plan • Evaluation of the plan - revisions 6

  8. GFOAz DEVELOPMENT FORUM Downtown Redevelopment Implementing the Downtown Redevelopment Plan • Sponsor • Feasibility Studies • Development team • Detailed Planning • Assembling Land • Redevelopment Capital Plan • Redevelopment Finance Plan 7

  9. GFOAz DEVELOPMENT FORUM Redevelopment Project Finance Financing Options • Publicly Owned vs. Privately Owned • Financing determined by ownership, users and type of infrastructure • Tax-Exempt, taxable, private financing 8

  10. GFOAz DEVELOPMENT FORUM Redevelopment Project Finance Issuer of Debt • Industrial Development Authority • Economic Development Corporation • 501 (c)(3) Non profit • IDs or CFDs • State Bond banks – WIFA / GADA 9

  11. GFOAz DEVELOPMENT FORUM Redevelopment Project Finance Possible A.R.S. 9-500.11 Consideration • Tax Abatements • Infrastructure improvements • IDA debt 10

  12. GFOAz DEVELOPMENT FORUM Redevelopment Surprises and Pitfalls • Length of the Process / Commitment of time and organizational resources • Support of City organization and other stake holders • Chamber of Commerce vs. Downtown Development group • Small Business vs. Large Businesses • Catch 22 of Building Codes • Town Hall North • Marketing and Media involvement • Small Successes vs. Home Runs 11

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