Critical Next Steps
Step 3: Engaging A Developer
An important step in the Implementation Plan is the engagement of a private developer willing to undertake the financial risks and rewards of the proposed development. The developer could expeditiously advance the proposed development if the appropriate mechanisms are in place to facilitate new private investment. Appropriate mechanisms would be the streamlined approach to working through the complicated acquisition process and subsequent demolition. Without significant public commitment to complete the proposed development, the private sector will have little to no interest in putting time and money at risk. With limited resources and multiple priorities, the public sector cannot burden the entire risk of the development. By encouraging a public-private partnership, the public partner can leverage private investment and defer most if not all of the financial risks of the project. There will inherently be obstacles along the way, however the private sector is probably more able to quickly adapt when private investments are at risk.
Step 4: Land Acquisition
The acquisition of the proposed Neighborhood Center properties can be approached in many different ways, each with different advantages. The land acquisition will be the most complicated effort of the entire Implementation Plan. The following charts provide an overview of the proposed options.