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POTENTIAL FUTURE PROJECTS -DEVELOPMENT OPTIONS <br /> By: Amy Geisler, Community Development Department <br /> <br />Background: <br /> <br />At its January 16th, 2003 meeting the Ramsey Housing Committee requested information <br />on the acreage of different redevelopment sites as well as the pros and cons of differing <br />levels of city involvement in the projects. <br /> <br />Observations: <br /> <br />The acreage of each different site is indicated on the attached map. <br /> <br />There are several different ways the City might be involved in redeveloping a potential <br />site: <br /> <br />City buys and develops the property <br /> <br />Pros: <br />0 City control over the entire process <br /> City able to borrow purchase funds at a lower rate than a private developer <br />0 City may have access to project funding unavailable to a private developer <br />0 City able to determine the type and design of project <br />0 City can choose to target the project to a particular demographic group that is <br /> currently underserved in Ramsey <br /> <br />Coils: <br /><) May incur direct development costs to City <br />0 May be a longer process, given the need for staff/official <br /> design <br />0 Must clearly demonstrate public purpose of the project <br /> <br />involvement in project <br /> <br />City buys the property and sells to a private developer <br /> <br />Pros: <br />0 City control over part of the process; potential for public/private partnership <br /><) Special funding and rates may be available <br /><) City involvement in project design <br /> Less complicated (but still public) process <br /> <br />Cons: <br />0 May be more difficult to meet particular housing needs (i.e. affordable housing) <br />0 Public purpose must be demonstrated <br /> <br /> <br />