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I <br />I <br />! <br />! <br />I <br />I <br />I <br /> <br />The City and our staff will examine the different risks associated <br />with bonding to finance redevelopment, eminent domain proceedings <br />for acquisition, relocation of residents and businesses, demolition and <br />the risks shared by the private sector and public sector in ensuring an <br />adequate income flow in order to retire public project costs. <br /> <br />Strate_~gy for Property D'_mposition <br /> <br />The strategy for property disposition will include the manner in which <br />property will be offered and the development of criteria for <br />determining the buyer of property acquired by the City. Offerings <br />may be subject to public bidding or involve negotiations with a single <br />developer for a project. The strategy for offering property for resale <br />will also reflect the ability of the purchaser to meet the criteria <br />established by the City for disposition of property including the price <br />and timing for receipt of payment and title and the timing for the <br />redevelopment of the property. <br /> <br />Procedures for Request for Proposal. <br /> <br />I <br />I <br /> <br />The City and the firm staff may develop the public notice procedures <br />and the "checklist" of written material requested from potential <br />redevelopers. Our staff may also be of assistance in designing <br />criteria for the evaluation of proposals submitted by redevelopers. <br /> <br />_S.tra~egy for Redevelopment Contract Negotiations <br /> <br />A determination will be required as to the timing and nature of <br />redevelopment contract negotiations. Once a developer has been <br />chosen after receiving requests for proposal(rfp), the City may go <br />through a zoning and subdivision evaluation and an economic <br />feasibility evaluation. Once these evaluations are complete and the <br />results favorable, the City must determine the stipulations and <br />conditions to include for consideration by the redeveloper during <br />contract negotiations. <br /> <br />As a result of this review of the present plan for redevelopment and the concepts <br />embodied in the revitalization program, the City and the Holmes & Graven staff <br />will be using the most current assumptions, economic conditions and statutory <br />authority for implementing the revitalization program. A written report will be <br />submitted to the City and will include a brief explanation of laws enacted during <br />recent years~ Minnesota legislative sessions which can assist the City in the <br />realization of its redevelopment goals. <br /> <br />GENERAL FEASIBILITY ANALYSIS AND REDEVELOPMENT CONSIDERATIONS: <br /> <br />PHASE II <br /> <br />Based on the agreed upon strategies as a result of Phase I discussions, the very <br />critical financial planning and analysis will be carried out during Phase II. It will <br />be the results of this effort that will determine not only the feasible financing <br />alternatives, but will to some extent based on the financing alternatives set the <br />direction for proceeding with the implementation. We have outlined the process <br /> <br />-4- <br /> <br /> <br />