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Option A. <br /> Re-Evaluate Plans & Strategies <br />Let the property purchase options expire or assign the options to private developers. Complete a <br />smaller planning effort focused on West Broadway or a larger planning effort focused on all of <br />downtown. Align policy and public sentiment related to subsidy framework. <br /> <br />Property Considerations <br /> <br /> <br />?None <br /> <br /> <br /> <br />Financial Considerations <br /> <br /> <br />?Funds needed for: <br /> <br /> <br />?Additional work on Downtown Plan <br /> <br /> <br />?Potential Sources of Existing Funds: <br /> <br /> <br />?Urban Renewal ($6 million) <br /> <br /> <br />?General Fund <br /> <br /> <br />?BEDI Grant (expires 2011) <br /> <br /> <br /> <br />Possible Strategies: <br /> <br /> <br />?Re-think West Broadway – additional planning & public process with WBAC or other advisory <br /> <br />group. <br /> <br /> <br />?Re-think downtown – re-open the Downtown Plan <br /> <br /> <br />?Re-examine subsidy framework and policies currently in Downtown Plan <br /> <br /> <br />?Let the purchase option agreements expire or assign the options to private developers and rely on <br /> <br />market forces to redevelop West Broadway <br /> <br /> <br />?Terminate or let the downtown urban renewal district sunset and do nothing in the West <br /> <br />Broadway area <br /> <br /> <br /> <br /> PROSCONS <br /> <br /> <br /> <br />Reaffirms downtown development policy Land assembly forgone <br />oo <br /> <br /> <br />Opportunity to engage public to determine Duplicate previous planning efforts <br />oo <br /> <br /> <br />current sentiment Delays implementation of adopted <br />o <br /> <br />Downtown Plan <br /> <br /> <br />Does not advance Growth Management <br />o <br /> <br />Policies and Downtown Plan policies. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />