Title
Power District (B)
Explanation
As the CRA continues to implement the various elements of 2013 Redevelopment Plan and coordinate General Government and GRU involvement in the process, Staff will present an update to the Board on the many activities currently underway. Because of the complex and dynamic conditions of the Power District site, multiple independent yet interrelated technical studies have been completed so to craft a comprehensive Workplan to ensure a development driven investment strategy. These efforts have helped identify critical paths and prioritization of needed capital investments and resources from the various departments participating in the redevelopment of the Power District. CRA Staff has been actively participating and providing documentation to the City’s current Budget & Strategic Planning process to ensure financial coordination between the Power District Strategic Plan partners.
As a result of significant due diligence work such as crafting the 2013 Redevelopment Plan, rezoning, technical studies, programming, and environmental analysis, CRA staff believes the private market is ready and prepared to partner with the public sector on development projects in the Power District. Following a series of meetings with local development professionals and discussions with various industry professionals, the CRA will provide the Board with an overview on the recommended approach, methodology, and schedule behind a development partner solicitation process. The goal of this solicitation process is to incentivize private investment while also ensuring the spirit and integrity of the adopted 2013 Redevelopment Plan is maintained throughout the development process.
Fiscal Note
None
Recommendation:
CRA Executive Director to CRA Board: Hear presentation from Staff