ED Tool

A Redevelopment Authority is an additional tool for the City’s economic development vision. The vision for the program should be the result of a consensus-building process that identifies the opportunities, objectives, and ultimate goals for the community. The City must consider and establish its long-range public interest goals and resolve any conflicts that it might have for the specific project in question. It is essential that the overall development strategy is described both verbally and graphically to ensure that both the public and the real estate community understand the program.
The predevelopment process establishes how the vision can be realized and indicates the City’s level of preparedness to structure and implement the proposed project. The City must complete the following stages before issuing a developer solicitation: a development plan, land banking options, incentives options, market demand and financial feasibility studies, as well as completion of alternative ownership, investment, development, and facility operational scenarios. Consultants can guide public entities through this process.