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No. 2016 designating the NNDA, declaring the NNDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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No. 2016 designating the NNDA, declaring the NNDA to be blighted, approving a development plan and conditions under which relocation payments will be made, and establishing an allocation area for purposes of TIF
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III: PROJECT AREA STRATEGY <br />A. Planning Principles for Development <br />The planning principles for the Development Area are: <br />In implementing the Development Area Plan, the public sector's actions <br />must be catalytic in nature in order to stimulate and leverage private sector <br />investment and reinvestment. Public sector investment must be generated <br />from variety of funding sources, as over - dependence on one public <br />funding source will discount the potential scope of redevelopment <br />activities over time. <br />In implementing the Development Area Plan, the public sector's actions <br />must be holistic in approach — physical redevelopment and revitalization <br />activities must be integrated into a broader social, economic and <br />organizational agenda for the long -term stability of the Area. <br />In implementing the Development Area Plan, the public sector's actions <br />must be based on effectual partnerships among stakeholder corporations, <br />financial institutions, philanthropic foundations, neighborhood <br />organizations and community and civic groups. The Plan must be guided <br />by a strategy that empowers leadership among these partners. <br />The recommendations of the Development Area Plan are meant to build <br />upon the City's existing homeownership programs and to create more <br />opportunities for individuals at all income levels. In consistency with <br />federal guidelines discouraging concentration of poverty, development <br />activities should strengthen the balance of market rate to affordable <br />homeowner and rental properties within the area. <br />The recommendations of the Development Area Plan are meant to <br />improve economic conditions in the Area. If the Development Area Plan <br />is successful in achieving the goals it sets forth, higher property values in <br />the neighborhood may result. Improvements should benefit both current <br />and new residents and should not create new hardships for existing low - <br />income residents. <br />B. Goals <br />The goals of the Development Area Plan are: <br />to ensure neighborhood stability and sustainability for the benefit of <br />current and future residents and business owners; <br />14 <br />
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