No. 2383 contracting the boundaries of the West Washington-Chapin Development Area

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Industrial Area Development Plan New development as part of the Washington Street project will provide job opportunities during construction. However, the major source of employment is the underutilized industrial area located south of Washington Street. Preliminary estimates indicate that development of an industrial park in this area could accommodate approximately 130,000 square feet of new industrial space. If this area could be successfully marketed over a ten year period utilizing both Enterprise Zone and Tax Increment Financing incentives, an average of 13,000 square feet of new space per year may provide job opportunities for 8 to 12 persons, depending on the type of industrial use. (See Figure 6, Industrial Area Development Plan) REVITALIZATION STRATEGY AND IMPLEMENTATION PROGRAM The Near Westside Concept Plan establishes a basic framework for the future growth and revitalization of the area. Key to the success of this revitalization effort, however, is the basic strategy or "game plan" for using limited resources to achieve the highest level of impact. It is unrealistic to assume that the revitalization of the Near Westside area can take place overnight. Thus, it is essential that the timing and sequence of project activities and the use of resources be orchestrated in a manner that will achieve the Near Westside area's revitalization objectives. A major goal of the revitalization strategy is to create an environment for reinvestment in the study area, with rehabilitation, renovation and new construction. These are the investments that create positive and lasting values. This can be achieved if the strategy builds upon the existing assets or strengths of the area, including its proximity to downtown, the historic district, its institutions and organizations, its strong sense of history and community, and its good transportation linkages. The strategy must also focus on removing obstacles to reinvestment. This means overcoming negative influences, such as blight, obsolescence and dilapidation. Finally, the limited resources must be used to obtain the greatest return. Leveraging public and/or private investments to achieve a "multiplier" effect should be pursued wherever possible. The revitalization strategy should have the support of all who will contribute to, benefit from, or have a stake in the successful revitalization of this neighborhood. It must be an agreed-upon strategy that brings the public and private sectors together into a partnership venture. This provides the basis for a coordinated management of complementary public and private actions to revitalize the Near Westside area. The recommended strategy is comprised of a number of interdependent and complementary components. Principal among these are the strategies for new neighborhood-scale residential and commercial development, continued housing rehabilitation, and the stimulation of new, in-fill one- and two-family dwellings. These and other supporting elements are described later in this chapter. 24