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OLIVETTE/UNIVERSITY CITY I-170/OLIVE BOULEVARD JOINT REDEVELOPMENT TASK FORCE THE ASSIGNMENT The Task Forcewas directed to explore redevelopment opportunities and joint redevelopment initiatives in the Olive Boulevard corridor on the east and west sidesof the intersection with I-170. The activities of the Task Force were anticipated to take six months. The requesteddeliverable is a report to both City Councils with a detailed analysis and recommendation for action steps. A breakdown of the assignment was as follows: Discuss similarities and differences between the communities relating to long-range redevelopment goals and objectives; Develop a mutual consensus on redevelopment principles and goals to guide redevelopment in both communities; Solicit expert opinion and input, both inside and outside the metropolitan area, from a wide variety of disciplines, regarding the identified redevelopment principles and goals for the corridor; Make appropriate adjustments to the redevelopment principles and goals based on the results of the sessions with expert opinion leaders; Develop a series of specific action steps, with proposed timelines, to be pursued by both communities, both individually and in tandem, to accomplish the long-range redevelopment principles and goals; Identify experienced developers with a proven, consistent track record for implementing redevelopment projects consistent with the established redevelopment principles and goals on a local, regional, and national level; Explore available financing and potential joint governance mechanisms to be utilized to pursue a cohesive redevelopment initiative that transcends municipal boundaries as required to successfully implement the established redevelopment principles and goals; Summarize the results of the steps outlined above in a jointly prepared Executive Summary, with supporting background materials, offering specific recommendations fornext steps to be reviewed by the respective governing bodies in a joint meeting. A directive of the City Councils was not to pursue the development of a comprehensiveredevelopment “Master Plan” for the targeted redevelopment areas in both communities. Experience has shown that establishment of a master plan at this stage of a complex, ambitious project tends to limit creativity and consideration of a broad range of redevelopment possibilities and often leads to inadequate attention to changes in the economy, consumer preferences, and real estate market realities that evolve over time. Experience with similar projects indicates that accomplishment of the redevelopment principles and goals is a multi-year process involving a series of smaller, more targeted plans with a variety of successful developers from multiple real estate specialties, consistent with the overall redevelopment principles and goals. As the redevelopment process moves forward beyond the initial phase, a more comprehensive redevelopment strategy (or series of strategies) could emerge as a roadmap for redevelopment over a period of years. However, this proposal does not anticipate the engagement of professional planners during the initial stage of the process, as outlined above. Implementation of the joint redevelopment process does not preclude the ability or prerogative of either community to consider specific redevelopment proposals in the targeted redevelopment areas or proceed with the issuance of a Request for Proposals or Request for Qualifications for redevelopment in these areas. However, the general intent of this proposal is that such efforts will be held in abeyance until the process outlined above is completed. Due to the magnitude and complexity of the proposed cooperative effort, it is likely that professional assistance and guidance during this initial phase will be required to ensure a successful result.While most of the potential legal questions can be adequately addressed by the two City Attorneys, it is expected that the Task Force will require consultation and advice from experts in local government law, redevelopment, and real estate. Potential costs to both I-170/Olive Joint Redevelopment Task Force Final ReportPage 7of 17