As redevelopment of core areas of cities and villages has become more desirable, so too have strategies for local governments to work with developers to get something more out of the development than the proposed construction. For example, in California a developer of a lake and retail area was asked by the city to build an ice rink too - and the developer got very favorable lease terms for a nearby parking lot. In Chicago, a developer was asked to include an elementary school on its 28-acre waterfront commercial and residential development. The upshot is that the municipalities often get something they couldn't get otherwise, and the developer gains benefits that only the public sector can bestow. And both sides win goodwill and public relations points.
Posted by jimj at December 17, 2005 09:49 AM | TrackBack