New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 90

IMPLEMENTATION market feasibility and financial feasibility. While • Partnerships with the City, neighbor- the framework and concept elements presented hood organizations, schools, church- here are grounded in market reality, many lack es, chambers, and other government the financial feasibility necessary to attract pri- entities will be vital; vate sector interest. As is the case with most early revitalization initiatives, there is market de- • Public commitment will lead with a goal mand, but until the area is adequately “primed” towards strategically leveraging pri- vate investment and to this end capital for investment, financial feasibility will lag behind. An element of the analysis completed as part of investments will begin at the intersec- this process involved testing the impact of var- tions and along roadways; ious strategies designed to address “financial gaps.” What this showed was that: no one solu- • Aesthetic improvements will be as tion will fill the financing gap. While resources important as functional improvements are needed early in the redevelopment process, and physical improvements will reflect the necessity for them should subside as project the values and culture of the people in costs and revenues become sufficient to attract the area; and private investment. In addition, project econom- ics may be as impacted by indirect forces as they • Commitment to the vision will be long- are direct forces. For example, any new invest- term. ment will require some guarantee that initiatives will be on-going to stabilize the investment cli- Partnerships mate of the entire Study Area by enhancing the risk-reward relationship. “Cities and counties are rapidly applying their experiences with public-private partnerships For these reasons, the implementation strategy learned over the last few decades to redevelop- assumes a two-pronged approach – promotion ment initiatives – experiences on how to most of investment in the Opportunity Sites and com- effectively combine the strengths and resources pletion of actions to stabilize and enhance the of both the public and private sectors.” Urban entire area. Land Institute (ULI) STRATEGY PRINCIPLES Underlying all of the principles above is an under- standing and acceptance that neither the public The approach and actions identified to move the nor private sector can successfully advance the vision for the New York Avenue Corridor forward vision on its own. Also, partnerships will take were selected based on a foundation of guid- many forms. As the entity with the largest and ing principles. These principles, while general longest-term interest and responsibility, the pub- in nature, were considered to be representative lic sector must have strong involvement and a of community interests, the City’s existing policy visible presence, as well as offer continuing framework, and stakeholder input. They include: leadership, incentives, and capital to future proj- ects. The private sector will bring experience, access to private funding, and a willingness to balance risk and return. As the lead entity, it will be up to the public sector to clarify partnership ARLINGTON, TEXAS 82