NEW YORK AVENUE CORRIDOR STRATEGY
expectations; define partnership responsibilities; understand risk; take the lead; and, fill“ gaps.” According to the authors of,“ Ten Principles for Successful Public-Private Partnerships,”“ public-private partnerships are considered“ creative alliances” formed between a government and private entities to achieve a common purpose.” Going forward, the public sector should seek from its private sector development partner:
• Experience implementing infill projects;
• Comfort with public scrutiny;
• Understanding of the public process and microscopic view of a project with public participation;
• Knowledge of the project types desired;
• Successful track record;
• Financial stability; and
• Equity or an equity and debt source in place.
10 Principles for Successful Public-Private Partnerships( ULI)
1 Prepare Properly for Public-Private
Partnerships 2 Create a Shared Vision 3 Understand Your Partners and Key
Players 4 Be Clear on the Risks and Rewards for All Parties 5 Establish a Clear and Rational Decision-Making Process 6 Make Sure All Parties Do Their
Homework 7 Secure Consistent and Coordinated
Leadership 8 Communicate Early and Often 9 Negotiate a Fair Deal Structure 10 Build Trust as a Core Value
In turn, the private sector development partner will seek from its public sector partner:
• Political will;
• Stable City Council / Planning Commission;
• Community support;
• Community and business alignment;
• Favorable( or at least neutral) media;
• Financial means( examples);
• Urban renewal;
• Bonding capacity;
• Land control; and
• Other needed incentives and mechanisms
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FINAL REPORT | SEPTEMBER 2013
The roadmap for moving the New York Avenue Corridor vision towards reality is based on the assumption that the City will move forward in partnership with many groups. In addition to developers, it will be essential for the City to establish partnerships with non-profits and institutions,