DEVELOP AN ECONOMIC DEVELOPMENT POLICY FOR THE REDEVELOPMENT OF AGING INLINE RETAIL CENTERS.
1. Complete the commercial node study started in FY 2021 | Economic Development | Currently Underway | Complete FY 2022 Q2
2. Identify inline retail properties not included in the commercial node study | Economic Development | Start FY 2022 Q2 | Complete FY 2022 Q2
3. Link identified properties into the Comprehensive Plan Review process to establish areas for potential incentive programs and overlay districts | Economic Development & Development Services | Start FY 2022 Q2 | Complete FY 2022 Q4
4. Engage property owners and tenants for policy idea generation | Economic Development | Start FY 2022 Q2 | Complete FY 2022 Q4
5. Develop action plans and policies to encourage inline retail property redevelopment and tenant occupation | Economic Development | Start FY 2022 Q2 | Complete FY 2022 Q4
6. Obtain DeSoto Development Corporation and City Council approval of final policies | Economic Development | Start FY 2022 Q4 | Complete FY 2022 Q4
4th Quarter Update
The Commercial Node Study is finalizing completion and is scheduled to be presented to the City Council in November 2022. Information from this study that is accepted by the City Council is anticipated to be included in the updated Comprehensive Land Use Plan. During Q4, the Economic Development Department drafted an inline retail center policy that spurs redevelopment investment through underwriting private sector capital investments and providing tenant rent assistance. The DeSoto Development Corporation is currently finalizing their review of the draft policy, which will then be forwarded to the City Council in Q1 of FY 2023. The draft policy has been reviewed with multiple property owners on Hampton Road and with financing institutions for feedback.
3rd Quarter Update
The commercial node study being conducted by a third party for the intersections at Belt Line & Westmoreland, Belt Line & Polk, Belt Line & Cockrell Hill, Danieldale & Westmoreland, and Parkerville & I-35 is anticipated to be completed and considered by the City Council in Q4. An inline retail center policy is being created by the Economic Development Office that seeks to spur redevelopment investment through underwriting private sector capital investments and providing tenant rent assistance. The policy is anticipated to be reviewed and considered by the DeSoto Development Corporation and City Council in Q4.