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Browsing by Subject "Tax Increment Financing (TIF)"

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    Building for the Future: Affordable Redevelopment on Wayzata Boulevard
    (2024-05-01) Farmer, Zachary; Breen, Aidan; Klingbeil, Dwight
    The way we think about commutes and suburban transit is changing, all the more rapidly since the COVID-19 pandemic. Transit agencies nationwide are seeing demand for Park & Ride decline, and the same is true for Metro Transit in the Twin Cities of Minnesota. This study examines possible site plans for an underutilized suburban Park & Ride site near the corner of Wayzata Boulevard and Barry Avenue in Wayzata. Utilizing 1) Existing site conditions, 2) City regulations and documentation, 3) an Affordable Housing finance literature review, and 4) Developer interviews, our team compiles a development switchboard, which is used to propose two primary paths for redevelopment on the site. These two paths are used to illustrate tradeoffs that would be involved in the future development at this site. The first development path, As-of-Right, examines what is possible on the site under current zoning constraints, and how it may correspond and conflict with the goals of the City, Metro Transit, and a theoretical development team. The second development path, Maximize Residential, asks what zoning and policy changes would be required to successfully develop affordable housing at a meaningful scale, including accessing the resources of Housing Tax Increment Financing (TIF) and the Low Income Housing Tax Credit. The final section of the report outlines the past community engagement regarding this site and presents an equity-oriented engagement framework to incorporate key community member feedback throughout the process of site redevelopment.
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