2 | REDEVELOPMENT PRIORITY
LAND ACQUISITION : It is advised that the Redevelopment Agency take action to acquire, clear and convey vacant and underutilized property; in particular, to facilitate projects on priority redevelopment sites. The intent is to aggregate such parcels for more productive use through land purchase and exchange.
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LAND UTILIZATION / LAND BANKING:
DISPOSITION & DEVELOPMENT AGREEMENTS:
The Redevelopment Agency should maintain an inventory of land under public ownership and establish criteria for the disposition of that land for redevelopment purposes. The intent is to ensure that development proceeds in accordance with planning priorities and provides desired benefits to the community, such as services and amenities, and infrastructure upgrades. More efficient land utilization may also be engendered through Land Value Taxation (LVT) as a specialized form of property tax that is intended to discourage land speculation, as well as a Parking Site Tax applied to nonresidential parking lots that may also be used to fund transportation and transit projects. This would require authorization by the State Legislation as new tax law in the future.
The Redevelopment Agency should facilitate the transfer of land under public ownership as a financial incentive to business operators, investors, and developers, especially for projects that redevelop priority sites, and advance the goals and policies of the Masterplan. This may be accomplished through land and zoning agreements that involve land or lease writedowns to make development of property more feasible. For example, the Redevelopment Agency offers publicly owned land at lower than market value, and may impose certain restrictions on development; restrictions may include site specific land use and design criteria, and the delivery of community benefits.