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STRATEGIES: 7 STRATEGIES FOR DOWNTOWN

CHAPTER 4

ESTABL I SH DEVELOPMENT OPPORTUN I T I ES

While the map of key redevelopment sites can reflect the town’s goals for Downtown, it does not necessarily reflect feasibility. To encourage specific types of development at specific locations, the town will have to be open to providing incentives when developments are not feasible in terms of market demand or development economics. Development incentives available to the town include:  Incremental revenue: New or additional tax revenue generated by new development or redevelopment can be invested back into public elements of the projected or rebated back through the Economic Development Authority.  Density bonuses : Zoning ordinance amendments can permit greater density for projects that accomplish town development goals such as LEED and affordable housing.  Special service district: Higher levels of town service or public improvements, such as parking garages, can be financed by an additional tax rate imposed in the service district. The use of incentives should be judicious, and focused on developments desired by the community and catalytic for Downtown. Developments receiving incentives should satisfy specific community desires for the site in terms of use, design, and quality. It should be clear to developers that incentives will be tied to specific goals and objectives. A document outlining the parameters and requirements for the use of incentives should be available. Provide Incentives/Subsidies for Desired Development Types/Locations

Identifying the best location for desired development is the first step in realizing the town’s goals for Downtown. A next step is to establish design standards for those developments that fit with the community’s preferences, while also recognizing the constraints of development economics. The Town’s 2011 Residential Infill Development Guidelines document provides a solid foundation in outlining these design standards, and the Town should continue to reference and refine these standards to meet evolving needs specific to Downtown’s distinct districts. Any guideline refinement should occur in dialogue with the developer community and citizen stakeholders. Such dialogue can help the Town understand which aspects of the guidelines present economic challenges for developers, as well as clarify for developers the community preferences that led to the specific guidelines. Developers can then explore ways to satisfy community desires within the parameters of a feasible project, and are more likely to bring proposals to the town that are acceptable to all parties involved. The town should also work with owners of key redevelopment sites to craft requests for development proposals that include clear design standards for specific development types. Establishing these standards upfront, before owners begin any negotiations with developers, will increase the likelihood that proposed developments will satisfy town goals . Create Developer Guidelines for Building Design

To cultivate desired development in Downtown Blacksburg, the Town should establish a framework for guiding investment at key sites. This includes: creating guidelines for building and site design that fit with the community’s preferences, as well as the constraints of economic feasibility; and providing subsidies, where needed and appropriate, to catalyze development of key uses in key locations.

65 Downtown Blacksburg Strategic Plan STRONG LINK

LINK STRATEGY CONNECTIONS