Option 2: A selected comprehensive commercial development plan
Under this option, a public/quasi-public development authority would acquire (or option) and control as much property along Veteran’s Boulevard (from RiverPark Center to the Executive Inn) as possible, including the state building parking lot and perhaps key tracts beyond Veteran’s Boulevard. Developers would be advised of the construction schedule of riverfront improvements. Goals and guidelines for the commercial development would be established and proposals would be solicited from developers.
|Proposals from developers could include|
Preliminary tenant mix
Preliminary site and design plan
Requirements of a public sector partner, for example:
|Those who support this approach may say...||Those who oppose this approach may say...|
This approach would lead to a larger, more significant private investment.
Larger developers that generally by-pass Owensboro would be attracted to the project because of its scale.
The proposed development would be selected by the community (through the development authority) based on what best serves the public interest: economic impact, design appeal, compatibility with the riverfront improvements, expectations of public sector partners, jobs, and future tax revenues.
If the development authority does not select any of the proposals, we would be no worse off than before.
A single developer should not receive exclusive development privileges to some of our community’s most important commercial properties.
To complete such a plan, most developers would expect generous incentives.
Because of the fanfare connected with the $40 million federal grant and the Riverfront Master Plan, it will be extremely difficult to acquire property along Veteran’s Boulevard.
It will be costly to acquire/option property along the riverfront, and taxpayers could be left with the land if developers do not come forward.