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BAY FAIR TOD SPECIFIC PLAN <br />Funding and Financing Strategy <br />The Bay Fair TOD Specific Plan specifies new <br />public infrastructure and amenities required <br />to support the emergence of a walkable, <br />transit -oriented village with residential, <br />commercial, and retail uses. This funding <br />and financing strategy aligns potential <br />funding sources and mechanisms with the <br />types of improvements included in the Plan, <br />and provides a framework for determining <br />responsibilities for constructing and funding <br />improvements. The previous "Implementation <br />Actions and Programs" table specifies detailed <br />steps for selecting and applying specific <br />funding sources to improvements, based on <br />further study of infrastructure costs, phasing, <br />and responsibilities. <br />Private sector developers, investors, and <br />property owners will drive new investment <br />and construction in the Plan Area. Therefore, it <br />is envisioned that many future improvements <br />planned for the Specific Plan area will be <br />achieved through development by the private <br />sector, including meeting on -site development <br />standards, paying existing and possible <br />future fees, and other funding and financing <br />mechanisms that could apply to all future <br />development. <br />The City's funding and financing strategy <br />- which will evolve over time - should <br />ensure that smaller and more immediate <br />development can move forward while also <br />ensuring all development projects contribute <br />to shared district -wide infrastructure needs. <br />Bayfair Center and the BART station are major <br />redevelopment opportunity sites that could <br />transform the Bay Fair area, yet projects may <br />take longer to deliver at these properties <br />due to competing public priorities, multi- <br />party reciprocal easement agreements, and <br />long-term leases with retail tenants. Given <br />these complications, the selected funding <br />mechanisms must recognize that development <br />is likely to move forward on other smaller <br />parcels prior to the Bayfair Center and BART <br />sites. <br />The City of San Leandro should take a proactive <br />role in creating development opportunityies <br />and momentum by leading coordination for <br />constructing basic infrastructure (e.g., water <br />supply, stormwater, wastewater systems, <br />etc.), and the public realm improvements <br />(e.g. streetscape, bike lanes, open space <br />along Estudillo Canal, etc.). The City may <br />choose to proactively fund and construct the <br />public realm improvements as a means of <br />shifting perceptions of the Bay Fair area and <br />encouraging parallel private and other public <br />(i.e. Alameda County, BART, etc.) investment. <br />Additionally, the City should adopt short- <br />term tools to ensure early development <br />projects pay their fair share towards shared <br />district -wide infrastructure needs triggered by <br />growth, despite the additional time required <br />for the City to complete detailed studies <br />to understand costs, phasing, and shared <br />responsibilities for implementing these <br />infrastructure improvements. <br />130 <br />