6.4 Consider Adoption of Downtown Plan Update

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IV. Neighborhood Evaluation Neighborhood Composition A brief description of the land use pattern adjacent to the street in question. Utility Overview A list of municipal utilities available along the street. Street Maintenance Revenue The estimated amount of property taxes that will be collected over the next 25 years that will be dedicated to street maintenance. This is based on the city's historical approach to street maintenance spending(approximately 25%of the annual budget). Street Maintenance Cost The estimated cost to perform one significant maintenance project on the street over the next 25 years. Results are calculated on a present worth basis. Percentage of Cost Covered by Adjacent Revenue The street maintenance revenue as a percentage of the street maintenance cost. Meant to represent how much revenue the current development pattern yields as a percentage of how much the city is obligated to spend to rebuild it. Walkability Score An estimate of the ability of pedestrians to travel the corridor. In general,the ratings indicate the following: 1. Very Poor—The street presents a hostile and dangerous environment to pedestrians and cyclists. Pedestrian and biking activity would be very low. 2. Poor—The street environment is not conducive to pedestrian travel or biking.The adjacent land use pattern does not encourage walking. 3. Moderate—The street is safely passable by pedestrians and bikers, but the adjacent land use pattern detracts from the pedestrian environment. 4. Good—The street accommodates pedestrians and bikers well.The adjacent land use pattern creates an environment that is inviting to pedestrians and bikers. 5. Very Good—The street prioritizes pedestrian and biking travel, providing safety of movement and giving them the right-of-way at intersections.The adjacent land use pattern creates a strong sense of place that makes the street comfortable to those outside of a car. Redevelopment Potential An estimate of the land adjacent to the street to support additional development and/or more intensive redevelopment of existing structures. In general,the ratings indicate the following: LOW potential:The adjacent structures have a high value in comparison to the underlying land value.There is little market incentive to purchase structures along this street and either tear them down or significantly renovate them. Improvements or alterations to the street will not have a significant impact on the amount of development along the street. Pequot Lakes Downtown Plan—Updated July,2022 9