For city dwellers, the ability to walk to get a bouquet of flowers, quart of milk, dozen eggs, or bottle of wine is a make-it-or-break-it measure of livability.  Residents of great cities around the world have long taken for granted that good food and groceries will be within easy walking distance.  Yet in the last two decades, as thousands of Americans relocated to downtowns across the country, grocers have struggled to keep up.  Many urban residents have to get in their cars to drive—sometimes for miles—just to purchase produce and basic convenience goods.  Why?  That’s the topic of a recent article co-written by Leland Consulting Group’s Brian Vanneman.  Read it here, or about it here. 

Property managers and real estate developers should take note of recent trends in food carts as part of the retail real estate market, writes April Chastain of Leland Consulting Group in the 2nd Quarter 2010 issue of the PSU Real Estate Quarterly. “Food carts” are increasingly clustering together in pods in Portland’s trendier neighborhoods, which essentially function as outdoor food courts and create lively community gathering spaces. Food carts offer real estate and culinary entrepreneurs an affordable alternative to brick and mortar restaurants, since they require less start-up capital, while allowing for tremendous experimentation and creativity. Click here for more on food carts.

Washington State’s cities, counties, and ports have long been burdened with a disadvantage when undertaking downtown revitalization or economic development projects: they cannot fund projects using tax increment financing (TIF).

But earlier this year, the state enabled Local Revitalization Financing (LRF), a TIF-type funding tool with the power to generate significant funds for local economic development projects. LRF allows local governments to create redevelopment areas where property taxes from a variety of taxing districts are matched with sales tax revenue that normally accrues to the state. The redevelopment areas can issue bonds based on anticipated revenues, which will give numerous cities the potential to raise millions in funds for up front capital improvements.

There are a number of challenges associated with LRF. Local governments must quickly prepare and submit applications to the state—ideally by September 1, 2009. State matching funds are limited and applicants must demonstrate that a variety of conditions have been met in order to receive funds. For example, communities must show that the implementing LRF will attract significant private sector investment that would not otherwise occur.

If you are interested in finding out more about how your community can secure LRF funds, call or email Brian Vanneman at Leland Consulting Group. We’re excited about putting LRF to use and advancing quality urban projects in the Evergreen State!