Banks have already begun to tighten lending, which could stall any development plans for the area, Burnett said.
“The reality is with the financial space where it is today, there is going to be little to no capital available for developers,” Burnett said. “And as we always talked about, we don’t want to be in the development business. We want to provide opportunity and incentive for others.”
During the work session, City Manager Andrea Surratt gave council members a general overview of priorities for fiscal year 2021. She suggested holding off on more community input meetings for the north end redevelopment until the end of the summer when people might be more engaged in activities outside of their homes.
Burnett said he believes redeveloping the north end has been set back at least two years by the public health crisis. He suggested the city redirect funds for the north end to somewhere else in the budget.
Surratt will present a budget proposal to City Council members on Tuesday taking into consideration Burnett’s feedback, she said.