STEP 2. Select Priority Projects
The second step to accessing funding and financing options is to select priority projects from the full list compiled in Step 1.
To identify municipal priorities stakeholders should develop criteria for summarizing and comparing options, for example:
- Project readiness
- Feasibility for implementation
- Project aligns with needs and goals (see Step 1)
- Whether the project achieves multiple benefits, for example, stormwater management, flooding resilience, habitat restoration, and recreation
- Whether the project incorporates green infrastructure and/or nature-based solutions for coastal resilience or stormwater management
- Does the project advance equity goals or provide benefits to residents or neighborhoods disproportionately affected or susceptible to environmental and health impacts
As part of this process, stakeholders will want to consider how to rank each of these criteria in a way that advances their needs and goals. If, for example, a community has a goal to secure an “early win” they would rank projects that are shovel ready and have feasible pathways for implementation as “high” priority. If a community is looking to both address water quality concerns and enhance local recreational opportunities, they would rank projects that include nature-based solutions that achieve multiple benefits as “high” priority. In contrast, projects that serve only one purpose or face several implementation hurdles would rank as lower priority.
This process can also identify any key considerations around staff capacity to implement and administer different funding opportunities and programs (for example, the people, time, and money likely to be associated with both the pursuit of funding or financing and the project’s implementation).
