Eastwood Village Public Private partnership

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Eastwood Village Public Private partnership

  1. 1. EASTWOOD VILLAGE A Public Private Partnership for Infill Redevelopment Florida Gulf Coast University February 26, 2010
  2. 2. Location Map
  3. 3. Site Aerial
  4. 4. Wellfield Redevelopment • Site was former shallow aquifer wellfield for city • City bermed property and pumped river water into canals which recharged the surficial aquifer • Process created low quality Mellaleuca infested wetlands • Used site for multiple other purposes including dumping arsenic laden lime sludge from the water treatment process
  5. 5. Today’s Presentation • City and Bonita Bay Group Goals • Vision & Design • Major Components of Project • Deal Structure
  6. 6. • Obtain permitting assistance on approximately 500 acres on the Old Wellfield site in order to establish a viable developable envelope and environmental permitting strategy • Establish a public/private partnership to design, permit, and construct improvements to the Eastwood Golf Course. • Establish a public/private partnership to design, permit, construct and market a quality residential community with a focus on attracting a diversity of professionals and families. Establish a public/private partnership to design, permit, construct and market a quality commercial component. • Select a team that has leadership in community involvement, consensus building, financial stability, innovative funding solutions, and a track record of developing projects that improve the community tax base. Project Goals from Original RFQ
  7. 7. P MLK Veronica Shoemaker corridor study funding Enhancement of Calusa Nature Center Utilization of real estate asset Other City Goals Diversity of price points including mechanism for workforce housing Cleanup of Brownfield site Protection of wellfield facilities Extension of Hanson and Edison
  8. 8. BBG Goals • Diversify community portfolio • Diversify geographically and target new market demographic • Successfully develop through a public private process • Do something good for Fort Myers • Make a reasonable profit • Develop a really cool TND community
  9. 9. Our Vision for Eastwood Village • Gateway into the City of Palms • Promotes street connectivity, enhances the City's infrastructure. Creates new public amenities. • Traditional Neighborhood Design • Pedestrian oriented • Connects diversity of people through a mix of housing types, prices, amenities, and commercial and retail uses. Vision for Eastwood Village
  10. 10. TND and new Urbanism TND and New Urbanism are about… • connecting the street into a network so that people can readily reach other sections of their neighborhood or town. • connecting residents to convenient shops and services by encouraging retail, office, institutional, and recreational development within walking distance of where people live. • connecting individuals to one another by insisting that walkways be sociable, usually running alongside narrow streets, rows of trees, front porches, balconies, terraces or other inviting exterior elements of street fronted houses.
  11. 11. TND and new Urbanism TND and New Urbanism are about… • connecting the divide of age, household size, and economic status by mixing together housing types of assorted sizes and prices. • connecting new developments to existing or potential future transit • connecting individuals to civic ideals and public responsibilities. summed up in a single concept – ”connection” . From-Urban Land Institute’s book, “Valuing the New Urbanism”
  12. 12. Typical TND Streetscape Images
  13. 13. Typical TND Commercial Images
  14. 14. Community Scale Comparison
  15. 15. Concept Plan ¼ mile=5 minute walk
  16. 16. The Site Plan STREET NETWORK Community park edge character Residential fronted street character Calusa Nature Center Edison Ave Prepared for Flemington, NJ Prepared for Central City Tampa Central Lake
  17. 17. The Site Plan OPEN SPACE Lake Front street and Pathway Character Community Park & Soccer Fields Character Calusa Nature Center Edison Ave Elementary School Community Pool, Tennis & Amphitheater Complex, First Tennis program. Soccer Fields (Seasonal Park/City) Middle School Multi-Purpose Fields First Tee Program Resident Recreation Center Typical Neighborhood Park Lakefront Linear Park & Pathway System Village Center Waterfront Park Prepared for City of Lakeland, FL Prepared for City of Orlando Central Lake
  18. 18. The Lake Promenade Concept
  19. 19. The Site Plan CENTRAL LAKE SCALE COMPARISON
  20. 20. The Site Plan NEIGHBORHOODS Typical neighborhood park character (alley-loaded homes) Calusa Nature Center Edison Ave1 2 3 Prepared for Baldwin Park Central Lake
  21. 21. Preliminary Site Plan Elementary School Community Pool, Tennis & Amphitheater Complex, First Tennis & First swim Program Soccer Fields (Seasonal Park/City) Middle School Multi-Purpose Fields First Tee Program Calusa Nature Center Resident Recreation Center Typical Neighborhood Park Residential Blocks Mixed-use Village Center Edison Ave Central Lake
  22. 22. Village Center Preliminary Site Plan Calusa Nature Center Edison Ave Central Lake
  23. 23. Village Center Preliminary Site Plan
  24. 24. Density Benefits of TND: Eastwood Conventional Plan With 1063 units and golf expansion
  25. 25. Density Benefits of TND: Eastwood • 2300 units on 550 acres • Development costs 45% higher • Additional 1237 units (46% increase) • Regulatory agencies provided strong support • Environmental benefits include reduction of sprawl and greenhouse gases
  26. 26. Project Development Components • RFQ process (2003) • Planning/Design/Positioning • Entitlement process • Brownfield Site Remediation Agreement • Wetland Mitigation through offsite enhancements and interlocal with Lee County on 2020 lands • Eastwood clubhouse construction agreement • First Tee interlocal agreement • Land swap with school board • CRA & TIF • Mortgage Assistance Program • Purchase and sale agreements and extension amendments ( 2004 through 2009)
  27. 27. Planning and Design • Decision on TND community design by city • Stakeholder interviews • 3 day design charette with Glatting, Dover Kohl, Seth Harry, TSW • Extensive tours of comparable communities including taking city staff to Baldwin Park to meet with Orlando city staff and developer • Detailed design of community and product mix based on research in Florida and Southeast US • Worked with city staff on detailed TND engineering criteria and street cross sections • Architectural and landscape architecture theme studies
  28. 28. Entitlements • Comp Plan Amended • CRA Established • Clubhouse construction approved • TND zoning Approved • SFWMD ERP approved • BSRA Completed • Wetland Mitigation Approved • ACOE permit Issued
  29. 29. Brownfield issues • Lime Sludge with Arsenic • Lime Slurry with Arsenic • Gun ranges with heavy metals • Hydrocarbons in soil from fire training facility • Chemicals in soil at nursery • $2.4 million clean up estimate
  30. 30. Remediation Agreement Brownfield Site Remediation Agreement • Extensive contamination analysis • Agreement with DEP would prescribe methods for cleaning up site. • Absolves developer and city from future liability when clean up certified • Linked to SFWMD permits
  31. 31. Brownfield clean up funding EASTWOOD VILLAGE: CITY'S ESTIMATED BROWFIELD EXPENSES Based on City/BBG Financial Assessment 2009 Offset by Builders 0.5% contribution Remediation Area Approximate Year Residential Units City Funds from 0.5% Builders City's Brownfield Cost Responsibility Net to City after Brownfield Expenses A 2012 or 2013 103 100,000$ 16,647$ 83,353$ B 2019 1600 2,000,000$ 740,000$ 1,343,353$ C 2020 380 600,000$ 1,104,579$ 838,774$ Build Out 417 900,000$ -$ 1,738,774$
  32. 32. Wetland Mitigation • 350 acres of impacts to very low quality wetlands • Multiple approaches to wetland mitigation explored including enhancing Calusa Nature Center habitat • Prairie Pines Preserve was selected for $5.5 M enhancement project • Interlocal agreement between city and county negotiated
  33. 33. Eastwood Clubhouse • Very old and dilapidated Clubhouse at public facility with positive cash flow • City originally desired additional 9 to 18 holes but decided not to expand golf • Decided to build new clubhouse, parking and site development • BBG paid for project and did management of design and construction process for no fee • Out of pocket construction costs of $2.8M would be treated as credit for future land purchase by BBG
  34. 34. First Tee Proposal • County Parks and Recreation desired First Tee youth golf training facility at Eastwood. • County had 30 acres adjacent to Sox training facility that could be deeded to city which BBG would then buy to fund construction of First Tee facility ($1,050,000) • Design and cost estimate was provided by BBG at no charge • Interlocal between city and county was developed and approved by city council • Management staff changes at city and county put idea on hold indefinitely
  35. 35. School site negotiations • School board projected need for middle and elementary schools • Innovative shared facility concept between two schools and proposed city soccer field park was developed • City wanted to own vacant school board building (Adams Building) to use as consolidated city offices • Negotiations occurred and appraisals were done • Cost differentials and reduced student enrollment projections put land swap on hold
  36. 36. Schools and Recreation Preliminary Site Calusa Nature Center Edison Ave Central Lake
  37. 37. CRA and TIF • Established a public funding mechanism so that benefits of Eastwood are open to the general public. • Provides funding for Brownfield clean up and MAP, • Provides funding for other public expenditures associated with Eastwood (golf improvements, Nature Center, parks, streetscape etc.) • Because baseline of existing taxable value is so low tax increment will be very high • Roughly $50 M bondable capacity projected
  38. 38. Mortgage Assistance Program Program Elements • The home being purchased must cost less than 125% of the current median home price • Eligible buyers must make a down payment of at least 10% on the home • The CRA will loan the buyer the lesser of $60,000 or 25% of the total purchase price • The loan is secured by a second mortgage, with 0% interest, and no payments until the home is sold or the purchaser loses their eligibility for the program. • Second mortgage is repaid to the CRA when the home is sold. The CRA can then “recycle” the funds for another qualified purchaser in Eastwood Village • If the homeowner no longer meets the eligibility criteria, the mortgage will accrue interest on the debt and/or require immediate repayment Program Funding • Establish CRA on the Eastwood Village property creating tax increment funding. • Initial funding of Mortgage Assistance Program is through proceeds received by land sales,and donations by the developer and home builders. • Start-up loan from City to CRA to be repaid as increased taxable values begin to materialize.
  39. 39. Mortgage Assistance Program Benefits • To assist in making homes more affordable for the working members of the communities • Reduce traffic congestion on our roads by providing new homes within the City limits so that workers do not have to commute in to the City • Help employers find employees by increasing the supply of workers living in the city limits • Self-perpetuating; continues to benefit workforce homebuyers within Eastwood Village, including resales after the community is sold out. • Estimated 300 households will benefit from the MAP at Eastwood Village. Eligibility Requirements • Working full time in Lee County and/or the City of Fort Myers • Earning up to 150% of median income • Lives in the home full time (maintain homestead exemption) • Household net worth limitation • Liquid assets limitation
  40. 40. Mortgage Assistance Program : • 25% of the homes will be offered for sale at workforce pricing, to be adjusted annually. • Developer will contribute 2% of net land sales to the MAP. • No more than 1% of the developer contribution may be used for administration. • City will be notified six months in advance of the approximate location, size, type of homes and price to be offered. • MAP Candidates have a 30 day exclusive period in which to purchase.
  41. 41. DEAL STRUCTURE Five Contracts and multiple amendments Phase I Agreement • Phase II Agreement • Construction Management Agreement • Mortgage Assistance Plan Agreement • 6th Amendment to Phase II Agreement
  42. 42. Phase I Agreement • Established purchase price of $43,560 per acre or appraised value for 31.45 acres • $600,000 of total $1.37 M would be in form of development services to permit overall project • Identified how city would use funds: MLK corridor study, appraisals, title work, Clemente Park, legal fees, survey, etc • Laid out goals for larger project in Phase II • Establishes relationships for permitting with city and BBG as co applicants on comp plan amendment
  43. 43. Phase II Agreement • Purchase Price of $35,000 per “upland” acre acre is established • $100,000 deposit put in escrow with deposit pro rated over each takedown • Identifies limits of approximately 415 acre parcel • Identifies what “upland lands” are and what lands BBG will and will not be required to pay for. e.g. Edison ROW, city parks and related water management facilities • Establishes timing of required closings and deadline to acquire all land • Establishes timeframe for reappraisal of land and adjusted price
  44. 44. Phase II Agreement cont. • Provides for 50/50 shared cost of wetland mitigation up to $4Million • Allows BBG to develop property prior to closings but not encumber land with financial liens • Allows BBG to sell land to builders immediately after acquiring from city • Allows BBG to establish a CDD • Creates requirement to establish MAP and BBG to provide 2% of land sales revenue as funding for MAP
  45. 45. Phase II Agreement cont. Sets forth city obligations as follows: • Construct Fireman’s Park • Construct Edison Avenue extension with 18 month notice • May, but shall not be required to build Hanson extension • Provide for water and sewer impact fee waivers • Provide ingress and egress points • provide BBG with signage locations on golf course property fronting Colonial • Obtain ERP, COE permits (with BBG managing and paying for process) • Pay for 50% of wetland mitigation expense • Relocate fire training facility and city nursery within 30 months
  46. 46. Phase II Agreement cont. Sets forth BBG obligations as follows: • Obtain all permits except ERP and COE • Develop dual water irrigation facilities (if desired) • Provide for continued operation and expansion of city wellfield • Provide construction management for clubhouse at no fee • Manage hazardous waste remediation and fund up to $400,000. Obtain estimate of total cost prior to first closing
  47. 47. Construction Management Agreement Defines how BBG will assist city in design and construction of the new clubhouse • BBG to fund construction • BBG to design and permit vertical and horizontal construction elements • BBG to act as construction manager at no fee • BBG will be credited total of out of pocket expenses towards future purchase of land ($2.8 M)
  48. 48. MAP Agreement • Required developer to contribute 2% of net land sales revenue to MAP • Restricts administrative costs to 1% of revenue noted above • Requires city to contribute to MAP fund and identifies how city will fund MAP • Any unused MAP funds must be used to enhance Eastwood Village CRA area or be returned to developer • Establishes that developer will offer 25% of all Eastwood homes in price range at or below Lee County median home price and establishes procedure for determining same • Establishes process for MAP buyers to have “first choice” of homes offered • Establishes other MAP criteria noted in previous slides
  49. 49. 6th Amendment Based on downturn in economy deadlines were extended and certain items were negotiated into the contract • First required closing extended to 2013 • Deadline for acquiring all property set for 2020 • Extended MAP creation deadline to 2009 • Transferred city’s obligation to build Fireman’s Park to BBG • Extended City’s obligation to relocate fire training facility and nursery to 2014 • Extended city obligation to build Edison extension • Clarified wetland mitigation cost sharing • Clarified acreages to be acquired by BBG • Required builders to contribute 0.5% of net sales revenue to city for use in offsetting environmental remediation costs
  50. 50. BBG investments to date • BBG acquired 44 acres for $1,440,000, $100,000 deposit paid for remaining land. • BBG designed, permitted and constructed a complete new Eastwood golf clubhouse facility ($2,8 M) • BBG has spent $2,1 M soft costs to date • BBG has spent over $7.2 M to date • Worked with the city to modify contract and draft the Mortgage Assistance Program
  51. 51. Summary • Eastwood Village is designed, positioned and permitted with public/private contractual mechanisms in place. • Supports the City’s long term goal to revitalize Martin Luther King, Jr. Blvd. and create a gateway into the City of Fort Myers • Enhances the environment through the redevelopment of a brown field site. • New approach for a residential and commercial development • Creates a mixed income community through an innovative mortgage assistance program to create workforce housing.
  52. 52. Thank you! Questions?
  53. 53. DeContact info. Dennis L Church ASLA, AICP Community Development Advisors LLC (239) 410 0618 churchdennis5@gmail.com

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