Monona CDA Presentation To Council 04 19 10

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Presentation summarizing successful redevelopment initiatives by the Monona Community Development Authority.

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Monona CDA Presentation To Council 04 19 10

  1. 1. City of MononaCommunity Development Authority<br />Presentation to the City Council<br />April 19, 2010<br />
  2. 2. Role & Powers of the Community Development Authority<br />Prepare Redevelopment Plans<br />Prepare Tax Increment District Plans<br />Facilitate public/private partnerships<br />Enter into contracts<br />Acquire and dispose of property <br />Prepare property for redevelopment<br />Temporarily operate and maintain property<br />Borrow money (debt is not deemed debt of municipality)<br />Many actions require approval of City Council<br />
  3. 3. Recent Activities<br />Tax Increment District (TID) #5 & Redevelopment Area (RA) #5 creation in the Owen Road area<br />Facilitation of Garden Circle Redevelopment<br />TID # 6 & RA #6 planning (east Broadway)<br />RA #7 planning (north Monona Drive)<br />RA #8 & TID planning (west Broadway)<br />Housing stock improvement program<br />
  4. 4. Owen Road Redevelopment<br />Created November 2007<br />Request for Proposals to redevelop Garden Circle<br />Selection of developer (MSP) for Garden Circle redevelopment<br />
  5. 5. Owen Road Redevelopment<br />Negotiation of developer’s agreement with MSP for Garden Circle redevelopment. <br />Garden Circle project: successfully removed 8 blighted apartment buildings that were a drain on City resources<br />Developer selected for redevelopment has provided a high-quality project that is an asset for the community<br />
  6. 6. Garden Circle: Previous Conditions<br />
  7. 7. Garden Circle Redevelopment: Heritage Monona Senior Housing<br />
  8. 8. Garden Circle Redevelopment: Heritage Monona Senior Housing<br />
  9. 9. Garden Circle Redevelopment: Heritage Monona Senior Housing<br />
  10. 10. North Monona Drive Redevelopment<br />Dean Avenue to Winnequah Road<br />Commercial revitalization for areas that have seen little reinvestment<br />Commercial land and improvement value growth in this area severely lag behind the City average over the last 25 years<br />Focus on “Targeted Redevelopment Areas”<br />
  11. 11. North Monona Drive<br />Citywide increase in commercial land assessment 1985 -2007: 171%<br />Areas 1&2: 61%<br />Citywide increase in commercial improvement assessment 1985-2007: 223%<br />Areas 1&2: 87%<br />
  12. 12. North Monona Drive: Existing Conditions<br />
  13. 13. North Monona Drive<br />Citywide increase in commercial land assessment 1985 -2007: 171%<br />Site: 45%<br />Citywide increase in commercial improvement assessment 1985-2007: 223%<br />Site: 9%<br />
  14. 14. North Monona Drive: Existing Conditions<br />
  15. 15. West Broadway Redevelopment Area<br />
  16. 16. West Broadway: Existing Conditions<br />
  17. 17. West Broadway Redevelopment Area<br />CDA created RA #8 boundary per City Council recommendation <br />RA #8 created to:<br />Facilitate redevelopment of old mobile home site<br />Facilitate development of vacant sites along Broadway<br />Potential TID creation to further assist in redevelopment<br />
  18. 18. CDA Activities<br />CDA has been active in pursuing redevelopment opportunities consistent with City land use and economic development plans<br />CDA has continuing projects:<br />North Monona Drive<br />East Broadway<br />West Broadway<br />Implement housing plan recommendations by creating a housing improvement program<br />
  19. 19. Benefits of CDA Activities<br />Redevelopment of blighted and environmentally contaminated sites<br />New jobs in Monona<br />Growth of commercial tax base <br />Housing improvement program opportunities <br />Concrete results with limited general fund expenditures<br />
  20. 20. CDA Funding<br />CDA looking to further assist City in achieving planned objectives<br />CDA needs stable, assured, long-term source of funding to see projects through and continue to drive private sector reinvestment<br />Any source of funding should not be funded by general levy<br />Potential funding source: Fees from TIF districts for planning, redevelopment and administration services<br />
  21. 21. East Broadway Redevelopment<br />Working on TID #6 & RA #6 Plan<br />UW Health in discussions for new clinic on Fritz site<br />Menards expansion<br />Other potential redevelopment sites in area<br />
  22. 22. East Broadway Redevelopment: Existing Conditions<br />
  23. 23. Proposed East Broadway TID Budget<br />Infrastructure: $1 million <br />Development incentives: $6.5 million<br />Professional services/discretionary payments: $600,000<br />Administration: $4.1 million<br />Includes $4 million for CDA; $148,000 per year over 27-year maximum TID lifespan<br />
  24. 24. Proposed East Broadway TID Budget<br />Budgeting money for CDA in TID #6 creates opportunity for ongoing revenue source for CDA<br />CDA partners with City to provide planning, redevelopment, and administration services<br />City retains fiscal control through annual approval of CDA budget<br />
  25. 25. East Broadway TID Timeline<br />April 27: public hearing at CDA meeting<br />May 17: Council consideration of final reading of resolution to create TID #6<br />Late May: Joint Review Board consideration of TID creation<br />
  26. 26. Conculsion<br />TID #6 provides City with a mechanism for long-term CDA funding with limited impact on general fund<br />CDA looking to continue carrying out City’s land use, economic development, and housing goals<br />City retains control by approving yearly CDA budgets<br />

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