Hollywood Road Corridor


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Presentation for corrriidor development program including financial analysis using tax increment financing.

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Hollywood Road Corridor

  1. 1. Development Program for the HOLLYWOOD ROAD CORRIDOR
  2. 2. Corridor Planning Committee <ul><li>Planning Committee Members </li></ul><ul><li>Ronald Griffin, St. Joseph Charter Township </li></ul><ul><li>Roger Seely, St. Joseph Charter Township </li></ul><ul><li>Steve Tilly, Royalton Township </li></ul><ul><li>William Foust, Royalton Township </li></ul><ul><li>Dan Fette, Berrien County Community </li></ul><ul><li>Development </li></ul><ul><li>Advisors </li></ul><ul><li>Tim Fenderbosch, St. Joseph Township Manager </li></ul><ul><li>Jim Soteriou, Royalton Township Manager </li></ul><ul><li>Katie Montoya, Berrien County Community Development Department </li></ul>Formed January 2007
  3. 3. The Corridor Study Boundary
  4. 4. Planning Mission <ul><li>To provide a common voice for the planning and economic development marketing needs of the Hollywood Road Corridor, located in St. Joseph Charter and Royalton Townships. </li></ul><ul><li>Create the opportunity for synergy and cooperation between the two Townships and Berrien County to maximize the ability to attract future, new jobs and investment into the Corridor. </li></ul>
  5. 5. Study Objectives <ul><li>Form the basis for mutual coordination of land use planning efforts between the two Townships and when required, local governments within the Greater Twin-Cities area. </li></ul><ul><li>Provide a basis for coordinated public capital improvements and infrastructure investment necessary for development to occur within the Corridor. </li></ul><ul><li>Provide the basis for a coordinated multi-government economic development marketing effort to attract new development to locate within the Corridor. </li></ul><ul><li>Provide for unified management for future planning and development implementation to maximize current and future development opportunities within the Corridor. </li></ul>
  6. 6. The Study Process & Report Contents <ul><li>Section 1 & 2 – EXISTING LAND USE, </li></ul><ul><li> MASTER PLAN AND ZONING ANALYSIS </li></ul><ul><ul><ul><li>Existing Land Use Analysis </li></ul></ul></ul><ul><ul><ul><li>Master Plan Analysis </li></ul></ul></ul><ul><ul><ul><li>Zoning Ordinance Regulations Analysis </li></ul></ul></ul><ul><ul><ul><li>Analysis of Zoning Ordinance to Determine Entitlements </li></ul></ul></ul><ul><li>Section 3 - BUILD-OUT ANALYSIS </li></ul><ul><ul><ul><li>The “Build-Out” Planning Concept </li></ul></ul></ul><ul><ul><ul><li>Assumption Employed </li></ul></ul></ul><ul><ul><ul><li>Result of Analysis - Entitlements </li></ul></ul></ul><ul><ul><ul><li>Schedule of Development </li></ul></ul></ul><ul><ul><ul><li>Conditions and Limitations of Analysis </li></ul></ul></ul><ul><li>Section 4 - TRANSPORTATION ANALYSIS </li></ul><ul><ul><ul><li>MDOT - Different Assumptions </li></ul></ul></ul><ul><ul><ul><li>Results of Transportation Modeling </li></ul></ul></ul><ul><ul><ul><li>Conclusions </li></ul></ul></ul>
  7. 7. The Study Process & Report Contents <ul><li>Section 7 - FINANCIAL ANALYSIS </li></ul><ul><ul><ul><li>Sources of Funds for </li></ul></ul></ul><ul><ul><ul><li>Infrastructure Investment </li></ul></ul></ul><ul><ul><ul><li>Corridor Improvement Authority </li></ul></ul></ul><ul><ul><ul><li>Financial Model </li></ul></ul></ul><ul><ul><ul><li>Results of Feasibility Analysis </li></ul></ul></ul><ul><li>Section 8 – IMPLEMENTATION </li></ul><ul><li> RECOMMENDATIONS </li></ul><ul><ul><ul><li>Introduction and Strategy </li></ul></ul></ul><ul><ul><ul><li>Foundation Principles </li></ul></ul></ul><ul><ul><ul><li>Implementation Strategy </li></ul></ul></ul>
  8. 8. FINDINGS AND CONCLUSIONS <ul><li>Land Use </li></ul><ul><li>Public Supplied </li></ul><ul><li>Infrastructure </li></ul><ul><li>Project Financing </li></ul><ul><li>Project Implementation </li></ul>
  9. 9. Land Use <ul><li>Commercial, industrial and retail uses identified as desired land uses in the Corridor. </li></ul><ul><li>Corridor study area changed to eliminate future residential development parcels. </li></ul><ul><li>A single planning and economic development administration is in the best interest of both Townships. </li></ul><ul><li>A single zoning district is needed to define permitted and allowable uses and for unified land development standards. </li></ul>
  10. 10. Land Use <ul><li>Concluded that Royalton Township’s new zoning ordinance has a district that could serve as a model, but that a new zoning district would likely be required for optimum land use management. </li></ul><ul><li>Concluded a Joint Municipal Planning Commission, based on a sample intergovernmental agreement, is needed to establish a new joint planning commission to master plan and administer zoning with each respective Township Board retaining final zoning approval authority. </li></ul><ul><li>Projected, based on zoning entitlements, development at “build out” would contain 2.2 million square feet of building space which could be fully developed before 2020 according to projections offered by each Township. </li></ul><ul><li>Estimated that Corridor employment at “built out” would be 22% retail, 60% office and 18% industrial. </li></ul>
  11. 11. Public Supplied Infrastructure <ul><li>Confirmed that the Drain Commissioner will install a major new drain and other upgrades to existing storm water management system for “build-out”. </li></ul><ul><li>Identified street/road improvements via MDOT Twin CATS transportation modeling for low, medium and “build-out” employment assumptions, specifically intersection and lane additions to improve capacity and turning movements on Hollywood Road and Maiden Lane plus construction of an extension to Palladium Drive. </li></ul><ul><li>Established road improvements required for three incremental periods of corridor development. </li></ul><ul><li>Projected type and timing of water and wastewater improvements required for “build-out”. </li></ul>
  12. 12. Public Supplied Infrastructure <ul><li>Established type and timing of committee desired streetscape and walkway/pathway improvements. </li></ul><ul><li>Projected infrastructure improvement cost approximating $23 million. </li></ul><ul><li>Developed schedule for incremental infrastructure investment based on schedule of development within the Corridor. </li></ul><ul><li>Noted need for area wide coordination of waster water infrastructure treatment capacity to assure future treatment capacity is available to accommodate Corridor development.. </li></ul>
  13. 13. Project Financing <ul><li>Reviewed formation of a Corridor Improvement Authority (CIA) that would have ability to use tax increment financing (TIF) and made recommendation that a CIA be formed. </li></ul><ul><li>Prepared a TIF financial analysis indicating potential revenue of $30 million over 20 years under the assumption that development occurs according to the schedule determined by each Township. </li></ul><ul><li>Identified state/federal transportation, Michigan Department of Natural Resources (MDNR), County Drain Commission and Township funding which could be used to finance projects. </li></ul><ul><li>Concluded the project is “financially feasible” under assumptions employed, however, the ability of a CIA to secure debt based on the proposed schedule of future development would likely require “full faith credit enhancement of Township general fund tax revenue” to secure bonded indebtedness. </li></ul><ul><li>Discussed use of Berrien County Board of Public Works financing abilities in lieu of CIA and grant based funding approach. </li></ul>
  14. 14. Project Implementation <ul><li>Establish a Joint Municipal Planning Commission to be known as the “Hollywood Road Joint Planning Commission”. </li></ul><ul><li>Prepare Master Plan as a Sub-area Plan of Township Master Plans. </li></ul><ul><li>Prepare a Single-purpose Zoning Ordinance District for inclusion into Each Township Zoning Ordinance. </li></ul><ul><li>Establish a Corridor Improvement Authority with tax increment financing capability. </li></ul><ul><li>Assign economic development marking and infrastructure development responsibilities to the Corridor Improvement Authority. </li></ul><ul><li>Finalize financial strategy and gain funder commitments. </li></ul>
  15. 15. Reality Check Deerwood Park Vintage 1985/6
  16. 16. Deerwood Park - 2008
  17. 17. Thank You Chuck Eckenstahler McKenna Associates 151 Rose Street, Suite 920 Kalamazoo, MI 49007 269-3824443 219-861-2077 (direct) Project Director