CNUNE Summit - Brian O’Looney

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CNUNE Summit - Brian O’Looney

  1. 1. Public Involvement: City built streets, City Hall anchor; TIFF financing SOUTHLAKE TOWN SQUARE, Southlake, TX Torti gallas and partners Architects of Sustainable Communities
  2. 2. Brian O’Looney Torti Gallas and PartnersTorti gallas and partners Architects of Sustainable Communities
  3. 3. Brian O’Looney Torti Gallas and PartnersTorti gallas and partners Architects of Sustainable Communities
  4. 4. Torti gallas and partners Architects of Sustainable Communities
  5. 5. Brian O’Looney Torti Gallas and PartnersTorti gallas and partners Architects of Sustainable Communities
  6. 6. REWARDS: Conventional vs. Pedestrian-Oriented Development Net Fiscal Impact Analysis Torti gallas and partners Architects of Sustainable Communities
  7. 7. Public Involvement: City built streets, City Hall anchor; TIFF financing SOUTHLAKE TWN SQ, Southlake, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc.
  8. 8. Ritualized activity programming. - Weekly Running groups - Weekly Farmer’s Market - Organized or Destination Pick-up Chess - (Summer) Daily Play Fountain - Seasonal Art Show - Annual Car Show - Weekend Concerts - Mushroom Festival - Annual OctoberfestTorti gallas and partners Architects of Sustainable Communities
  9. 9. Under a tax increment financing plan, the county, city of Beavercreek, Beavercreek Twp. and Greene County Career Center agreed to divert 15 percent of their property tax revenue from The Greene for up to 25 years to pay for a share — about $6.3 million — of the work. The county commissioners will divert 100 percent, although they will get sales taxes, of their share, plus contribute $300,000 a year from their general fund. The county issued bonds to finance the $6.3 million, plus another $6 million that would be paid back with interest through special assessments against The Greene and its tenants. --- Prior to approving the loan, the county got a letter of credit from a bank, guaranteeing that The Developer will repay the $14.8 million. Plus, if The Greene doesnt generate enough property taxes to repay the debt, the county will levy special assessment against the property. Also, since The Greenes property value is expected to exceed $186 million, the developer cant ask the county to reduce that value until after the debt is paid in full. The Developer has 25 years to repay the loan, but if The Greene is valued at $250 million or more, which is a possibility, the bonds could be paid off in about 10 years.Numerous Public Incentives THE GREENE, Various Architects Torti gallas and partners Architects of Sustainable Communities
  10. 10. Public Involvement: City land swap, Civic anchors; MMD financing FRISCO SQUARE, Frisco, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc. USE PUBLIC FINANCING TOOLS AS MUCH AS POSSIBLE
  11. 11. Public Involvement: City land swap, Civic anchors; MMD, Utility financing FRISCO SQUARE, Frisco, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc.
  12. 12. Public Involvement: City land swap, Civic anchors; MMD financing FRISCO SQUARE, Frisco, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc. USE PUBLIC FINANCING TOOLS AS MUCH AS POSSIBLE
  13. 13. Public Involvement: City land swap, Civic anchors; MMD financing FRISCO SQUARE, Frisco, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc.
  14. 14. Public Involvement: City land swap, Civic anchors; MMD financing FRISCO SQUARE, Frisco, TX Torti gallas and partners Architects of Sustainable Communities David M. Schwarz/Architectural Services, Inc. USE PUBLIC FINANCING TOOLS AS MUCH AS POSSIBLE
  15. 15. Financing for the project comes from different sources, including the developer and the sale of $92.5-million in 30-yearbonds. To repay the bonds, the City levied a special ad valorem real estate tax in the amount of $0.25 per $100 value. Inaddition, the city diverts all incremental taxes above those collected during a base year as well as 50% of incremental salestax, 25% of incremental meals tax and 50% of incremental amusement tax. There is also a facility charge transaction fee(.5% fee applied to all retail purchases and fine dining) that is collected by the City Council approved CommunityDevelopment Authority. Torti gallas and partners Architects of Sustainable Communities
  16. 16. Financed with new tack-on sales tax Torti gallas and partners Architects of Sustainable Communities
  17. 17. Ground Lease using rent stream propelled fund for structured parking TWINBROOK METRO CENTER, Rockville, MD Torti gallas and partners Architects of Sustainable Communities
  18. 18. Ground Lease using rent stream propelled fund for structured parking TWINBROOK METRO CENTER, Rockville, MD Torti gallas and partners Architects of Sustainable Communities
  19. 19. Public Incentives include reduced cost land, underground garage construction, tax rebates etc. COLUMBIA HEIGHTS, DC, Various Architects Torti gallas and partners Architects of Sustainable Communities
  20. 20. Public Incentives include reduced cost land, underground garage construction, tax rebates etc. COLUMBIA HEIGHTS, DC, Various Architects Torti gallas and partners Architects of Sustainable Communities
  21. 21. Financed with new tack-on sales tax Torti gallas and partners Architects of Sustainable Communities
  22. 22. Issues Influencing Municipalities Financial Pressure, Inefficiency and Overextension• Reduced Access to Capital • Federal and State Reductions in Funding • Underfunded Pensions • Increased Operational Costs• Aging Infrastructure• Outsourcing of Manufacturing• Transfer of Jobs Out of Community• High Impact on Environment 22
  23. 23. Current Situation for Municipalities Reevaluation of Priorities and Value System• Real Estate & Property Devaluation• Large Budget Deficits• Reduction in Services to Community  • Lack of Distribution Efficiency • Unrealistic Bond Debt Structures  • Import Based Model • Revenue Reduction to Community• Non‐Sustainable 23
  24. 24. Alignment of Interests True Public-Private Partnership 24
  25. 25. Turner, TGP and Stubbs Enterprises US Patent Building, CARLYLE, Alexandria, VA Torti gallas and partners Architects of Sustainable Communities
  26. 26. University of HartfordTorti gallas and partners Architects of Sustainable Communities
  27. 27. Turner, Torti Gallas and Stubbs Enterprises PROJECT AT NORTH BROAD, Philadelphia, PA Torti gallas and partners Architects of Sustainable Communities

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