City of Peachtree CityHuddleston Road RedevelopmentFinancing Options                                1
Peachtree City                 2
Discussion Topics•   Project context•   Report overview•   Option summaries•   Next steps•   Appendix                     ...
Project Objective and Scope       Objective                      Scope Explore development          •Explore Community app...
Peachtree City is reaching build out and needs  to be proactive in redevelopment efforts                                  ...
Huddleston Road Activity Center presents anopportunity for proactive redevelopment                 Observations           ...
Discussion Topics•   Project context•   Report overview•   Option summaries•   Next steps•   Appendix                     ...
This report represents a summary of thefindings from the exploration                      Select      Detailed         Exe...
Discussion Topics•   Project context•   Report overview•   Option summaries•   Next steps•   Appendix                     ...
Overview: Huddleston Road Activity Center           Situation•Connects major industrialcenter to SR 54•36,000 vehicles pas...
Huddleston Road Activity Center                                  11
Potential options: Finance Tools                        Community Improvement District                        Tax Allocati...
Community Improvement District                                                   Description                              ...
Tax Allocation District                                                 Description                                •Determ...
Tax increment covers bond repayment throughTAD terminationSource: “Tax Increment Financing,” Professor Craig L. Johnson   15
GEFA Clean Water State Revolving Fund LoanProgram• Provides up to $25M in loans to fund water infrastructure  development•...
Discussion Topics•   Project context•   Report overview•   Option summaries•   Next steps•   Appendix                     ...
Where do we go from here?  • Develop set of guiding principles to vet highest potential    options:               • CID   ...
Discussion Topics•   Project context•   Report overview•   Option summaries•   Next steps•   Appendix                     ...
Community Improvement Districts in MetroAtlanta• Buckhead CID – Jim Durrett, Executive Director (www.buckheadcid.com)• Gwi...
Tax Allocation Districts in Metro AtlantaComparable in Assessed ValueSource: Research Atlanta Incorporated: “Georgia Redev...
Other Tax Allocation Districts in Metro Atlanta• Atlanta Development Authority   – http://www.atlantada.com/buildDev/taxAl...
Tax Allocation District Resources•   Research Atlanta: Georgia Redevelopment Powers Law: A Policy Guide to the Evaluation ...
GEFA Clean Water State Revolving Loan FundResources• Georgia Environmental Facilities Authority   – http://www.gefa.org/In...
Legislation regarding Tax Allocation Districts andCommunity Improvement Districts• Tax Allocation District   – Georgia Red...
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Peachtree City Huddleston Road Redevelopment Project

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Peachtree City Huddleston Road Redevelopment Project

  1. 1. City of Peachtree CityHuddleston Road RedevelopmentFinancing Options 1
  2. 2. Peachtree City 2
  3. 3. Discussion Topics• Project context• Report overview• Option summaries• Next steps• Appendix 3
  4. 4. Project Objective and Scope Objective Scope Explore development •Explore Community approaches that could Improvement Districts fund infrastructure and Tax Allocation development in Districts Peachtree City’s •Focus on fundingHuddleston Road Activity sanitary sewer Center installation 4
  5. 5. Peachtree City is reaching build out and needs to be proactive in redevelopment efforts Industrial (711 ac) 5Source: 2010 Peachtree City Undeveloped Property Database
  6. 6. Huddleston Road Activity Center presents anopportunity for proactive redevelopment Observations Opportunity•City generates $19,365 in revenue •Area has potential to generatefrom study area significantly more revenue for the citySource: Fayette County Tax Assessor Property Records, Analysis 6
  7. 7. Discussion Topics• Project context• Report overview• Option summaries• Next steps• Appendix 7
  8. 8. This report represents a summary of thefindings from the exploration Select Detailed ExecuteExplore Options Option Master Plan Master Plan Focus of Project Design Vet Establish Baseline Development Development Approaches Approaches 8
  9. 9. Discussion Topics• Project context• Report overview• Option summaries• Next steps• Appendix 9
  10. 10. Overview: Huddleston Road Activity Center Situation•Connects major industrialcenter to SR 54•36,000 vehicles pass throughcorridor daily, but do not utilizelight industrial and retail alongcorridor Challenges•All (56) parcels use septictanks•Total assessed value of 169acre area is ~8.75M Key Questions•How can Peachtree Cityincrease property values inHuddleston Road ActivityCenter? Source: Peachtree City Huddleston Road LCI Application, Fayette County Tax Assessor Property Records 10
  11. 11. Huddleston Road Activity Center 11
  12. 12. Potential options: Finance Tools Community Improvement District Tax Allocation DistrictDescription: •Property owners in a designated •Freezes tax base for area consent to a self-tax to fund jurisdictions and allocates tax projects within district increment to pay off bonds issued for redevelopmentUpfront •Feasibility study, redevelopment ~$250,000investment: plan, and public educationTime to 9-12 months ~12 monthsimplement:Estimated 5 mils = $17,500 •Depends on redevelopmentannual value: plansSource: Fayette County Tax Assessor Property Records, Analysis, Interviews with Gwinnett Place, GwinnettVillage, Buckhead, and Lilburn CID Executive Directors 12
  13. 13. Community Improvement District Description •Designate proposed area for CID •Secure property owner consent •Secure Georgia Legislature bill •Establish board of directors •Identify projects •Set millage rate and administer tax •Evaluate after 6 years Benefits Risks/Hurdles •Focuses tax dollars in district •Lack of proper education can block •Enables leveraging of funds against implementation state and federal dollars •Difficult to dissolveSource: Interviews with Gwinnett Village, Gwinnett Place, and Lilburn CID Executive Directors 13
  14. 14. Tax Allocation District Description •Determine project feasibility •Create redevelopment plan •Obtain buy-in from county and school board •Secure TAD approval through county referendum •Set in motion tax increment collection •Manage projects Benefits Risks/Hurdles •Increases economic base of area •Lack of buy-in from school board will •Creates halo effect prevent passage of TAD legislation •Does not affect current tax revenue •Development could fail to generate •Self-financing revenue sufficient to cover capital costs •Expands local tax base •Could increase burden on Peachtree City to •Leverage private investment provide public servicesSource: Georgia Redevelopment Powers Law, Tax Increment Financing: How Public-Private Partnerships are FundingUrban Development by Douglass Selby; Recommended Practices: Effective Tax Increment Finance Program 14Management, Council of Development Finance Agencies
  15. 15. Tax increment covers bond repayment throughTAD terminationSource: “Tax Increment Financing,” Professor Craig L. Johnson 15
  16. 16. GEFA Clean Water State Revolving Fund LoanProgram• Provides up to $25M in loans to fund water infrastructure development• Offers 3% interest rate and 2% closing fee• Policy requires that loan is repaid in 20 years 16Source: Georgia Environmental Facilities Authority
  17. 17. Discussion Topics• Project context• Report overview• Option summaries• Next steps• Appendix 17
  18. 18. Where do we go from here? • Develop set of guiding principles to vet highest potential options: • CID – Explore including in CID the three major shopping centers surrounding Huddleston Road Activity Center • TAD • CID/ TAD combination • GEFA Clean Water State Revolving FundSource: Georgia Environmental Facilities Authority 18
  19. 19. Discussion Topics• Project context• Report overview• Option summaries• Next steps• Appendix 19
  20. 20. Community Improvement Districts in MetroAtlanta• Buckhead CID – Jim Durrett, Executive Director (www.buckheadcid.com)• Gwinnett Village CID – Chuck Warbington, Executive Director (www.gwinnettvillage.com)• Gwinnett Place CID – Joe Allen, Executive Director (www.gwinnettplacecid.com)• Lilburn CID – Gerald McDowell, Executive Director (www.lilburncp.com/lilburn_cid)• Perimeter CID – Yvonne Williams, Executive Director (www.perimetercid.org)• Evermore CID – Jim Brooks, Executive Director (www.evermorecid.org)• Town Center Area CID – T.E. “Skip” Spann, Chairman (678-797-2172)• Cumberland CID – Malaika Rivers, Executive Director (www.cumberlandcid.org) Note: Chuck Warbington has offered to consult with Peachtree City – Contact: 770-449-7515 20
  21. 21. Tax Allocation Districts in Metro AtlantaComparable in Assessed ValueSource: Research Atlanta Incorporated: “Georgia Redevelopment Powers Law: A Policy Guide to the Evaluation 21and Use of Tax Allocation Districts
  22. 22. Other Tax Allocation Districts in Metro Atlanta• Atlanta Development Authority – http://www.atlantada.com/buildDev/taxAllocationDistricts.jsp• Gwinnett Village CID – Tax Allocation District #1 (Jimmy Carter Boulevard) – Tax Allocation District #2 (Indian Trail) 22
  23. 23. Tax Allocation District Resources• Research Atlanta: Georgia Redevelopment Powers Law: A Policy Guide to the Evaluation and Use of Tax Allocation Districts – http://aysps.gsu.edu/publications/TAD_compiled.pdf• City of Lilburn: Tax Allocation District Presentation – http://www.cityoflilburn.com/vertical/Sites/%7B27D9A3D2-F0A2-4034-B1A9- 44C8947743DE%7D/uploads/%7B49F6B252-0BE3-41F8-BC71-7CBA33C31C20%7D.PDF• Livable Communities Coalition: “Survey and Analysis of Tax Allocation Districts in Georgia: A Look at the First Eight Years” – http://www.livablecommunitiescoalition.org/uploads/100012_bodycontentfiles/100578.pdf• Council for Development Finance Agencies: TIF Resource Library – http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/tifcbuildingresources.html• Council for Development Finance Agencies: Tax Increment Finance Coalition – http://www.cdfa.net/cdfa/cdfaweb.nsf/tifcnewsletter.html• Hunton & Williams LLP: Tax Increment Financing: How Public-Private Partnerships Are Financing Urban Development – http://www.hunton.com/files/tbl_s47Details%5CFileUpload265%5C1611%5CTax_Increment_Financi ng_Selby.pdf• National Association of Realtors: Tax Increment Financing – http://www.realtor.org/smart_growth.nsf/docfiles/TIFreport.pdf/$FILE/TIFreport.pdf 23
  24. 24. GEFA Clean Water State Revolving Loan FundResources• Georgia Environmental Facilities Authority – http://www.gefa.org/Index.aspx?page=80• Council of Development Finance Agencies: Revolving Loan Fund Resources – http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/rlfresourcelibrary.html 24
  25. 25. Legislation regarding Tax Allocation Districts andCommunity Improvement Districts• Tax Allocation District – Georgia Redevelopment Powers Law: http://www.cdfa.net/cdfa/cdfaweb.nsf/pages/gatadstatute.html/$file/ Georgia_TAD_Statute.pdf• Community Improvement District – Article IX, Section VII (pp.79-81): http://sos.georgia.gov/ELECTIONS/GAConstitution.pdf 25
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