NJFuture Redevelopment Forum 13 Building Capacity Baumann-Domenick

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  • 1. Bloomfield TownshipBloomfield Parking Authority February, 2013
  • 2. Block 228
  • 3. The Challenges Triangular Shaped Block Multiple and Irregular Shaped Lots High Land Acquisition Costs Limited Parking Revenues to Finance Garage Litigation Uncertain Status of Redevelopment Designation and Powers Vacant/Dilapidated Train Station
  • 4. The Positives Across from Train Station and at Center of Bloomfield Center Low Construction Costs Attractive Interest Rates Limited Number of Property Owners Limited Number of Replacement Parking Spaces Required Redevelopment Area Mayor and Council Support
  • 5. The Project Private Mixed-Use Project  60,000 sf of First Floor Retail/Commercial Development in Three Buildings  224 Residential Units on Four Floors Above First Floor in Three Buildings Public Parking Project  470 Car Parking Structure Surrounded by Mixed-Use Project Train Station Project  Renovate Train Station
  • 6. SITE PLAN
  • 7. UPPER LEVELS
  • 8. RENDERING
  • 9. Legal Foundation Use Collective Powers of the:  Redevelopment Law  Parking Authorities Law  Long Term Tax Exemption Law  County Improvement Authorities Law  Redevelopment Area Bond Financing Law  Section 103 of Internal Revenue Code  Shared Services Law
  • 10. The Plan Acquire, Consolidate and Subdivide Block 228 into the Private Mixed-Use Project and the Parking Project Dedicate PILOT from Mixed-Use Project to Parking Project and Provide Parking Spaces to Mixed-Use Project Renovate Train Station
  • 11. Governing Parameters Parking Authority Must Remain Self Liquidating Private Developer Must be Able to Obtain Financing and Have a Successful Project Financial Risk to Ratepayers and Taxpayers Must Be Managed
  • 12. Parking Authority Financial Plan Revenues  PILOTs from Mixed-Use Project  Revenues from Parking Agreement with Residential Project Owner and Anchor Retail Tenant  Revenues from Commuters and Short Term Users Expenses  Debt Service  Operating Expenses
  • 13. Key Agreements Financial Agreement (PILOT) Redevelopment Agreement Shared Services Agreement (PA and Township Share Excess Revenues) Parking Garage Construction Agreement (GMP) Land Swap Agreement Parking Agreements
  • 14. Train Station Improved and Safer Access to Both Sides of Platform Complement Development of New Parking Garage and Retail/Residential Improvements How We Pay for Improvements (CDBG etc)