Tif original 2011 final council presentation

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Presentation of Downtown Development & Tax Increment Financing Plan Amendment

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  • How was this possible?
  • In addition DDA brings 65% more in county TIF, grants, sponsorships, donations, and other revenue into the downtown for reinvestmentSo for every dollar the City invests, DDA returns $1.65
  • Tif original 2011 final council presentation

    1. 1. THE ORIGINAL TIF DISTRICT & DEVELOPMENT PLAN AMENDMENT
    2. 2. EVOLUTIONThriving Downtown Ferndale: 1920’s-60’s
    3. 3. EVOLUTION• 1970s – late 1990s Rapid Decline and Disinvestment: – 30% vacancy rate – “Fabulous Ferndale” – the butt of jokes – Properties abandoned and neglected – Sense of Place Lost – Quality of Businesses Drove Residents to Look Elsewhere – Empty Streets
    4. 4. EVOLUTION• In 1980, the National Trust for Historic Preservation developed a downtown revitalization program: the National Trust Main Street Center (NTMSC)• Now includes over 2,000 downtown revitalization programs across the US.• Locally, Main Street Oakland County administers the program and its services to 11 communities in the County.• Ferndale was accepted into the program in 2001.
    5. 5. 2000-2010 STATISTICSTHE PAST 10 YEARS• $57.5 million reinvestment• 1244 Net New Jobs• Reduced Vacancy Rate From 30% In 2000 To Less Than 5% Today• Over 75% of Downtown Buildings Renovated (172) with 122,002 square feet of new buildings/additions• 17,647 Volunteer Hours Valued at $370,500 268% Increase in Property Values Since 1981
    6. 6. EVOLUTION• In 2010, the National Main Street Center awarded the City of Ferndale its “Great American Main Street” award.• This recognition is given to only five communities across the US each year,• Award is notable as it comes at a time when Michigan’s economy is struggling• The Ferndale Downtown Development Authority is the first Main Street Oakland County program participant to bring home the GAMSA and only the third in Michigan to be so honored since the award began in 1995.
    7. 7. 2011 STATISTICS$1, 941,755 in 32 Building 34 New Public & 154 New Jobs Rehabilitations Public Businesses (20 Private (86 Net) or Improvements Net)Reinvestment Modifications
    8. 8. WHAT THE DDA DOESBusiness Start Up & Assistance• Guide New Business Start-ups in Downtown• BUILD Grant & MSOC Design Assistance• Track and List Available Properties Online• Provide Location Assistance• Provide Consultation Services & Insights• Offer Networking Events For Every Stage Business• FREE Marketing, Promotions & Consultations• Resource on State & Federal Financial Incentives and Business Planning
    9. 9. IMPACT OF THE DDA• Increased Occupancy Rate by over 25%
    10. 10. WHAT THE DDA DOESPublic/Private Physical Improvements & Maintenance• Streetscape Plans, Projects & Improvements• Landscape & Flower Installations & Maintenance• Planting Of More Than 40 New Trees On Woodward Ave• Design Guidelines & Façade Grants For Façade Improvements• Long Term Planning For Capital Improvement Projects• Wayfinding, Directional And Historical Signage• Develop Programs To Encourage Buy-in By Businesses To Improve Their Visuals, i.e. Pimp Your Pot• Encourage Environmental Sustainability With Financial Incentives
    11. 11. IMPACT OF THE DDA• Physical Building Improvements – Since 2000 over 75% of downtown buildings rehabilitated
    12. 12. IMPACT OF THE DDA• Environment Improvements – Landscaping – Maintenance – Pocket Parks – Bike Racks – Benches – Banners – Holiday Decor
    13. 13. IMPACT OF THE DDA• Complete Streets/Capital Improvements to Streetscapes, Infrastructure (See Capital Plan List)
    14. 14. WHAT THE DDA DOESPromotions & MarketingCommunicate Assets For Downtown Ferndale & Its Businesses• Regularly Distribute Press Releases & Media Alerts• Maintain & Update Social Media• Maintain & Update www.downtownferndale.com – More Than 13,000 Unique Visitors In A Given Month• Bi-weekly Eblast Newsletters To More Than 2000+ Consumers & Businesses• Develop, Promote and Execute Special Events• Promote Engagement and Collaboration: – Third Party Event Organizers – Business to Business
    15. 15. IMPACT OF THE DDA• A New Downtown Identity to be Proud Of
    16. 16. IMPACT OF THE DDA• 36 DDA-run Special Events & over 50 that we support and promote
    17. 17. WHAT THE DDA DOES Grass-Roots Community Building• Recruit volunteers for jobs big and small• Train & honor volunteers to make them partners and vested in their community• Engage non-profits and build partnerships for better business• Fundraise to leverage tax dollars
    18. 18. IMPACT OF THE DDA• Over 40 volunteers = Community Driven Programming to Meet Community Needs Value of DDA services to the community is over $747,000 per year.
    19. 19. WHERE REVITALIZATION STARTED• The DDA was created by the City Council on July 14, 1980• DDA’s primary purpose is to correct and prevent deterioration and promote economic growth within Ferndale’s downtown business district.• City Established DDA TIF District In 1981• Reinvestment Tool Dedicated to the Economic Growth of Downtown Ferndale• The 1981 TIF Plan has been updated and amended three times in the past 30 years.
    20. 20. TIF DISTRICT MAPGreen Shaded AreaIs TIF District
    21. 21. AMENDMENT BACKGROUND• The TIF Plan must be updated to continue revitalization efforts.• Currently, the Plan and its projects expires in 2013 or as amended by Council.• This TIF Plan updates the DDA’s goals, objectives and recommended actions that will lead to planning and prioritizing future projects.• Through this TIF Plan update, the DDA will ensure that the development, redevelopment and other improvements within the downtown district occur in an orderly manner, so as to continue positive improvements downtown.
    22. 22. WHAT IS TIF? TAX INCREMENT FINANCING (TIF)• NOT A NEW TAX – WILL NOT INCREASE TAXES A PROPERTY PAYS• TIF is the ability to capture the incremental increase in property taxes that results from improvements in the district.• The captured revenues from multiple taxing jurisdictions are used to finance public improvement projects within the district, as a means for jumpstarting economic growth.
    23. 23. WHAT IS TIF?• Collects Percentage of City & Non-City Tax Revenue That Increases As Property Values Rise Each Year within Defined Commercial District• The City General Fund Continues To Receive Base Amount of Tax Revenue From District ($140,776 annually)
    24. 24. WHAT IS TIF?• BONUS!! Oakland County & TIF REVENUE Other Taxing Authorities CITY COUNTY Invest Their Portion of Increased Tax Revenue In TIF District. 22% – This Portion Would Otherwise Leave The City.• Equal to over @$100,000 annually or more than $1 million in 10 years. 78%
    25. 25. DDA REVENUE FUNDS FYE 2012 DDA REVENUE 16% Local TIF3% County TIF 5% 1.3794 LEVY from TIF Area 61% 1.3794 LEVY from NON-TIF 15% Area GRANTS, SPONSORSHIPS & FEES
    26. 26. RETURN ON INVESTMENT165% Return on Investment
    27. 27. WHAT’S IN THE DEVELOPMENT & TIF PLANS?• What’s Working & What Needs Work• Best Practices for Downtowns• Development & Redevelopment Opportunities• Streetscape Projects• Traffic & Parking Improvements that Will Stimulate Economic Growth• Program Goals• Property Value Analysis
    28. 28. COMMUNITY OUTREACH & RESEARCH• Traffic & Streetscape Analysis• Stakeholder Meetings• Community Forums• Stakeholder & Consumer Surveys• Monthly Meetings with Advisory Committee• County Meetings
    29. 29. PRINCIPLES FOR A HEALTHY DOWNTOWN• Downtown buildings frame the public realm and provide the physical context for human activity.• Circulation and parking in the downtown are important for visitors, residents and business owners. Pedestrian, bicycle, and automobile flow should be intuitive, convenient and employ common sense design.• Streetscape elements include plantings, pedestrian amenities, and gathering spaces.
    30. 30. PRINCIPLES FOR A HEALTHY DOWNTOWN• Signs convey a great deal of information to downtown visitors, and go beyond simply identifying businesses or the locations of downtown features• Land uses make downtown amenable for living, working and playing. Successful downtowns have a good variety of pedestrian- oriented uses that generate pedestrian traffic throughout the day and week.
    31. 31. WHAT’S WORKING DOWNTOWN TODAY? --JUST A SAMPLE• The intersection of Nine Mile Road and Woodward Avenue is full of entertainment and dining opportunities.• Most of the businesses in this area appear to be viable.• The historic Magic Bag Theater has been serving Ferndale residents since 1921 and has adapted to the changing times by offering live music and film events.
    32. 32. WHAT’S WORKING DOWNTOWN TODAY? --JUST A SAMPLE• The pedestrian crossing at Woodward and Nine Mile features landscaping and historic markers that provide refuge for those stopping at the midpoint across Woodward Avenue• The alley from Troy to W. Nine Mile provides an appealing link between the rear parking area and the main business area• The alley from E. Nine Mile, just east of Woodward Avenue provides an enticing respite
    33. 33. WHAT NEEDS WORK DOWNTOWN TODAY? --JUST A SAMPLE• The automobile collision shop on Vester may not be the best use for this part of downtown and may be limiting redevelopment potential on the north side of the street.• The vacant alleyway between Nine Mile and Withington is very large and offers no good use in its current form
    34. 34. WHAT NEEDS WORK DOWNTOWN TODAY?• Limited availability of secure --JUST A and visible bicycle parking• Blockages in/on the sidewalk SAMPLE impede pedestrian circulation• Lack of bus stop amenities, such as furniture, wayfinding signage, or shelter may deter riders
    35. 35. DEVELOPMENT PLAN PROJECTS• Although Downtown Ferndale has come a long way over the past ten years, there are abundant opportunities to further enhance and improve the City.• By continuing to strengthen the downtown, these improvements will benefit businesses and residents throughout the City.• The projects are broken into three components: Development, Streetscape, and Traffic & Parking.
    36. 36. DEVELOPMENT -RELATED PROJECTS• Create a redevelopment facilitation program to encourage the redevelopment of specific properties in the TIF district, leveraging private investment. – Budget: many of these tasks are reflected in the DDA operating budget, approximately $560,000. – Priority: High• Potential Redevelopment Sites include those detailed in the Existing Development chapter, to be prioritized by the DDA as market conditions, community needs, and funding allows.
    37. 37. Development -Related Projects• Program may include a variety of activities: – DDA purchase and redevelopment of property – Facilitating and/or participating in a public/private partnership, – Facilitating “shovel-ready permitting,” and/or – Marketing available properties to the private sector
    38. 38. Development -Related Projects• Program would include DDA involvement and/or assistance, some of which the DDA currently provides, such as – Design assistance – BUILD program – Market data – Incentives for specific development needs (i.e., floor area bonus, parking reduction, etc.) – Site acquisition – Preparation of site plans & permitting – Tenant relocation assistance
    39. 39. STREETSCAPE PROJECTS• Create a comprehensive streetscape program – Special attention will be given to streetscape amenities that improve the safety, ease, and comfort of mass transit – Program will include lights, benches, receptacles, pocket parks, LED lighting, and alley enhancements – Budget: $2,000,000 – Priority: Medium
    40. 40. STREETSCAPE PROJECTS• Create a public art program throughout downtown – Budget: Low cost/no cost – Priority: High• Implement streetscape projects along the Woodward Avenue corridor in conjunction with the Woodward Avenue Action Association’s 2010 Non-Motorized Transportation Plan – Budget: State, Federal Grants, Local match – Priority: High
    41. 41. STREETSCAPE PROJECTS• Redesign Nine Mile and Livernois intersection to improve the pedestrian experience, provide clarity for motorists, enhance safety – May include developable retail site as market conditions and community needs warrant, and/or a pocket park – Budget: $50,000—$250,000 – Priority: High• Implement all components of wayfinding plan (2010) to help identify businesses, history, and culture. – Budget: $50,000—$100,000 – Priority: Medium
    42. 42. TRAFFIC & PARKING PROJECTS• Support the study needed to implement a Complete Streets Plan, including a “road diet”, for Woodward Avenue – Refer to the “Woodward Avenue Non-motorized Transportation Master Plan, Eight Mile Road to Maple Road,” January 2010 – Budget: State, Federal Grants, and Local match – Priority: High• Work with MDOT to improve pedestrian crossings of Woodward Avenue, specifically at Cambourne, Withington/Vester, and Pearson – Budget: Assume 20% local share—$750,000 per crossing – Priority: High
    43. 43. TRAFFIC & PARKING PROJECTS• Support development of the City’s non-motorized transportation network plan – Refer to Complete Streets Ordinance approved in 2010 – Budget: Low cost/no cost for bike routes – Priority: Medium• Develop a “road diet” plan for West Nine Mile Road, between Pinecrest and Livernois. – Not in the current TIF area, but impacts the downtown area considerably in both appearance and function – This project may also include the reopening of Livernois north of Nine Mile to re-establish the connection between the neighborhood and Downtown – Budget: $1,250,000 – Priority: Medium
    44. 44. TRAFFIC & PARKING PROJECTS• Build parking structures in downtown area as appropriate – Budget: $8,500,000 for Withington; $6,750,000 for City Hall/Library – Financing of these structures through a public/private partnership would reduce the DDA’s share of construction and financing cost – Priority: Medium
    45. 45. TRAFFIC & PARKING PROJECTS• Provide a more complete and identifiable system of wayfinding signage for the City’s major public parking facilities – Budget: DDA Operating budget; refer to Capital Improvements Plan and Wayfinding Budget Compilation – Priority: Medium• Develop an incentive program to consolidate private parking lots that will facilitate shared parking and allow for redevelopment of properties – Budget: Low cost - DDA Operating budget – Priority: Medium
    46. 46. TRAFFIC & PARKING PROJECTS• Conduct traffic studies to identify specific plans for improving traffic flow and safety at the following locations: – Withington (Funded in conjunction with parking garage project) – W. Troy and W. Saratoga (west of Allen Street – to evaluate parking intrusions as well as truck loading/unloading) – Allen Street (just south of W. Nine Mile – to study optimum traffic control) – Paxton (to study optimum traffic control) – Budget: Low cost (DDA Operating budget) – Priority: Medium
    47. 47. TIF PROCEDURES• This plan is a continuation and renewal of the 1981 DDA TIF Plan.• Its duration is 20 years past the issuance of the last bond• The initial assessed value in the district remains $5,702,600.• Growth of the District is projected over the next 20 years• In County’s 2012-2014 Triennial Budget, property values projected to decline by 3% in 2012, by 1% in 2013, and bottom out with no change in 2014.• This plan projects property values in the TIF district to make similar changes, and then increase by a modest 2% for the remainder of the 20-year extension time.
    48. 48. 20-year Projection of TIF District Capture Chart will be broken out on next three slidesTIF District 20-year projection of tax revenue by jurisdiction, assuming 2% annual growth in Taxable Value City Non-City Headlee Total Non- Taxable Override City Total Value Library Refuse City Operating Increase Total City County HCMA Revenue Revenue Year Capture1 (1.9601) Debt (6.000) (2.1815) (14.5448) (3.7800)3 Revenue2 (6.6059)* (0.2146) (6.8205) Capture4 2012 $21,032,575 $30,048 $91,980 $33,442 $222,971 $57,947 $436,389 $101,268 $3,290 $104,558 $540,947 2013 $20,822,249 $29,636 $90,718 $32,984 $219,912 $57,152 $430,402 $99,879 $3,245 $103,124 $533,526 2014 $20,822,248 $29,636 $90,718 $32,984 $219,912 $57,152 $430,402 $99,879 $3,245 $103,124 $533,525 2015 $21,238,692 $30,452 $93,217 $33,892 $225,969 $58,726 $442,257 $102,630 $3,334 $105,964 $548,221 2016 $21,663,464 $31,285 $95,765 $34,819 $232,148 $60,332 $454,348 $105,436 $3,425 $108,861 $563,209 2017 $22,096,733 $32,134 $98,365 $35,764 $238,449 $404,712 $108,298 $3,518 $111,816 $516,528 2018 $22,538,666 $33,000 $101,016 $36,728 $244,877 $415,622 $111,217 $3,613 $114,830 $530,452 2019 $22,989,439 $33,884 $103,721 $37,711 $251,434 $426,750 $114,195 $3,710 $117,905 $544,655 2020 $23,449,226 $34,785 $106,480 $38,714 $258,121 $438,100 $117,232 $3,808 $121,041 $559,141 2021 $23,918,210 $35,704 $109,294 $39,737 $264,942 $449,678 $120,330 $3,909 $124,240 $573,917 2022 $24,396,573 $36,642 $112,164 $40,781 $271,900 $461,487 $123,491 $4,012 $127,502 $588,989 2023 $24,884,504 $37,598 $115,091 $41,845 $278,997 $473,532 $126,714 $4,116 $130,830 $604,362 2024 $25,382,193 $38,574 $118,078 $42,931 $286,236 $485,818 $130,001 $4,223 $134,225 $620,043 2025 $25,889,836 $39,569 $121,123 $44,038 $293,619 $498,350 $133,355 $4,332 $137,687 $636,037 2026 $26,407,631 $40,584 $124,230 $45,168 $301,151 $511,133 $136,775 $4,443 $141,219 $652,351 2027 $26,935,783 $41,619 $127,399 $46,320 $308,832 $524,171 $140,264 $4,557 $144,821 $668,992 2028 $27,474,498 $42,675 $130,631 $47,495 $316,668 $537,470 $143,823 $4,672 $148,495 $685,965 2029 $28,023,986 $43,752 $133,928 $48,694 $324,660 $551,035 $147,453 $4,790 $152,243 $703,278 2030 $28,584,465 $44,851 $137,291 $49,917 $332,812 $564,871 $151,155 $4,910 $156,066 $720,937 2031 $29,156,153 $45,971 $140,721 $51,164 $341,127 $578,984 $154,932 $5,033 $159,965 $738,949 $487,707,123 $732,401 $2,241,931 $815,129 $5,434,739 $291,310 $9,515,510 $2,468,328 $80,186 $2,548,515 $12,064,025 1 21) All 2012 figures based on Ferndale DDA Projected Revenue for FY2012, and assumes 1% decline in 2013, no change in 2014, then 2% increase for futureyears (value change based on Oakland County 2012-2014 budget) 3
    49. 49. TIF District 20-year projection of Taxable Value Year Capture1 2012 $21,032,575 2013 $20,822,249 2014 $20,822,248• Represents the Taxable Value of all taxable 2015 $21,238,692 2016 $21,663,464 property in the DDA district 2017 $22,096,733• All 2012 figures based on Ferndale DDA 2018 $22,538,666 2019 $22,989,439 Projected Revenue for FY2012, 2020 $23,449,226• Assumes 1% decline in 2013 2021 2022 $23,918,210 $24,396,573• No change in 2014 2023 2024 $24,884,504 $25,382,193• 2% increase for future years (value change 2025 $25,889,836 2026 $26,407,631 based on Oakland County 2012-2014 2027 $26,935,783 2028 $27,474,498 budget 2029 $28,023,986• Conservative projections, it is likely that 2030 2031 $28,584,465 $29,156,153 DDA projects will increase values at a $487,707,123 higher rate 1 1) All 2012 figures based on Fernda
    50. 50. ojection of tax revenue by jurisdiction, assuming 2% annual growth in Taxable Value City Headlee • Represents the Non-City Total Non- le Override City Totale Library Refuse Increase City Operating Total City County City taxRevenue Revenue HCMA revenuere1 (1.9601) Debt (6.000) (2.1815) (14.5448)(3.7800)3 2 Revenue (6.6059)* (0.2146) (6.8205) Capture4,575,249 $30,048 $29,636 $91,980 $90,718 $33,442 $32,984 $222,971 $219,912 $57,947 $57,152 $436,389 $430,402 $101,268 $99,879 from the $3,290 $3,245 $104,558 $103,124 $540,947 $533,526,248,692 $29,636 $30,452 $90,718 $93,217 $32,984 $33,892 $219,912 $225,969 $57,152 $58,726 $430,402 $442,257 $99,879 $102,630 incremental $533,525 $3,245 $3,334 $103,124 $105,964 $548,221,464,733 $31,285 $32,134 $95,765 $98,365 $34,819 $35,764 $232,148 $238,449 $60,332 $454,348 $404,712 $105,436 $108,298 increase in $563,209 $3,425 $3,518 $108,861 $111,816 $516,528,666 $33,000 $101,016 $36,728 $244,877 $415,622 $111,217 $3,613 $114,830 $530,452,439,226 $33,884 $34,785 $103,721 $106,480 $37,711 $38,714 $251,434 $258,121 $426,750 $438,100 $114,195 $117,232 taxable$121,041 $544,655 $3,710 $3,808 value $559,141 $117,905,210,573 $35,704 $36,642 $109,294 $112,164 $39,737 $40,781 $264,942 $271,900 $449,678 $461,487 $120,330 $123,491 since 1981 $573,917 $3,909 $4,012 $124,240 $127,502 $588,989,504,193 $37,598 $38,574 $115,091 $118,078 $41,845 $42,931 $278,997 $286,236 $473,532 $485,818 • City continues to $126,714 $130,001 $4,116 $4,223 $130,830 $134,225 $604,362 $620,043,836 $39,569 $121,123 $44,038 $293,619 $498,350 $133,355 $4,332 $137,687 $636,037,631,783 $40,584 $41,619 $124,230 $127,399 $45,168 $46,320 $301,151 $308,832 $511,133 $524,171 $136,775 $140,264 collect and $652,351 $4,443 $4,557 $141,219 retain $144,821 $668,992,498,986 $42,675 $43,752 $130,631 $133,928 $47,495 $48,694 $316,668 $324,660 $537,470 $551,035 $143,823 $147,453 revenue on 1981 $4,672 $4,790 $148,495 $152,243 $685,965 $703,278,465 $44,851 $137,291 $49,917 $332,812 $564,871 $151,155 $4,910 $156,066 $720,937,153 $45,971 $140,721 $51,164 $341,127 $578,984 $154,932 taxable$159,965 $738,949 $5,033 value707,123 $732,401 $2,241,931 $815,129 $5,434,739 $291,310 $9,515,510 $2,468,328 $80,186 $2,548,515 $12,064,025 • Includes Headlee 2sed on Oakland County 2012-2014 budget) Override from d on Ferndale DDA Projected Revenue for FY2012, and assumes 1% decline in 2013, no change in 2014, then 2% increase for futureerride millage of 28.4664 for 2012-2016, then reverts to original millage of 24.6864 2012-2016
    51. 51. 3risdiction, assuming 2% annual growth in Taxable Value City NON-CITY Non-City Headlee Total Non- Override • One of the biggest benefits of City City Total Refuse City Operating Increase Total County HCMA Revenue Revenue (6.000) (2.1815) (14.5448) (3.7800)3 2 (6.6059)* (0.2146) Capture41,980 a TIF district is the ability to Revenue $33,442 $222,971 $57,947 $436,389 $101,268 $3,290 (6.8205) $104,558 $540,9470,7180,718 capture non-city tax revenue$430,402 $32,984 $32,984 $219,912 $219,912 $57,152 $57,152 $430,402 $99,879 $99,879 $3,245 $3,245 $103,124 $103,124 $533,526 $533,5253,2175,765• Includes County, Huron- $33,892 $34,819 $225,969 $232,148 $58,726 $442,257 $60,332 $454,348 $102,630 $105,436 $3,334 $3,425 $105,964 $108,861 $548,221 $563,2098,365 $35,764 $238,449 $404,712 $108,298 $3,518 $111,816 $516,52801,016 Clinton Metropark $36,728 $244,877 $415,622 $111,217 $3,613 $114,830 $530,452 • Shows confidence by other $426,75003,72106,480 $37,711 $38,714 $251,434 $258,121 $438,100 $114,195 $117,232 $3,710 $3,808 $117,905 $121,041 $544,655 $559,14109,29412,164 taxing jurisdictions in the $449,678 $39,737 $40,781 $264,942 $271,900 $461,487 $120,330 $123,491 $3,909 $4,012 $124,240 $127,502 $573,917 $588,98915,09118,078 ability of DDA activities to $473,532 $41,845 $42,931 $278,997 $286,236 $485,818 $126,714 $130,001 $4,116 $4,223 $130,830 $134,225 $604,362 $620,04321,12324,230 increase property value in $498,350 $44,038 $45,168 $293,619 $301,151 $511,133 $133,355 $136,775 $4,332 $4,443 $137,687 $141,219 $636,037 $652,35127,399 $46,320 $308,832 $524,171 $140,264 $4,557 $144,821 $668,99230,631 future and for surrounding $537,470 $47,495 $316,668 $143,823 $4,672 $148,495 $685,96533,928 $48,694 $324,660 $551,035 $147,453 $4,790 $152,243 $703,27837,291 area $49,917 $332,812 $564,871 $151,155 $4,910 $156,066 $720,93740,721 $51,164 $341,127 $578,984 $154,932 $5,033 $159,965 $738,949 ,241,931 $815,129 $5,434,739 $291,310 $9,515,510 $2,468,328 $80,186 $2,548,515 $12,064,025
    52. 52. POTENTIAL REDEVELOPMENT IMPACT• Timing and valuation of private investment is difficult to gauge• As Development Projects are implemented, and the development area starts to show signs of improvement, the private sector will gain confidence and investments can be better justified.• Certain projects may leverage redevelopment of nearby parcels
    53. 53. POTENTIALREDEVELOPMENT IMPACT
    54. 54. POTENTIAL REDEVELOPMENT IMPACT• Redevelopment of the Withington Parking Lot, although not in the TIF district, will have a major impact on the surrounding properties in the existing TIF district• New mixed-use buildings may take the place of nearby private parking lots.
    55. 55. POTENTIAL REDEVELOPMENT IMPACT Potential Redevelopment Area Future Withington Parking DeckDDA Existing TIF Boundary
    56. 56. POTENTIAL REDEVELOPMENT IMPACT Floor Use Est. Cost/ Est. Property Est. Taxable Est. Tax Revenue(20,000 Sq. ft. per floor) Sq. Ft. Value Value Capture (Year 1) (31.5069 Total mils) 1 Retail $200 $4,000,000 2,000,000 $63,014 2 Office/Flex $125 $2,500,000 1,250,000 $39,384 3 Residential $125 $2,500,000 1,250,000 $39,384 4 Residential $125 $2,500,000 1,250,000 $39,384 Total $12,000,000 $6,000,000 $181,166
    57. 57. VALUE ADDED Strengthening a Core• TIF Protects Taxpayers Area Benefits the• Enables a City to meet City Master Plan goals Entire Community & and complete economic Improves All Property development initiatives Values with additional contributions from the County and DDA that would otherwise not be available.
    58. 58. • ADDITIONAL INFORMATION SLIDES FOLLOW IF NEEDED
    59. 59. WHAT IS TIF? DDA TIF DISTRICT REVENUE BREAKDOWN Revenue by the $800.00 Thousands $700.00 $600.00 $500.00 $400.00 $300.00 $200.00 $100.00 $- 2010 2012Headlee Override $- $57,947.00Other Taxing Jurisdictions $100,095.00 $104,558.00City TIF Portion $362,288.00 $378,442.00City Pre-TIF Revenue $141,772.00 $141,772.00
    60. 60. RETURN ON INVESTMENT800,000 719,733600,000 436,389 400,000 283,344 200,000 0 CITY INVESTMENT ADDITIONAL COUNTY & DDA ROI REVENUE 165% RETURN ON INVESTMENT ANNUALLY

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