This document contains a research outline from a group working on post-redevelopment strategies for the City of LA. It includes sections on background context, a case study of Alhambra, best practices from Chicago, Phoenix and NYC, and recommendations for LA. The group met with LA's Planning Department and outlines financing tools, incentives from NYCEDC, Chicago's restructured development department, and concludes with recommendations for LA around transition ordinances, economic plans, incentives, and streamlined processes.
This document provides a summary of a research outline for a USC class project on post-redevelopment in Los Angeles. It includes background context on redevelopment agencies in California, a meeting with LA's Planning Department, a case study of economic development in Alhambra, best practices from Chicago, Phoenix, and New York, and recommendations for LA including alternative financing tools, incentives, and streamlining planning processes.
This document discusses economic development tools and strategies for local governments. It provides an overview of new tools like site-specific tax revenue pledges and EB-5 immigrant investor programs. It also discusses existing tools such as ground leases, lease-leasebacks, and infrastructure financing districts. The document presents case studies of projects in Redondo Beach, Hollywood, and Norco that utilized these tools to stimulate economic development. It concludes with a discussion of how infrastructure financing districts could help replace lost tax increment financing capabilities.
IAS 37 provides guidance on accounting for provisions, contingent liabilities, and contingent assets. It requires recognition of a provision if there is a present obligation from a past event, an outflow of resources is probable, and the amount can be reliably estimated. Provisions are measured at the best estimate of the expenditure required to settle the obligation. Contingent liabilities are not recognized but must be disclosed unless the possibility of an outflow is remote. Contingent assets are also not recognized but may be if income realization is virtually certain.
The document discusses the transition of economic development responsibilities from redevelopment agencies to local governments in California following a state Supreme Court ruling. It provides examples of how some cities, such as Alhambra, CA, are continuing economic development efforts through new ordinances and financing tools. The document also summarizes economic development strategies and best practices in cities like Chicago, Phoenix, and New York City as models for Los Angeles to consider in planning its transition.
The document discusses the transition of economic development functions from the now-defunct California redevelopment agencies to local cities and counties. It provides examples of how some California cities, such as Alhambra, are continuing economic development efforts through new ordinances and financing tools. The document recommends that Los Angeles implement a limited transition ordinance, streamline the development process, and offer incentives like tax credits to spur economic development formerly provided through redevelopment agencies.
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The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
This document provides a summary of a research outline for a USC class project on post-redevelopment in Los Angeles. It includes background context on redevelopment agencies in California, a meeting with LA's Planning Department, a case study of economic development in Alhambra, best practices from Chicago, Phoenix, and New York, and recommendations for LA including alternative financing tools, incentives, and streamlining planning processes.
This document discusses economic development tools and strategies for local governments. It provides an overview of new tools like site-specific tax revenue pledges and EB-5 immigrant investor programs. It also discusses existing tools such as ground leases, lease-leasebacks, and infrastructure financing districts. The document presents case studies of projects in Redondo Beach, Hollywood, and Norco that utilized these tools to stimulate economic development. It concludes with a discussion of how infrastructure financing districts could help replace lost tax increment financing capabilities.
IAS 37 provides guidance on accounting for provisions, contingent liabilities, and contingent assets. It requires recognition of a provision if there is a present obligation from a past event, an outflow of resources is probable, and the amount can be reliably estimated. Provisions are measured at the best estimate of the expenditure required to settle the obligation. Contingent liabilities are not recognized but must be disclosed unless the possibility of an outflow is remote. Contingent assets are also not recognized but may be if income realization is virtually certain.
The document discusses the transition of economic development responsibilities from redevelopment agencies to local governments in California following a state Supreme Court ruling. It provides examples of how some cities, such as Alhambra, CA, are continuing economic development efforts through new ordinances and financing tools. The document also summarizes economic development strategies and best practices in cities like Chicago, Phoenix, and New York City as models for Los Angeles to consider in planning its transition.
The document discusses the transition of economic development functions from the now-defunct California redevelopment agencies to local cities and counties. It provides examples of how some California cities, such as Alhambra, are continuing economic development efforts through new ordinances and financing tools. The document recommends that Los Angeles implement a limited transition ordinance, streamline the development process, and offer incentives like tax credits to spur economic development formerly provided through redevelopment agencies.
La design guidelines ppd 619 team 6 paper with appendixSmart Growth
This paper proposes revisions to the Los Angeles Citywide Commercial Design Guidelines. It was developed for USC Course 619, Smart Growth and Urban Sprawl
Food Deserts and Fast Tracking Grocery StoresSmart Growth
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
The document discusses ways to finance infrastructure projects in Asian cities through capital markets. It recommends establishing special purpose vehicles (SPVs) and special investment organizations (SIOs) to implement infrastructure plans and access financing. SPVs allow capital markets to finance projects through equity investments or debt financing. The document outlines four pathways for governments to access sustainable financing from capital markets: 1) narrowly specifying risks to encourage trading and liquidity, 2) developing bankable projects, 3) strengthening creditworthiness, and 4) using capital market instruments. National governments need to establish enabling frameworks and incentives to encourage these financing approaches.
The document outlines the steps to issuing a municipal bond to finance urban infrastructure projects. It begins with an overview stating the objective is to introduce the municipal bond issuance process. It then lists and provides brief descriptions of the 9 main steps: 1) Fiscal strengthening and capital investment planning, 2) Credit rating, 3) Project development, 4) Financial structuring, 5) Authorization and approval, 6) Preparation of prospectus, 7) Marketing to investors, 8) Preparation of documents, and 9) Completion of the transaction. The document concludes by recapping the process in a schematic and noting how PPIAF-SNTA can assist cities with bond issuance.
This document provides an overview of historic tax credits from the perspective of PNC Community Development Banking. It discusses project structuring needs, the evaluation process, calculating the credits, pricing considerations, syndication structuring, guarantee requirements, and new markets tax credits. Common pitfalls for first-time users are also listed.
This document discusses various techniques for public-private partnerships that can be used to promote economic development. It outlines tools like tax increment financing (TIF), tax abatement, Chapter 380 grants, certificates of obligation, hotel occupancy taxes, and development agreements. These techniques allow municipalities to provide funding, incentives, and infrastructure support to attract private investment and stimulate business activity. The document provides an overview of how each technique works and the processes involved.
This document provides an overview of HUD/FHA programs, Low Income Housing Tax Credits, and Private Activity Bonds for financing affordable housing development. It discusses the history and features of various HUD active programs including sections 221(d)(3), 221(d)(4), 223(f), 231, 232, and 242. A case study demonstrates an example HUD underwriting analysis. It also summarizes how Low Income Housing Tax Credits and Private Activity Bonds can be used to finance affordable housing development through public-private partnerships.
This document provides information on real estate acquisition and development/rehab financing for non-profit corporations through municipal bond financing. It explains that non-profits can obtain non-recourse debt financing through unenhanced tax-exempt municipal bonds to purchase and develop qualified projects like affordable housing, schools, and recycling plants. The financing provides a single loan for acquisition, development, and permanent financing with current market rates and 30-year terms. Projects must qualify based on providing a municipal benefit and cash flows supporting debt repayment. Redbridge Development Partners assists non-profits through this financing process.
Tax Increment Financing (TIF) allows a portion of new property taxes generated by development in a designated district to be used to fund public infrastructure improvements in that district. A TIF district and plan must be established by a city council, with input from an advisory board. TIF revenues can be used to acquire land, improve transportation, extend utilities, and construct parking or other traffic improvements. TIF funds can pay bonds issued for improvements or be saved until enough revenue is available to fund projects. As new development increases property values in a TIF district, the additional tax revenue above the original base value is dedicated to improving infrastructure to support further growth.
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MassDevelopment promotes economic development in Massachusetts through various financial programs and real estate services. They provide tax-exempt bond financing for eligible projects between $1.2-10 million, as well as real estate loans up to $5 million and commercial lending for real estate and equipment. New programs include the Manufacturing Innovation Initiative and Gateway Cities Loan Program. MassDevelopment also administers the Emerging Technology Fund, providing loans to emerging technology companies for facility expansion and equipment.
This document discusses urban infrastructure financing in Sub-Saharan Africa. It presents a conceptual framework for sources of capital finance including land-based financing instruments. Examples are given of different countries and cities using various land-based financing approaches like 'in-kind' developer contributions, land leasing, and development charges. However, the study finds that land-based financing currently makes a small contribution to infrastructure finance in Sub-Saharan Africa. While some areas have development charges, several countries do not use the revenue for infrastructure. There is potential to increase funding through improved use of development charges and other land value capture mechanisms.
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Community Development ( CD ) Bonds are proposed to raise finance directly from local citizens through the capital market and to be invested in major infrastructure projects especially those aligned to achieving the SDGs..
The proposed CID Bonds provides for a mechanism for sharing public sector risk with private sector reward as well as a sustainable model for financing community development.
This article sets out the basic framework for issuing Community Development ( CD) Bonds and provides answers to the various components of a successful implementation in Nigeria
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Poverty in our society can be substantially reduced by 1. creating Financial Inclusion Centers ( FIC) in local communities 2. Deploying professionally competent Financially Services Agents to operate the FIC 3. Building a bio-metric database and on boarding of the residents , properties and resources in the community 4. Conducting a community development stakeholder needs assessment 5. Negotiate tax breaks with the Local/state government 6. Issue a Community Development Bond on the local stock exchange 7. Implement a digital repayment system by all on boarded community stakeholders
This document discusses PILOTs (payments in lieu of taxes) and RABs (redevelopment area bonds) as redevelopment tools. It defines a PILOT as an alternative tax payment made pursuant to a financial agreement for redevelopment projects. RABs allow for pledging of future PILOT revenues to bondholders to fund redevelopment projects. The document provides examples of how PILOTs and RABs have successfully financed redevelopment projects and infrastructure improvements. It concludes that these tools are necessary municipal incentives but often require additional state and federal financing incentives to close project funding gaps.
Qualified projects can use Build America Bonds for low cost A&D/Rehab financing. Shovel ready projects can be completed using this new stimulus financing.
This document discusses public-private partnerships (P3s) for infrastructure projects. It defines P3s and describes common P3 models including design-build, design-build-finance-operate, and long-term leases. P3s can help address infrastructure funding gaps by leveraging private financing and efficiencies. Massachusetts law allows for P3s through design-build statutes and special acts. The document outlines considerations for successful P3 projects including clear revenue streams, risk allocation, and public support. P3s may be most applicable for water/wastewater projects and developing underutilized public real estate assets.
UC Real Estate Professional Development: Financing ToolsThe Port
Financing tools workshop: an overview of new and bedrock tools of development finance, presented March 24, 2015 at University of Cincinnati Real Estate Center
by Susan E. Thomas, Port of Greater Cincinnati Development Authority and Matt Staarmann of Ross, Sinclaire and Associates
The document summarizes financing strategies for a $900 million riverfront development project in Dayton, Kentucky called Manhattan Harbour. It outlines public financing through tax increment financing of property, sales, and income taxes. Private financing will come from an equity fund, debt fund, and EB-5 immigration investor program. It also discusses using tax increment financing, a debt fund, equity fund, EB-5 program, and potential new market tax credits to finance the project.
Paul Kruger has overseen the development of 3 affordable housing projects totaling 281 units and $72 million. As an affordable housing consultant, he performs feasibility assessments, secures financing and approvals, and manages the development process. Some of his responsibilities include assessing market demand, securing low-income housing tax credits, negotiating partnerships, and developing tenant relocation plans. He has successfully redeveloped several occupied properties in New York through preservation programs.
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This document discusses infrastructure financing strategies for economic development projects. It introduces the concept of an "Infrastructure Puzzle" where multiple funding sources must be pieced together to finance infrastructure projects. These sources include local funding mechanisms like tax increment financing (TIF) and special assessment districts, as well as state, federal, and private sector funding. The document provides details on TIFs, including how they work, eligible project costs, and strategies for converting future TIF revenues into upfront funding for projects. It also discusses other local funding tools and developer-funded infrastructure options.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
The document discusses ways to finance infrastructure projects in Asian cities through capital markets. It recommends establishing special purpose vehicles (SPVs) and special investment organizations (SIOs) to implement infrastructure plans and access financing. SPVs allow capital markets to finance projects through equity investments or debt financing. The document outlines four pathways for governments to access sustainable financing from capital markets: 1) narrowly specifying risks to encourage trading and liquidity, 2) developing bankable projects, 3) strengthening creditworthiness, and 4) using capital market instruments. National governments need to establish enabling frameworks and incentives to encourage these financing approaches.
The document outlines the steps to issuing a municipal bond to finance urban infrastructure projects. It begins with an overview stating the objective is to introduce the municipal bond issuance process. It then lists and provides brief descriptions of the 9 main steps: 1) Fiscal strengthening and capital investment planning, 2) Credit rating, 3) Project development, 4) Financial structuring, 5) Authorization and approval, 6) Preparation of prospectus, 7) Marketing to investors, 8) Preparation of documents, and 9) Completion of the transaction. The document concludes by recapping the process in a schematic and noting how PPIAF-SNTA can assist cities with bond issuance.
This document provides an overview of historic tax credits from the perspective of PNC Community Development Banking. It discusses project structuring needs, the evaluation process, calculating the credits, pricing considerations, syndication structuring, guarantee requirements, and new markets tax credits. Common pitfalls for first-time users are also listed.
This document discusses various techniques for public-private partnerships that can be used to promote economic development. It outlines tools like tax increment financing (TIF), tax abatement, Chapter 380 grants, certificates of obligation, hotel occupancy taxes, and development agreements. These techniques allow municipalities to provide funding, incentives, and infrastructure support to attract private investment and stimulate business activity. The document provides an overview of how each technique works and the processes involved.
This document provides an overview of HUD/FHA programs, Low Income Housing Tax Credits, and Private Activity Bonds for financing affordable housing development. It discusses the history and features of various HUD active programs including sections 221(d)(3), 221(d)(4), 223(f), 231, 232, and 242. A case study demonstrates an example HUD underwriting analysis. It also summarizes how Low Income Housing Tax Credits and Private Activity Bonds can be used to finance affordable housing development through public-private partnerships.
This document provides information on real estate acquisition and development/rehab financing for non-profit corporations through municipal bond financing. It explains that non-profits can obtain non-recourse debt financing through unenhanced tax-exempt municipal bonds to purchase and develop qualified projects like affordable housing, schools, and recycling plants. The financing provides a single loan for acquisition, development, and permanent financing with current market rates and 30-year terms. Projects must qualify based on providing a municipal benefit and cash flows supporting debt repayment. Redbridge Development Partners assists non-profits through this financing process.
Tax Increment Financing (TIF) allows a portion of new property taxes generated by development in a designated district to be used to fund public infrastructure improvements in that district. A TIF district and plan must be established by a city council, with input from an advisory board. TIF revenues can be used to acquire land, improve transportation, extend utilities, and construct parking or other traffic improvements. TIF funds can pay bonds issued for improvements or be saved until enough revenue is available to fund projects. As new development increases property values in a TIF district, the additional tax revenue above the original base value is dedicated to improving infrastructure to support further growth.
A Banking Perspective on Historic Tax Credits - Michael TaylorHeritage Ohio
Michael Taylor of PNC Bank discusses the banking perspective on historic tax credits at the Heritage Ohio Historic Tax Credit Workshop in Toledo, Ohio on March 25, 2011
MVVF Presentation with Enterprise Bank - 3/16/11MassDevelopment
MassDevelopment promotes economic development in Massachusetts through various financial programs and real estate services. They provide tax-exempt bond financing for eligible projects between $1.2-10 million, as well as real estate loans up to $5 million and commercial lending for real estate and equipment. New programs include the Manufacturing Innovation Initiative and Gateway Cities Loan Program. MassDevelopment also administers the Emerging Technology Fund, providing loans to emerging technology companies for facility expansion and equipment.
This document discusses urban infrastructure financing in Sub-Saharan Africa. It presents a conceptual framework for sources of capital finance including land-based financing instruments. Examples are given of different countries and cities using various land-based financing approaches like 'in-kind' developer contributions, land leasing, and development charges. However, the study finds that land-based financing currently makes a small contribution to infrastructure finance in Sub-Saharan Africa. While some areas have development charges, several countries do not use the revenue for infrastructure. There is potential to increase funding through improved use of development charges and other land value capture mechanisms.
Financing the 2030 SDGs with Community Development Bonds sola bickerstethSola Bickersteth
Community Development ( CD ) Bonds are proposed to raise finance directly from local citizens through the capital market and to be invested in major infrastructure projects especially those aligned to achieving the SDGs..
The proposed CID Bonds provides for a mechanism for sharing public sector risk with private sector reward as well as a sustainable model for financing community development.
This article sets out the basic framework for issuing Community Development ( CD) Bonds and provides answers to the various components of a successful implementation in Nigeria
Addressing poverty with community developement bonds sola bickerstethSola Bickersteth
Poverty in our society can be substantially reduced by 1. creating Financial Inclusion Centers ( FIC) in local communities 2. Deploying professionally competent Financially Services Agents to operate the FIC 3. Building a bio-metric database and on boarding of the residents , properties and resources in the community 4. Conducting a community development stakeholder needs assessment 5. Negotiate tax breaks with the Local/state government 6. Issue a Community Development Bond on the local stock exchange 7. Implement a digital repayment system by all on boarded community stakeholders
This document discusses PILOTs (payments in lieu of taxes) and RABs (redevelopment area bonds) as redevelopment tools. It defines a PILOT as an alternative tax payment made pursuant to a financial agreement for redevelopment projects. RABs allow for pledging of future PILOT revenues to bondholders to fund redevelopment projects. The document provides examples of how PILOTs and RABs have successfully financed redevelopment projects and infrastructure improvements. It concludes that these tools are necessary municipal incentives but often require additional state and federal financing incentives to close project funding gaps.
Qualified projects can use Build America Bonds for low cost A&D/Rehab financing. Shovel ready projects can be completed using this new stimulus financing.
This document discusses public-private partnerships (P3s) for infrastructure projects. It defines P3s and describes common P3 models including design-build, design-build-finance-operate, and long-term leases. P3s can help address infrastructure funding gaps by leveraging private financing and efficiencies. Massachusetts law allows for P3s through design-build statutes and special acts. The document outlines considerations for successful P3 projects including clear revenue streams, risk allocation, and public support. P3s may be most applicable for water/wastewater projects and developing underutilized public real estate assets.
UC Real Estate Professional Development: Financing ToolsThe Port
Financing tools workshop: an overview of new and bedrock tools of development finance, presented March 24, 2015 at University of Cincinnati Real Estate Center
by Susan E. Thomas, Port of Greater Cincinnati Development Authority and Matt Staarmann of Ross, Sinclaire and Associates
The document summarizes financing strategies for a $900 million riverfront development project in Dayton, Kentucky called Manhattan Harbour. It outlines public financing through tax increment financing of property, sales, and income taxes. Private financing will come from an equity fund, debt fund, and EB-5 immigration investor program. It also discusses using tax increment financing, a debt fund, equity fund, EB-5 program, and potential new market tax credits to finance the project.
Paul Kruger has overseen the development of 3 affordable housing projects totaling 281 units and $72 million. As an affordable housing consultant, he performs feasibility assessments, secures financing and approvals, and manages the development process. Some of his responsibilities include assessing market demand, securing low-income housing tax credits, negotiating partnerships, and developing tenant relocation plans. He has successfully redeveloped several occupied properties in New York through preservation programs.
OEDA Infrastructure Puzzle Power Point 3-3-15David Robinson
This document discusses infrastructure financing strategies for economic development projects. It introduces the concept of an "Infrastructure Puzzle" where multiple funding sources must be pieced together to finance infrastructure projects. These sources include local funding mechanisms like tax increment financing (TIF) and special assessment districts, as well as state, federal, and private sector funding. The document provides details on TIFs, including how they work, eligible project costs, and strategies for converting future TIF revenues into upfront funding for projects. It also discusses other local funding tools and developer-funded infrastructure options.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
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1. CITY OF LA: POST
REDEVELOPMENT
USC SOL PRICE SCHOOL OF PUBLIC POLICY
PPD 619: SMART GROWTH & URBAN SPRAWL
GROUP 1
JOY-ALONICA BAUTISTA
JEFF KHAU
MARISOL MACIEL
THOMAS WONG
2. RESEARCH OUTLINE
q Background Context
q Meeting w/ City of LA’s Planning
Department
q Case Study of California Cities
q City of Alhambra Source: http://la.curbed.com/tags/budget
q Best Practices of Economic Development
q Chicago, Ilinois
q Phoenix, Arizona
q New York, New York
3. BACKGROUND CONTEXT
q California Redevelopment
Agencies died on February
1, 2012.
q Land-use conflicts and
much more…
q Successor agencies
q What is LA doing to spur
economic development?
5. Potential
Tools
for
Financing
Economic
Development
long-‐term
l oans
secured
by
some
form
of
collateral
and
revenues
generated
from
a
project
or
paid
Section 108 loans
from
a
portion
of
the
city’s
annual
CDBG
allocation
ideal
for
i nfill
development
projects
and
tenant
i mprovements
under
the
category
of
job
creation
or
Annual CDBG allocation
elimination
of
blight
CDBG Program Income net
proceeds
from
any
project
made
possible
through
the
use
of
CDBG
funds
New project-generated sales
new
net
sales
taxes
from
a
development
that
can
be
rebated
to
offset
project
costs
tax rebates
New project-generated
new
net
property
taxes
from
a
development
that
can
be
rebated
to
offset
project
costs
property tax rebates
Short term lines of credit secured
and
repaid
by
new
net
project
generated
property
or
sales
taxes
Federal/State Grants or
increases
access
to
capital
for
small
businesses–a
key
component
of
job
creation,
and
helps
provide
Economic Development
additional
security
for
a
Section
108
l oan
Initiatives
6. ADDITIONAL FINANCING TOOLS
Loans from General Fund or
may
require
a
l oan
agreement
as
well
as
an
i nterest
component
to
do
some
types
of
projects
Enterprise Reserve Funds
Sale of city assets set
aside
f unds
f rom
sale
of
city
assets
City fees that are discounted,
negotiated
i ncentives
to
make
i t
e asier
to
attract
new
businesses
and
i nvestments
waived or deferred
assistance
to
assess
and
remediate
abandoned
or
underused
i ndustrial
and
commercial
property
Brownfields assistance
(possible
f unding
available
via
the
EPA
or
Federal/State
agencies)
bonds
through
IFDs
can
be
used
to
help
pay
f or
i nfrastructure-‐type
projects
by
diverting
property
tax
Infrastructure Financing
revenues
to
pay
debt
service
f rom
other
l ocal
governments,
e xcept
schools
( requires
two-‐thirds
Districts (IFDs)
voter
approval)
bonds
backed
by
revenue
generated
f rom
a
project
f unded
with
bond
proceeds
and
repaid
by
Revenue bonds
earnings
f rom
the
operations
of
a
revenue
producing
e nterprise
tax-‐exempt
bonds
i ssued
by
chartered
cities
f or
e conomic
development
or
multi-‐family
housing.
The
Conduit revenue bonds bond
i s
payable
f rom
l oan
payments
received
f rom
the
non-‐governmental
developer
on
the
condition
of
a
public
benefit,
and
presents
no
l iability
f or
the
governmental
e ntity
bonds
used
mainly
to
f inance
public
works
i mprovements
and
services
or
to
pay
f or
specific,
l imited
Community Facilities Districts improvements
related
to
privately-‐owned
or
real
property
( requires
two-‐thirds
voter
approval
to
establish
the
parcel
tax,
i .e.,
Mello-‐Roos)
a
charge
assessed
against
real
property
whereby
there
i s
a
benefit
f rom
a
particular
public
works
or
Assessment Districts public
services
project
or
activity
undertaken
by
the
city.
The
special
weighted
voter-‐approved
assessment
becomes
a
part
of
the
f unding
mechanism
to
defray
the
cost
of
the
project
7. RECOMMENDATION #2
NYCEDC
q Commercial Tax
Incentives
q Empower Zone Benefits
q Commercial
Revitalization Program
Source: http://www.nycedc.com
8. RECOMMENDATION #2
New York State EDC Example of IDA Benefits
Project "X" builds 50,000 sq. ft.
building for $5,000,000, and has
q Brownfield Cleanup $4,000,000 mortgage.
Program (BCP) Tax
Mortgage recording tax savings (1%
Credits of mortgage) = $40,000
Real Property Tax abatement =
$275,000 over 10 years
q Industrial Development Sales tax savings on construction
materials and non-manufacturing
Agency Program equipment = $120,000 + $54,000 =
q Abatement of sales tax $174,000
Total savings over 10 years =
$489,000
Source: http://www.nysedc.org/
9. RECOMMENDATION #3
Restructuring: Chicago’s Model
§ Department of Housing and
Economic Development
§ Comprised of Commissioner’s Office
and three bureaus
§ Bureau of Housing
§ Bureau of Economic Development
§ Bureau of Planning and Zoning
§ Bureaus do the bulk of the work in
regards to execution of projects.
§ Commissioner’s Office assists in the
decision-making process
§ Composed of private individuals
who attend meetings once a
month
§ Community Development
Commission (CDC) Chicago Skyline
Source: http://www.prlog.org
§ Oversight body created to review
expenses; unpaid positions
11. RECOMMENDATION #4
q Streamlined process
q Simplified way to get
involved with
development
q Department that knows
about the start-up process
Source: http://phoenix.gov
q Desire to have a
relationship with business
owners
12. CONCLUSION
q Pass Limited Transition Ordinance
q Institute economic development plan using
alternative financing tools
q Capitalize on incentives and provide a customer
advocacy program
q Streamline planning & development processes