The Redevelopment Authority presented our urban revitalization work at the Council of Development Finance Agencies Urban Finance Forum in Cleveland on June 7, 2018.
The document discusses establishing a creative media and design district within Glendale's San Fernando Road Corridor redevelopment project area. It finds that over a third of existing businesses could be considered creative industries. It recommends further exploring defining and promoting the district to attract high-paying creative jobs, complement existing industries, and develop lifestyle amenities. Challenges include the large area size and potential for industrial stagnation, though existing media anchors provide a foundation.
Depot Square Unified Downtown Development Project Special Permit ApplicationCSPM Group
The document provides details for a special permit application for a unified downtown development project in Bristol, CT called Depot Square. It summarizes the multi-phase mixed-use development plan which includes residential, retail, office, hotel, and civic uses along with public spaces and parking structures. The development is intended to revitalize downtown Bristol through creating an active pedestrian environment with a variety of complementary land uses, building heights and typologies, streets, and public spaces.
Seaport Square Innovation District Book (final revised_9-03)Sam Hammar
Seaport Sq proposal to the Boston Redevelopment Authority Board on September 21, 2010.
Joint Venture between:
BGI, Morgan Stanley, WS Development
For a by-the-minute guide to the BRA Board meeting, visit http://www.innovationdistrict.org/2010/09/23/seaport-square-by-the-minute/
Creating an Employment Center in Union Squareus2unionsquare
The document discusses creating an employment center in Union Square through developing office and lab space. It provides context on the local market trends driving demand, including job and population growth, an educated workforce, and the preferences of millennial workers. The financial feasibility of development projects is explained, noting the need to balance community objectives with economic returns. Existing employment centers in Boston and nearby areas are outlined, demonstrating space demand from expanding companies. The types of spaces and amenities desired by innovative office and lab tenants are summarized to guide development plans.
Greater West Dayton Corridor Strategy: A Framework for InvestmentCity of Dayton
This executive summary examines how the City of Dayton will strategically develop the western neighborhoods and corridors. The report is a joint project between the Departments of Economic Development and Planning & Community Development.
Huntington Station Development StrategyNeil Takemoto
This document outlines a development strategy created through a public-private partnership to revitalize Huntington Station, NY. The strategy was developed over a year through community engagement including online crowdsourcing of ideas. It identifies 7 focus areas for mixed-use development around the train station aimed at creating a vibrant downtown. The strategy outlines goals of promoting economic development, improving streetscapes, increasing housing and retail options, and engaging the community in the process. Renderings depict potential new developments, parks, and street improvements to transform Huntington Station.
Redevelopment Authority Economic Impact in City of CincinnatiThe Port
The Greater Cincinnati Redevelopment Authority joined Regional Economic Development Partners REDI Cincinnati and the Cincinnati USA Regional Chamber of Commerce to share the Economic State of the City with the Economic Growth & Zoning Committee of City of Cincinnati City Council.
The document discusses establishing a creative media and design district within Glendale's San Fernando Road Corridor redevelopment project area. It finds that over a third of existing businesses could be considered creative industries. It recommends further exploring defining and promoting the district to attract high-paying creative jobs, complement existing industries, and develop lifestyle amenities. Challenges include the large area size and potential for industrial stagnation, though existing media anchors provide a foundation.
Depot Square Unified Downtown Development Project Special Permit ApplicationCSPM Group
The document provides details for a special permit application for a unified downtown development project in Bristol, CT called Depot Square. It summarizes the multi-phase mixed-use development plan which includes residential, retail, office, hotel, and civic uses along with public spaces and parking structures. The development is intended to revitalize downtown Bristol through creating an active pedestrian environment with a variety of complementary land uses, building heights and typologies, streets, and public spaces.
Seaport Square Innovation District Book (final revised_9-03)Sam Hammar
Seaport Sq proposal to the Boston Redevelopment Authority Board on September 21, 2010.
Joint Venture between:
BGI, Morgan Stanley, WS Development
For a by-the-minute guide to the BRA Board meeting, visit http://www.innovationdistrict.org/2010/09/23/seaport-square-by-the-minute/
Creating an Employment Center in Union Squareus2unionsquare
The document discusses creating an employment center in Union Square through developing office and lab space. It provides context on the local market trends driving demand, including job and population growth, an educated workforce, and the preferences of millennial workers. The financial feasibility of development projects is explained, noting the need to balance community objectives with economic returns. Existing employment centers in Boston and nearby areas are outlined, demonstrating space demand from expanding companies. The types of spaces and amenities desired by innovative office and lab tenants are summarized to guide development plans.
Greater West Dayton Corridor Strategy: A Framework for InvestmentCity of Dayton
This executive summary examines how the City of Dayton will strategically develop the western neighborhoods and corridors. The report is a joint project between the Departments of Economic Development and Planning & Community Development.
Huntington Station Development StrategyNeil Takemoto
This document outlines a development strategy created through a public-private partnership to revitalize Huntington Station, NY. The strategy was developed over a year through community engagement including online crowdsourcing of ideas. It identifies 7 focus areas for mixed-use development around the train station aimed at creating a vibrant downtown. The strategy outlines goals of promoting economic development, improving streetscapes, increasing housing and retail options, and engaging the community in the process. Renderings depict potential new developments, parks, and street improvements to transform Huntington Station.
Redevelopment Authority Economic Impact in City of CincinnatiThe Port
The Greater Cincinnati Redevelopment Authority joined Regional Economic Development Partners REDI Cincinnati and the Cincinnati USA Regional Chamber of Commerce to share the Economic State of the City with the Economic Growth & Zoning Committee of City of Cincinnati City Council.
JLL Cincinnati: Full Circle Report 2017Ross Bratcher
Downtown Cincinnati has undergone a tremendous transformation over the last five years that has positioned its urban core to be a live-work-play destination for companies, professionals, and visitors. Cincinnati is home to a mature corporate community consisting of 10 Fortune 500 companies. In addition, Downtown Cincinnati has become a hotbed for startup activity as companies flock to the Central Business District and Over-The-Rhine to attract and retain top talent.
Cincinnati Department of Community and Economic Development 2015 Annual ReportHarry Black
The Department of Community and Economic Development's 2015 Annual Report outlines accomplishments including:
- Creating and retaining over 2,000 jobs through $122 million in public funds that leveraged $522 million in private investment.
- Approving 1,451 housing units for development and $438 million in housing development projects.
- Restructuring the department to improve efficiency and customer service through new divisions focused on major projects, policy, and business outreach.
African American Chamber of Commerce (AACC) & GCRA Quarterly Forum Presentati...The Port
The quarterly forum covered neighborhood revitalization, industrial revitalization, and public finance projects. Updates were provided on several in-progress projects including renovations of 15 homes, the REACH program building homes in multiple neighborhoods, and industrial site redevelopments in Bond Hill and Queensgate. Opportunities for contractors were highlighted for upcoming construction work. The Court and Walnut mixed-use development featuring apartments, a grocery store, and parking garage was featured, with construction to be completed in 2019.
What: The Economic Development Forum
When: Thursday, September 29, 2022 from 8:30 a.m. - 10:00 a.m.
Why: What does it mean and what does it take to have a thriving community? This forum will look closely at economic development throughout Greater Chapel Hill-Carrboro and Orange County, and unpack what's underway, why it matters, and what we can expect going forward.
Panel Presentations
Steve Brantley, Orange County Economic Development
Dwight Bassett, Town of Chapel Hill Economic Development
Matt Gladdek, Chapel Hill Downtown Partnership
Jon Hartman-Brown, Town of Carrboro Economic Development
Shannan Campbell, Town of Hillsborough Economic Development
About the Critical Issues Series: The 2022 Critical Issues Series (formerly known as the Policy Series) includes quarterly forums that feature influential guest speakers who address timely topics for Greater Chapel Hill-Carrboro related to the economy, economic development, public policy, and elections. The series is presented by Chapel Hill Media Group, Durham Tech, Glen Lennox, and Servpro of South Durham and Orange Counties with support from the Small Business and Technology Development Center (SBTDC), which provides free and confidential business counseling.
Contact: For questions, contact Katie Loovis, The Chamber's Vice President for External Affairs at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.
Philadelphia Industrial Development Corporation - John Grady, President @Open...OpenAccessPHL
PIDC is Philadelphia's economic development corporation that has invested over $11 billion since 1958 to support $21 billion in total project costs. PIDC manages real estate projects like the 1,200-acre Navy Yard with 6.5 million square feet of occupied space, provides small business loans and financing, and makes strategic investments throughout Philadelphia's neighborhoods to generate jobs and economic growth. Recently, PIDC has invested $1.6 billion that has leveraged $3 billion in total investment impacting over 10,000 jobs.
The document discusses how Holyoke, MA created an urban renewal plan to promote economic development. It outlines the plan's goals of connecting people and places, constructing infrastructure and buildings, and creating a vibrant city. The plan was created through a public process and identifies 10 areas for acquisition, infrastructure upgrades, and development projects. To date, the plan has helped attract over $100 million in public and private investments that have resulted in new construction, businesses, jobs, and housing in Holyoke.
Samuel Luna is a mortgage industry executive with over 20 years of experience in both the public and private sectors. He has a proven track record of executing all aspects of business, including building teams, growing operations, and establishing programs to strengthen neighborhoods and increase access to affordable housing. His career accomplishments include directing Freddie Mac's Strategic Markets team and creating the Neighborhood Recovery Program for the Los Angeles Housing Department. Currently, he leads Freddie Mac's Affordable Lending and Access to Credit Division.
This document provides an overview and analysis of a proposed mixed-use development project called LOGAN in the Wallingford neighborhood of Seattle, Washington. It summarizes that LOGAN would include 184 residential units, 62,000 square feet of office space, 4,000 square feet of retail, and generate a 12% levered internal rate of return for the developer. The development strategy involves rezoning the site, securing a lead office tenant, and developing the property in phases to mitigate market risks given current market conditions in Wallingford.
This document summarizes a presentation made to the Port of Greater Cincinnati Development Authority Board of Directors about investing in neighborhoods. It discusses how poverty continues to undermine the American Dream for many, and how concentrated poverty in certain areas leads to poor outcomes for children. It then outlines a proposed comprehensive community revitalization strategy focusing on rebuilding homes and revitalizing business districts in 10 neighborhoods over 10 years. This approach aims to decrease poverty, crime, and blight while increasing neighborhood leadership, housing values, and economic opportunities. Funding of $2.5 million annually is requested to accelerate the work and maximize its impact.
This document provides an economic development strategy for the City of Red Deer, Alberta. It begins with an executive summary that outlines the goals of economic development and defines it as enhancing quality of life while creating sustainable long-term opportunities. The document then details the approach, findings, desired outcomes, and strategies. Key findings include Red Deer's population and workforce growth, reliance on extraction industries, and need for economic diversification. The desired outcomes focus on strategic positioning, diversification, land use, labour, small businesses, and downtown revitalization. Over 30 strategies are proposed to achieve these outcomes by leveraging partnerships and assets. The strategies aim to capitalize on Red Deer's location, promote new industries, support workforce development
The 2012 annual report for Detroit LISC summarizes their work over the past year, highlighting investments and achievements in Detroit neighborhoods. They invested $16.2 million in grants, loans, and recoverable grants that leveraged $30.7 million and supported 271 housing units and 162,400 square feet of commercial real estate. Key initiatives included supporting neighborhood planning, blight elimination, economic development programs, affordable housing development, access to mortgage loans, neighborhood safety programs, and initiatives to increase family income and support education.
Downtown & Infill Tax Increment Districts: Strategies for SuccessVierbicher
This document outlines seven strategies for successful downtown and infill tax increment financing (TIF) districts. It discusses the need for longer timeframes and greater resources for these types of TIDs. It emphasizes staying up-to-date on TID status and being prepared to adapt. It also stresses the importance of matching public improvements to private development timelines and leveraging other funding sources. The document provides case studies of specific cities that have effectively implemented these strategies.
Chicago TREND (Transforming Retail Economics of Neighborhood Development) combines innovative predictive analytics, deal brokering and financial products to support "retail on the leading edge" of emerging neighborhood markets. The new initiative - including partnerships with ICSC, Nielsen, Econsult Solutions and leading retailers and developers - aims to enable retailers, developers, investors and neighborhoods to better target particular types of retail to specific changing neighborhoods offering retail opportunity that will help drive the neighborhood change. The initiative is led by Lyneir Richardson. To discuss potential retail development and partnership opportunities, please contact him at lyneir@rw-ventures.com.
2006 Neighborhood Summit Presentation- "Going Big-Scaling Neighborhood Revita...Darin Hall
The document summarizes the work of the Hamilton County Land Reutilization Corporation (Landbank) and Port Authority in Cincinnati, Ohio to revitalize neighborhoods through acquiring and redeveloping vacant and blighted properties. It outlines their targeted neighborhood approach, partner programs to redevelop different types of properties, and overall impact on removing blight, creating housing and jobs, and building sustainable neighborhoods.
2016 Cincinnati Neighborhood Summit PresentationDarin Hall
The document summarizes the work of the Hamilton County Land Reutilization Corporation (Landbank) and Port Authority in Cincinnati, Ohio to revitalize neighborhoods through acquiring and redeveloping vacant and blighted properties. It describes targeted investment strategies in neighborhoods like Bond Hill, Evanston, and Walnut Hills. Programs include lot-to-yard, greenspace, single-family home redevelopment, and demolition funding. The overall goals are to remove blight, increase safety, support local businesses, create jobs, and build sustainable neighborhoods.
This document discusses using Community Development Block Grant (CDBG) funds to support neighborhood revitalization activities through Neighborhood Revitalization Strategy Areas (NRSA). It provides examples of how CDBG funds have been used in conjunction with other programs like Choice Neighborhoods to spark transformation in neighborhoods in Durham, NC, Pittsburgh, PA, Boston, MA, and San Francisco, CA. The document explains that designating an NRSA allows more flexible use of CDBG funds to accomplish revitalization goals through activities such as housing, economic development, and public improvements.
Strong Towns Presentation for CommunityMatters in Newport VermontCommunityMatters
The document discusses the financial challenges facing many cities and towns and proposes an alternative approach. It notes that the traditional models of growth through debt, government spending, and ever-increasing development are no longer sustainable. It advocates for building financial strength and resilience by focusing on incremental projects that generate positive returns, leveraging existing public infrastructure, and revitalizing communities through small-scale urbanism. Local leaders are urged to transform their communities by emphasizing resilience over rapid growth.
Hinesville Mayor Allen Brown's State of the City Address PresentataionLCpublicrelations
The Liberty County Chamber of Commerce hosted the April 2018 Progress Through People Luncheon which featured Hinesville Mayor Brown's State of the City Address. Mayor Allen Brown and City Manager Kenneth Howard spoke of the changes this past year, the areas of focus now, upcoming projects, and future goals for Hinesville. City employees and elected officials at the luncheon were also recognized in honor of Georgia Cities Week.
THINK BRINC is the presentation of the Real Estate Strategy and Analysis for a Mixed-Use Redevelopment: BRINC: The Bel-Red Incubator. It was developed by the BRINC Dev Team: Kate Wells Driscoll, Genevieve Tremblay, William Riley, Heidi Ehrbar) as part of the University of Washington Commercial Real Estate Development Certificate Program (‘09).
The BRINC development is a catalyst real estate asset that would be one of the first bold new strokes in the newly rezoned Bel-Red Corridor (Bellevue, WA)…a pioneering frontier, perfectly poised for creative and entrepreneurial industry settlements. It is targeted toward the creative industries and the growing fields of digital media (interactive/mobile/social/game) technology on the Eastside. It is sited in the heart of the future business district of BelRed and is timed to coincide with adjacent EastLink light rail system.
Contact: Genevieve Tremblay <gen@culturalentrepreneurs.com>
African American Chamber & The Port Real Estate ForumThe Port
This quarterly forum provided organizational overviews and updates on neighborhood developments and revitalization efforts. The Port discussed its involvement in the West End neighborhood, including a community benefits agreement and memorandum of understanding with Seven Hills Neighborhood Houses regarding housing developments. Plans were outlined for a housing study and community engagement process to gather input and make recommendations. Updates were also provided on residential and commercial real estate projects throughout Cincinnati neighborhoods.
Historic Restoration & Stabilization by The PortThe Port
The Hamilton County Landbank operates a Historic Structure Stabilization Program to preserve vacant historic buildings. It is funded annually with $200,000-$400,000 from the Landbank combined with city funds. A board selects properties for stabilization, which can be formally designated or not. Stabilization makes properties compliant with maintenance standards to ready them for redevelopment. Several examples of stabilized historic properties are provided.
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Downtown Cincinnati has undergone a tremendous transformation over the last five years that has positioned its urban core to be a live-work-play destination for companies, professionals, and visitors. Cincinnati is home to a mature corporate community consisting of 10 Fortune 500 companies. In addition, Downtown Cincinnati has become a hotbed for startup activity as companies flock to the Central Business District and Over-The-Rhine to attract and retain top talent.
Cincinnati Department of Community and Economic Development 2015 Annual ReportHarry Black
The Department of Community and Economic Development's 2015 Annual Report outlines accomplishments including:
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African American Chamber of Commerce (AACC) & GCRA Quarterly Forum Presentati...The Port
The quarterly forum covered neighborhood revitalization, industrial revitalization, and public finance projects. Updates were provided on several in-progress projects including renovations of 15 homes, the REACH program building homes in multiple neighborhoods, and industrial site redevelopments in Bond Hill and Queensgate. Opportunities for contractors were highlighted for upcoming construction work. The Court and Walnut mixed-use development featuring apartments, a grocery store, and parking garage was featured, with construction to be completed in 2019.
What: The Economic Development Forum
When: Thursday, September 29, 2022 from 8:30 a.m. - 10:00 a.m.
Why: What does it mean and what does it take to have a thriving community? This forum will look closely at economic development throughout Greater Chapel Hill-Carrboro and Orange County, and unpack what's underway, why it matters, and what we can expect going forward.
Panel Presentations
Steve Brantley, Orange County Economic Development
Dwight Bassett, Town of Chapel Hill Economic Development
Matt Gladdek, Chapel Hill Downtown Partnership
Jon Hartman-Brown, Town of Carrboro Economic Development
Shannan Campbell, Town of Hillsborough Economic Development
About the Critical Issues Series: The 2022 Critical Issues Series (formerly known as the Policy Series) includes quarterly forums that feature influential guest speakers who address timely topics for Greater Chapel Hill-Carrboro related to the economy, economic development, public policy, and elections. The series is presented by Chapel Hill Media Group, Durham Tech, Glen Lennox, and Servpro of South Durham and Orange Counties with support from the Small Business and Technology Development Center (SBTDC), which provides free and confidential business counseling.
Contact: For questions, contact Katie Loovis, The Chamber's Vice President for External Affairs at (919) 696-0781 (cell) or KLoovis@carolinachamber.org.
Philadelphia Industrial Development Corporation - John Grady, President @Open...OpenAccessPHL
PIDC is Philadelphia's economic development corporation that has invested over $11 billion since 1958 to support $21 billion in total project costs. PIDC manages real estate projects like the 1,200-acre Navy Yard with 6.5 million square feet of occupied space, provides small business loans and financing, and makes strategic investments throughout Philadelphia's neighborhoods to generate jobs and economic growth. Recently, PIDC has invested $1.6 billion that has leveraged $3 billion in total investment impacting over 10,000 jobs.
The document discusses how Holyoke, MA created an urban renewal plan to promote economic development. It outlines the plan's goals of connecting people and places, constructing infrastructure and buildings, and creating a vibrant city. The plan was created through a public process and identifies 10 areas for acquisition, infrastructure upgrades, and development projects. To date, the plan has helped attract over $100 million in public and private investments that have resulted in new construction, businesses, jobs, and housing in Holyoke.
Samuel Luna is a mortgage industry executive with over 20 years of experience in both the public and private sectors. He has a proven track record of executing all aspects of business, including building teams, growing operations, and establishing programs to strengthen neighborhoods and increase access to affordable housing. His career accomplishments include directing Freddie Mac's Strategic Markets team and creating the Neighborhood Recovery Program for the Los Angeles Housing Department. Currently, he leads Freddie Mac's Affordable Lending and Access to Credit Division.
This document provides an overview and analysis of a proposed mixed-use development project called LOGAN in the Wallingford neighborhood of Seattle, Washington. It summarizes that LOGAN would include 184 residential units, 62,000 square feet of office space, 4,000 square feet of retail, and generate a 12% levered internal rate of return for the developer. The development strategy involves rezoning the site, securing a lead office tenant, and developing the property in phases to mitigate market risks given current market conditions in Wallingford.
This document summarizes a presentation made to the Port of Greater Cincinnati Development Authority Board of Directors about investing in neighborhoods. It discusses how poverty continues to undermine the American Dream for many, and how concentrated poverty in certain areas leads to poor outcomes for children. It then outlines a proposed comprehensive community revitalization strategy focusing on rebuilding homes and revitalizing business districts in 10 neighborhoods over 10 years. This approach aims to decrease poverty, crime, and blight while increasing neighborhood leadership, housing values, and economic opportunities. Funding of $2.5 million annually is requested to accelerate the work and maximize its impact.
This document provides an economic development strategy for the City of Red Deer, Alberta. It begins with an executive summary that outlines the goals of economic development and defines it as enhancing quality of life while creating sustainable long-term opportunities. The document then details the approach, findings, desired outcomes, and strategies. Key findings include Red Deer's population and workforce growth, reliance on extraction industries, and need for economic diversification. The desired outcomes focus on strategic positioning, diversification, land use, labour, small businesses, and downtown revitalization. Over 30 strategies are proposed to achieve these outcomes by leveraging partnerships and assets. The strategies aim to capitalize on Red Deer's location, promote new industries, support workforce development
The 2012 annual report for Detroit LISC summarizes their work over the past year, highlighting investments and achievements in Detroit neighborhoods. They invested $16.2 million in grants, loans, and recoverable grants that leveraged $30.7 million and supported 271 housing units and 162,400 square feet of commercial real estate. Key initiatives included supporting neighborhood planning, blight elimination, economic development programs, affordable housing development, access to mortgage loans, neighborhood safety programs, and initiatives to increase family income and support education.
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This document outlines seven strategies for successful downtown and infill tax increment financing (TIF) districts. It discusses the need for longer timeframes and greater resources for these types of TIDs. It emphasizes staying up-to-date on TID status and being prepared to adapt. It also stresses the importance of matching public improvements to private development timelines and leveraging other funding sources. The document provides case studies of specific cities that have effectively implemented these strategies.
Chicago TREND (Transforming Retail Economics of Neighborhood Development) combines innovative predictive analytics, deal brokering and financial products to support "retail on the leading edge" of emerging neighborhood markets. The new initiative - including partnerships with ICSC, Nielsen, Econsult Solutions and leading retailers and developers - aims to enable retailers, developers, investors and neighborhoods to better target particular types of retail to specific changing neighborhoods offering retail opportunity that will help drive the neighborhood change. The initiative is led by Lyneir Richardson. To discuss potential retail development and partnership opportunities, please contact him at lyneir@rw-ventures.com.
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The document summarizes the work of the Hamilton County Land Reutilization Corporation (Landbank) and Port Authority in Cincinnati, Ohio to revitalize neighborhoods through acquiring and redeveloping vacant and blighted properties. It outlines their targeted neighborhood approach, partner programs to redevelop different types of properties, and overall impact on removing blight, creating housing and jobs, and building sustainable neighborhoods.
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This document discusses using Community Development Block Grant (CDBG) funds to support neighborhood revitalization activities through Neighborhood Revitalization Strategy Areas (NRSA). It provides examples of how CDBG funds have been used in conjunction with other programs like Choice Neighborhoods to spark transformation in neighborhoods in Durham, NC, Pittsburgh, PA, Boston, MA, and San Francisco, CA. The document explains that designating an NRSA allows more flexible use of CDBG funds to accomplish revitalization goals through activities such as housing, economic development, and public improvements.
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THINK BRINC is the presentation of the Real Estate Strategy and Analysis for a Mixed-Use Redevelopment: BRINC: The Bel-Red Incubator. It was developed by the BRINC Dev Team: Kate Wells Driscoll, Genevieve Tremblay, William Riley, Heidi Ehrbar) as part of the University of Washington Commercial Real Estate Development Certificate Program (‘09).
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1. HOW CINCINNATI ADDRESSES
URBAN REVITALIZATION
June 7, 2018
Todd Castellini, Vice President of Public Finance
Melissa Johnson, Vice President of Industrial Development
Darin Hall, Executive Vice President
Robert Sanders, Director of Commercial Development
Gail Paul,Vice President of Communication Strategy
2. BOARD CHAIR VICE CHAIR
Charles J.
Luken
Manuel M.
Chavez III
Dr. Pradeep K.
Bekal, MD,
FACG
Sister Sally
Duffy, SC
Robert W.
Fisher
Damon D.
Jones
Mario J.
San Marco
David O.
Smith
Shane M.
Wright
Greater Cincinnati Redevelopment Authority
BOARD OF DIRECTORS
The Greater Cincinnati
Redevelopment Authority is a public
agency that collaborates with dozens
of economic development, community
and corporate partners, and
foundations. It is governed by a
volunteer Board of Directors; half
appointed by the City and half by the
County. Board member appointees
represent a broad mix of business
expertise including development,
design, finance, and marketing. Our
board brings a wealth of expertise and
knowledge, as well as sensitivity to
business needs and market forces in
the region. Patricia Mann
Smitson
3. OUR ROLE IN ECONOMIC DEVELOPMENT
Combine public and private goals in innovative ways to leverage the strengths of both to work on our
community’s toughest challenges
Acquire & reposition real estate – both neighborhood & industrial properties – to restore productive assets
and value to the community
Execute highly specialized real estate transactions and deliver development finance programs with
integrity and precision
Understand the unique needs and concerns of individual communities
Partner with communities, non-profits, developers, companies, and other economic
development organizations
3
GREATER CINCINNATI REDEVELOPMENT AUTHORITY
7. 7
WHY WE CARE
100,000
Manufacturing jobs lost
since 1969 in Hamilton
County
1.5
Additional jobs supported
by each new
manufacturing job
50%
Of manufacturing jobs
don’t require a college
education
$65,000
Average annual salary for
manufacturing positions
8. • Industrial land use requires less municipal support services and is
a higher contributor of revenue back to the municipality than any
other land use
• Manufacturers generally own their own real estate and relocate
less often
• Increasing interest from manufacturers in the urban environment
• Manufacturing provides a path to middle class
WHY WE CARE
8
10. MANUFACTURING ATTRACTIVENESS STUDY
Cincinnati has an advantage in the presence of
industrial engineers, machinist and tool/die makers
Cincinnati currently lacks suitable real estate
options
Cincinnati has an attractive supply of key
manufacturing skill sets and low/average cost in
several talent segments
$90,970
AVERAGE ANNUAL SALARY
INDUSTRIAL ENGINEERS
2.13
LOCATION QUOTIENT
12. 500 = 8,000 = 565 MILLION.
12
OUR STRATEGY
Five hundred acres = 8,000 new jobs = $565
million in new tax revenue.
13. 13
PUBLIC OWNERSHIP DE-RISKS SITES
DUE DILIGENCE
COMPLETED
EXISTING STRUCTURES
REMOVED
PROPER ZONING &
APPROVALS ATTAINED
PUBLIC OWNERSHIP
INFRASTRUCTURE IN
PLACE
SITEWORK COMPLETED
15. 5 year note
Accredited Investors only
Use of Proceeds - Capital Projects
Pooled Mortgage Security
Interest - 15 bps / year, taxable, payable at maturity
(Non-tax revenue pledge)
KEY TERMS OF PATIENT CAPITAL FUND
15
18. 18
1
Define and agree on a common
vision with clearly defined roles and
commitments across manufacturing
ecosystem partners
2
Shared dedication of “highest and
best” land use that preserves
industrial corridors and creates
family-supporting jobs
3
Expand the number of 20+ acre
shovel-ready sites to attract large
projects
4
Bring a variety of manufacturing site
sizes to market
5
Engage land banking/fund public
ownership & stewardship of industrial
land
6
Leverage and secure future
redevelopment funding
JOBS MADE HERE
19. 19
2100 Section Rd. – 56 Acres
• Amberley Village
• $13.8MM Investment
2250 Seymour Ave. – 19 Acres
• Bond Hill (Cincinnati)
• $4.2MM Investment
SHOVEL READY SITES
22. REACH Evanston
• Infill Housing Development
• 6 new single-family homes
• 21 historic single family rehabilitation
• First home sold for $79k
• Most recent home sold for $250k
• Near the developing Evanston
business district and Walnut Hills
High School
• Started in 2014, estimated
completion Dec 2018
22
PROJECT UPDATES
23. DRAW DOWN SCHEDULE: $1MM in 2018, 7 Year Term, Option to extend by 1 year
($20,000 Fee)
INTEREST RATE: 0% Year 1; 2.31% Years 2-7 (2% over the loan life)
PRINCIPALREDUCTION: Interest payments quarterly, in arrears
Principal due at maturity
PLEDGED FUNDS:
• Limited Recourse to the Fund and Mortgaged Assets (Pledged Revenues)
• No general pledge of the Redevelopment Authority
KEY TERMS OF THE GREATER CINCINNATI
FOUNDATION LOAN/ BOND
23
24. KEY TERMS OF THE LOANS
The goal of the Revolving Loan Fund is financing of homes under
redevelopment by the Landbank (market-rate housing) and HURC
(affordable housing).
Loans made based upon estimated sales price of an individual house
Repayment upon sale of each house
2.5% interest rate (estimated)
Secured by properties under redevelopment with mortgages filed
24
29. NEIGHBORHOOD BUSINESS DISTRICT PROGRAM
THESIS: Place-based redevelopment strategy to
rejuvenate neighborhood retail and commerce with a
focus on neighborhood–serving businesses, local
micro-entrepreneurs, and creative enterprises.
OUTCOMES: Jobs, amenities, street-level vitality,
safety, wealth creation
CAPITALBARRIER: Not financially feasible given
expected rents and property values and risk profiles of
local lenders.
FINANCING TOOLS: Revolving Loan Fund; grants for
program development
29
30. LOAN FUND
Establishment of a Cincinnati Neighborhood Commercial Real Estate Loan
Fund
Fund is seeded by a $5 million Kresge Foundation Program Related
Investment (PRI) as part of its Mixed-Income, Mixed-Use Strategy
Investment Thesis: Neighborhood Business Districts in targeted
neighborhoods can be rejuvenated through an actively managed
combination of place-based neighborhood serving businesses, local micro-
entrepreneurs, and creative enterprises
30
31. KEY TERMS OF THE KRESGE LOAN/ BOND
DRAW DOWN SCHEDULE: $2MM in both 2017 and 2018, $1MM 2019
INTEREST RATE: 0% 2017-2018, up to 3% thereafter
Incentive to raise additional capital
PRINCIPALREDUCTION: $500,000 12/ 31/ 23
$1MM by 12/ 31/ 24 and 12/ 31/ 25
$2.5MM by 12/ 31/ 26
PLEDGED FUNDS:
• Limited Recourse to the Fund and Mortgaged Assets (Pledged Revenues)
• If Pledged Revenues are insufficient, outstanding amounts are forgiven
• No general pledge of the Redevelopment Authority
32. KEY TERMS OF THE LOANS
The goal of the Fund is to act as a unique financial tool, not compete with commercial
banks or other local lenders
New capital source for the Redevelopment Authority’s revitalization efforts
Attractive source of financing to incentivize private developers
Loan maturity of 5-7 years
Amortization set to reach commercially bankable levels by time of sale / refinancing
Fixed interest rates
Subordinated debt is permissible, but capped at 50% of the portfolio
33. 33
Kresge Foundation-seeded DREAM Loan Fund:
YEAR ONE IMPACT
DEVELOPMENT TOTAL CONSTRUCTION RLF PORTION
PARAMOUNT SQUARE $8,400,000 $500,000
TREVARREN FLATS $9,300,000 $535,000
TOTAL $17,700,00 $1,035,000
34. Trevarren Flats, Walnut Hills
BEFORE
Photos courtesy: Walnut Hills Redevelopment Authority
AFTER
40. PROJECT UPDATES
BOND HILL NEIGHBORHOOD BUSINESS DISTRICT
• Control of pad ready commercial sites along
Reading Rd.
• Goal is to create and establish neighborhood
serving, retail businesses. Important to the
community per the BH & R Plan.
• Currently in final stages of construction documents
for renovation of approx. 5,500 sq.ft. of
neighborhood serving retail space with surface
parking lot.
• Anticipated construction start date June/July 2018.
40
43. Brooking Institution and PolicyLink (Kennedy and Leonard 2001b)
FACTORS TO BE
PREDICTIVE OF GENTRIFICATION
1. High rate of renters
2. Ease of access to job centers
3. High and increasing levels of metropolitan
congestion
4. High architectural value
5. Comparatively low housing values
6. High job growth
7. Constrained housing supply
8. Large rent gap
9. Urban amenities
10.Targeted public-sector policies (e.g., tax
incentives, public housing revitalization,
construction of transit facilities, disposition of
city owned properties, code enforcement, etc.)
11.Growing preference for urban amenities