replacing redevelopment funding & implementation tools ...€¦ · • infrastructure financing...
TRANSCRIPT
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Replacing Redevelopment Funding & Implementation Tools with PBIDs & IFDs
Michael Yarne Executive Director, UP Urban and Partner, Build, Inc.
Mary McCue CEO, MJM Management Group
Jim Chappell MJM Management Group and Union Square BID
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AGENDA Michael Yarne
Alternative Financing Tools (CFDs, IFDs & Others) Opportunities Limitations Green Benefit Districts (Dogpatch/Protero Hill)
Jim Chappell BID Formation Process (Rincon Hill)
Mary McCue Successes (Union Square) Challenges Pitfalls
Discussion and Q+A
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Michael Yarne Executive Director, UP Urban Partner, Build, Inc.
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UP Overview A non-profit venture that designs & creates non-
governmental solutions to traditional redevelopment activities.
We don’t advocate; we implement.
Our Mission: Improve urban neighborhoods for the long-
term public benefit through public-private partnerships & a creative mix of finance tools & land use strategies.
www.upurban.org
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The Post-Redevelopment Toolshed
• Community Facilities Districts (CFDs) • Infrastructure Financing Districts (IFDs) • Development Agreements (DAs) • Public Development Rights (PDRs) • Transfer Fees • Business Improvement Districts (BIDs & CBDs) • NEW: Green Benefit Districts (GBDs)
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CFDs • Mello-Roos Community Facilities Act of 1982 • Allows a “Special Tax” on property to: pay debt service on bonds issued to finance
physical improvements pay-as-you-go financing of physical improvements,
and/or pay-as-you-go financing of certain public services
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CFD Financing of Public & Private Facilities • Public Facilities:
Design, engineering, architecture & other soft costs Development Impact Fees for public capital facilities Public agency must own facilities when completed
• Options for Construction of Public Facilities Public agency constructs with bond proceeds, or Developer constructs & conveys to agency; purchase price paid from
bond proceeds • Private Facilities:
Renewable energy or energy & water efficiency improvements (PACE) Compliance with seismic safety standards & earthquake repairs Repair & abate damage caused by soil deterioration Brownfield remediation
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Nature of CFD Financing • Land-Secured Financing Bonds secured by Special Taxes; not general debt Levied & collected with ordinary property taxes Non-recourse to property owner; lien runs with the land Property subject to foreclosure in event taxes not paid
• Special Tax Formula • Tax-Exempt Bonds? Capital costs for public facilities Must spend proceeds in 3 years Limited “private use”
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CFD Formation
• Typically initiated by Developer petition • 2/3rds approval of “qualified electors” If 12 or more registered resident voters in CFD, vote is by
registered voters; OR Vote by fee title owner: 1 vote per acre or portion of an
acre owned Sometimes public agency can vote
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CFD Financing of Services • May not supplant services already available in the
CFD when it is created. • Only specified services & maintenance activities can
be funded, and only on a pay-as-you-go basis: Police protection services Fire prevention & suppression Ambulance & paramedic services Maintenance & lighting of parks, roads and open space Flood & storm protection services Environmental remediation
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Mint Plaza CFD + BID
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Mint Plaza CFD Bonds Issued by ABAG to fund conversion of public alley into a 20,000-SF landscaped pedestrian plaza adjacent to the Old US Mint in downtown San Francisco.
• 5 renovated historic buildings with mix of residential condominium, rental apartments, commercial space and retail uses
• Properties partially leased or sold at time of sale
• Developer responsible for 66% of initial special tax burden
• Initial tax rates range from $1.02 to $1.785 per square foot
Project Peripherals:
Bond par: $3,270,000
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Overview of IFDs • “Voluntary redevelopment” or “redevelopment light” • Substantially lower share of each property tax dollar. • CFD-style 2/3 vote; formed by cities/counties • Diversion of future tax increment • NOT a net new tax assessment (like CFDs or BIDs) • IFDs may finance: Debt service on TIF bonds issued to finance public facilities or Pay-as-you-go financing of public facilities NO maintenance or services NO privately-owned improvements
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IFD Financing of Public Facilities • Public facilities with a useful life of 15 years or more • Projects of “communitywide significance, which
provide… significant benefits to an area larger than the IFD”
• May not supplant facilities already available within the IFD
• May cover soft & hard costs of public facilities
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Nature of IFD Financing • Bonds payable only from tax increment allocated to the IFD
Measured by increase in assessed value above base year value • Infrastructure Financing Plan
Identifies taxing entities contributing increment to IFD (no schools) Specifies specific projects, budgets & portion of increment allocated to
the IFD (may vary by entity and time) Sets a cumulative tax increment limit Time limit on increment: 30 years from ordinance forming IFD
• Tax-Exempt? May only finance capital improvements and related soft costs Public agency must expect to spend Bond proceeds within 3 years May include “private use”
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Changes in IFD Law?
• Pending Bills propose the following changes Broader list of facilities eligible for funds Eliminate 2/3 voter requirement Extend period for increment receipt from 30 to 40 years. Allow IFDs in former redevelopment project area Require 20% housing set-aside
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Rincon Hill IFD Formed in 2011. BID/CBD in Progress
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Rincon Hill Infrastructure Financing District
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Parkmerced: DA + IFD + CFD?
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Transfer Fees • WHAT:
A “contractual transfer tax” Legal instrument recorded against title that requires that a certain
percentage of future sale price be dedicated to a public or private purpose.
FHA guidelines restrict use of fees to activities that directly benefit the property subject to fees.
• USES: Maintenance, repair and/or capital improvements to infrastructure. May be used citywide or on a case-by-case basis, depending on need.
• EXAMPLE:
Dublin-Pleasanton BART station parking lots sold to private condo developer; transfer fee generates revenue to maintain station area.
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Public Development Rights (PDRs) • PDRs = FAR (developable air rights above a building, measured by
floor area)
• New PDR created when a significant “up-zoning” occurs on property above existing “base” height & FAR.
• Air Bonds: Agency sells PDRs by auction or otherwise to raise funds for density-supportive infrastructure improvements.
• 30-year-old precedent (San Francisco’s 1985 Downtown Plan).
• Exploring wider application of legally proven approach
• PDR captures future incremental value without need for TIF
• Limited application: high-value, high-density environments
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Green Benefit Districts (GBD) • Minor Modification to BID Law: Same legal structure, different goals & geography
• Green Maintenance & Operations for neighborhood parks & green spaces commensurate with increased density, but at a strategic neighborhood scale—close to the impact.
• A Neighborhood-Based NGO Right-Sized for Accountability & Innovation: An organizational (and democratic) platform for neighborhood-based innovation. Unfettered by many rules that restrict city agencies, GBDs deliver more bang for the buck.
• Stimulates Capital Investment: Because GBD provides a reliable M&O funding, local government is more willing to make neighborhood-based capital investments. In addition, some GBDs may include their own “seed capital” fund to leverage larger capital investments.
• Replication & Education: Once the SF Beta project is successfully launched, UP will develop a statewide “open-source toolkit” for forming new GBDs.
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Potrero Hill-Dogpatch GBD
Goals: 1. Improve daily
maintenance of key neighborhood parks, gardens and green spaces.
2. Catalyze new green spaces & improve existing with “seed capital”.
3. Leverage M&O capacity to fund larger scale park & infrastructure investment.
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Jim Chappell Strategic Planning, Government and Community Relations MJM Management Group
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MJM Management Group: Turning Public Space into Community Value We connect people to public spaces. Our goal is to provide a positive and memorable experience for all who visit and use the parks, plazas, and public thoroughfares we manage. • Form and Manage BIDs/CBDs • Plan, design, manage, and program public spaces
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BID | CBD Business Improvement Districts | Community Benefit Districts
Where did they come from? • Response to anti-tax movements • Government’s decreased ability to provide services • Began in Canada 1970
– ± 2,000 in N. America
• CA Legislation to enable/govern BIDs: – Property and Business Improvement District Law of 1994 – San Francisco: Community Benefit Ordinance of 2004
• Lifespan: 5-15 years
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BIDs/CBDs in SF
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BID | CBD Business Improvement Districts | Community Benefit Districts
What do they do? • Grassroots democracy • Supports neighborhood stewardship
– Provide neighborhood services – Similar to HOA
• Mandatory assessments, not a tax – Replacing voluntary Business Associations
• Strengthen Neighborhood
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BID | CBD Business Improvement Districts | Community Benefit Districts
Key Factors • Management Plan
– sets forth budget and spending priorities; serves as the “constitution” for the CBD
• Assessments – General vs. Specific Benefit – Money stays within neighborhood – Maximum annual increase of 3% or cost of living
(whichever is lower)
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BID | CBD Business Improvement Districts | Community Benefit Districts
Key Factors • Services
– Clean – Safe – Economic development – Beautification – Advocacy – Marketing
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BID | CBD Business Improvement Districts | Community Benefit Districts
How are they formed? • Takes approximately 1 year
– Public/private partnership • Community Organization
– Steering Committee – Property owners determine boundaries, services, budget
• Management Plan and Technical Studies • Multi-Stage Approval Process and Political Campaign
– Petitions – Ballots
• Formation of nonprofit, Board of Directors
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Rincon Hill
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Rincon Hill Infrastructure Financing District
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Challenges
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Rincon Hill Streetscaping Plan
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Mary J. McCue President and CEO, MJM Management Group
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Union Square BID • First special assessment
district in San Francisco history
• Established in 1999; renewed and expanded in 2009
• Daily services include Community Ambassador Program, Cleaning, Maintenance and Safety
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Challenge: Building consensus with a wide range of stakeholders
• City agencies • Law enforcement • Nonprofit groups • Local businesses • Community
organizations • Parking garage
(beneath park)
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Union Square: Before the Business Improvement District
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Before and after
Before Union Square BID (1998) After Union Square BID was formed
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Before and after
Before Union Square BID After Union Square BID was formed
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A more inviting pedestrian environment
Before Union Square BID After Union Square BID was formed
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Once property owners saw the effectiveness of the BID, they began to
invest in their own properties.
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A new, vibrant district paves the way for park revitalization
Photo credit: ralphman, Flickr
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Union Square Park: Challenges
• Transform an iconic, but blighted space avoided by locals and tourists
• Identify ways to activate the district and park through redesign, programming and ongoing management
• Address issues of safety, security and cleanliness
• Create a new public-private management structure and qualified provider to operate and staff Union Square Park
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Union Square Park: Results • Events and leases generate more
than $600,000 a year in revenue • More than 4.6 million annual visits
per year. • Union Square Live events program:
music, dance, art, speech, more. • Park renovation and activation has
lowered crime, brought a new demographic and raised adjacent property values
• BID expanded and renewed in 2009
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Questions?