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Home My WebLink AboutAgenda - Mail Packet - 5/8/2018 - Memorandum From Patrick Rowe Re: Urban Renewal Authority (Ura) Onboarding Events And Agenda Materials - May 11, 20185/11/2018 URA Onboarding - Work Session Julia Novak, Patrick Rowe and Josh Birks URA Onboarding Work Session Agenda. 2 Agenda: 1. Introductions & Background 2. Roles & Responsibilities 3. Processes & Logistics 4. Current & Planned Projects 5. Working Together – Philosophy & Practice 3 Introduction & Background Fundamental & Statutory Purpose Eliminate and mitigate “blight”… 4 • “Substantially impairs or arrests the sound growth of the municipality” • “Retards the provision of housing accommodation” • “Constitutes an economic or social liability, and is a menace” [to public, health, and safety]. Practically Speaking 5 Revitalization of urban areas and the removal of economic impediments deteriorated • obsolete • lacking re- investment • missing / inadequate public infrastructure • unsanitary • unsafe • faulty street layout • contaminated How… 6 Public Projects Invest / undertake public projects Private Projects Enable private projects that benefit area Planning Work Arrange with municipality to replan, or rezone Acquire Land assemblages; acquire for site clearing purposes. 7 Increase from new development activity How…TIF 8 Increase from new development activity • Increment allocation up to 25 years. • Development and construction activity attributable to increment. • Reassessment changes (appreciation) are allocated to base and increment on pro rata basis. • Service impacts to underlying entities must be addressed (HB1348). Fort Collins URA 9 Increase from new development activity Remedy Blight Leverage Private Capital Investment Stimulate Sustainable Development & Public Improvement Projects Fort Collins URA Mission Objectives 11 Increase from new development activity Incentivize high efficiency buildings and projects. Support a spectrum of housing affordability options. Encourage development that improves community vitality and sense of place Retain, expand, or attract businesses. Policy Statements 12 Increase from new development activity Demonstrable need - Create, Accelerate, Enhance. TIF may support public or private projects. To manage risk, the URA prefers to provide TIF assistance over time, as collected. Purpose of URA Assistance • Market/Use Mismatch • Environmental Contamination Create • High Risk of Pioneering • Not Developing Exacerbates Problems Accelerate • Quality of Place Enhancements • Historic Preservation • Sustainability Enhance 13 Makes It Happen Makes It Happen Sooner Makes It Better 14 North College Marketplace 15 TIF Investment: $8,000,000 Total Project Investment: $40,000,000 • Catalyst project • Gateway features and landscaping • Demo/clean-up of blighted area Rocky Mountain Innosphere 16 TIF Investment: $2.8M Total Project Investment: $7.2M • Entrepreneurial support • Anchor Project Image source: Energy Fellows Institute North College Improvements 17 TIF Investment: $2.7M Total Project Investment: $11.2M • Priority infrastructure project • Included placemaking enhancements Image source: Google Maps Foothills Mall 18 TIF Investment: $53M Total Project Investment: $313M • Catalyst project • Revive Fort Collins mall • Pedestrian underpass • Foothills Activity Center • Mixed-Use Whitewater Park Project TIF Investment: $300K Total Project Investment: ~$11.5M • Area amenity • Bridges downtown and North College areas • Reduces floodway • Vine Drive improvements 19 Lyric 20 TIF Investment: $252K ($19.5K per year) Total Project Investment: $4.1M • Destination project (contributing to area activation) • Local business support 21 Roles & Responsibilities Roles Overview Council • Initiate Board • Implement Applicant • Construct Staff • Analyze 22 Shared Vision & Goals Council vs. Board: Role & Responsibility 23 Item City Council URA Board Role: Power & Authority  Ratify Blight Findings  Develop/Approve Plans  Plans control powers of URA (e.g., Eminent Domain)  Initiate Blight Studies  Implement Plans  Approve Redevelopment Agreements  Manage Agenda Responsibility: Funds  Control Tax Increment through Plan & Area Definition  Approve agreements with Taxing Entities  Manage Operating Budget  Invest Tax Increment in specific activities  Manage Debt of URA Prioritize Plan Implement Council to Board Interface 24 • Community Objectives • Targeted Infill & Redevelopment Areas • Remediate Blight Conditions • Specific Activities & Undertakings • TIF Use • Identify Blight Conditions • Define Boundary • Define Use of TIF Point of Handoff Applicant / Developer Role & Responsibility Demonstrate Need Construct Project Document Investment Take Risk Deliver Public Benefit 25 PRESENT THE CASE Staff Roles & Responsibilities Interface Property Owners Developers Departments Analyze Project Feasibility Financial Need Public Benefit Manage Applications Processes Agreements Communicate Council & Board Applicants Impacted Taxing Entities 26 Legal Considerations 27 28 Processes & Logistics Plan Areas – Guiding Principles • Strategic and Focused • Broadly Define Community Benefits • Identify Win-Win Solutions • Greater Public Participation 29 Plan Areas – Process Outline Evaluate • Step 1 – Identify Focus Area • Step 2 – Existing Conditions Study Develop • Step 3 – Define Objectives • Step 4 – Understand Redevelopment Potential • Step 5 – Document Public Improvements Adopt • Step 6 – Run Impact Model & Present to Entities • Step 7 – Agree Upon Impact & Mitigation • Step 8 – Adopt the Plan 30 Project Review 31 Financial need (the “but for” test) Realization of objectives Adequate public benefits • Third Party Financial Analysis • Interdisciplinary Staff Review (core team+) • Pre-Application Meeting • Board Review and Consideration URA Meetings Board Accessibility vs. Meeting Frequency • Influence of market timing – customer service; • Maintain current level of service Historic Activity • On average (excluding outliers): 3.5 times / year Meeting Time & Location • Location: TBD • When: TBD Logistics Packet Distribution • Electronic Delivery • Available 1 week prior to the meeting • Sent as a single file • Physical Delivery Questions on the Agenda Can be Sent to URABoardInfo@fcgov.com 33 Budget Process 34 Current Process = Budgeting For Outcomes (BFO) 1. Internal Review – Staff then Executive Leadership 2. City Manager’s Recommended Budget – Initial Recommendation 3. Council Conducts Public Hearings & Work Sessions 4. URA Budget adopted by Board – Typically same time as City Historically no additional review by Board 35 Current & Planned Projects New Plan Area Opportunities: • Mixed-use / transit oriented development (enhance/enable) • Public Parking Structure • Intersection Improvements/Enhancements 36 37 The Drake at Midtown Redev. What: Compelling, mixed-use project (res, retail, hospitality). Where: SW Drake/College. Why: Catalyst project in targeted redevelopment area at key intersection. How much: TBD – developer right-sizing for 50% increment. 38 North College Stormwater/Eng. What: Stormwater and street infrastructure project. Where: North College Plan Area. Why: Lack of adequate stormwater outfall (stormwater to follow street alignment). How much: Stormwater cost ~$8M + Eng. + ROW. North College Strategic Investment Plan 39 • Plan Area Strategies • Focus Area Strategies / Evaluation • Conceptual Land Use • Project Cost / Revenue Projections Potential Future Projects 40 • Other key redevelopment areas along MAX. • Mulberry Corridor. • TBD Other. 41 Working Together – Philosophy & Practice 42 Closing Remarks