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Central ExchangeA Project of Model Cities
For the Residential & Economic Development CIB Task ForceMarch 19, 2015
Central Exchange Site
Criteria: Project Importance
*Project improves or creates an asset to meet new demand*Project improves the functionality of an asset
How Central Exchange meets these criteria:
*2,625 affordable housing units needed in St. Paul by 2020
*Over 75% of residents in Census Tract 325 are burdened by housing costs
*Up to 75K ft2 of office/retail space in Victoria Station area over next 20 years
*Project will bring vacant land back into productive use
Criteria: Residential & Economic Benefit
*Project improves residential & neighborhood stability*Project creates or improves job opportunities
*Project promotes business opportunity*Project remedies safety issues that pose danger to person or community
How Central Exchange meets these criteria:
*Upper floors to provide new affordable workforce housing units
*Ground floor provides commercial space for smaller businesses
*Job opportunities during and after construction
*Vacant land that hosted nuisance structures replaced with new functional building
Criteria: Demonstrated Support
*Project demonstrates community support & organizational commitment*Project demonstrates evidence of collaborations or partnerships
*Project leverages outside funding
How Central Exchange meets these criteria:
*Support from local neighborhood planning council
*Model Cities injected $130K to leverage additional funding to complete acquisition
*Working with nonprofits on business training & job recruitment activities
*Over $1.5 million in permanent financing raised
Criteria: Community Benefit
*Project significantly benefits a neighborhood, district, area or city as a whole*Project enhances livability (Q Of L, prop. values, unmet needs, safety, etc.)
*Project improves aesthetic appearance of an asset or area
How Central Exchange meets these criteria:
*Housing & commercial space will enhance business environment and quality of life
*City tax base will increase as a result of the project
*Creates destination point on University Avenue
*Contributes to development of commercial district
Criteria: Long-Range Impact
*Impact on future operating costs (both increases/decreases)*The project exceeds standards in environmental sustainability
*Project provides tangible return on investment*Project is included in City-approved plan
*Project demonstrates ability to achieve stated outcomes
How Central Exchange meets these criteria:
*Expenses covered by revenue generated by the project
*Project adheres to rigorous energy efficiency standards
*New housing, new commercial space and re-use of land enhances tax base
*Project is aligned with Comp. Plan & Central Corridor Development Strategy
*MC track record demonstrates ability to implement project
Thank you!