Urban Renewal Feasibility Study
Tashman Johnson LLC, Urban Land Economics,
Elaine Howard Consulting LLC, SERA Architects
Background
Urban Renewal Feasibility Study Steps:
Refined Study Area Analyzed Real Estate Market Analyzed Proposed New Parking Standards Projected Development Projected Tax Increment Revenues and Debt Prioritized Urban Renewal Projects
Original Feasibility Study Area
Study areas:Ardenwald SWHistoric Downtown
CommercialHistoric Downtown
ResidentialIsland StationIndustrial EastIndustrial WestLake Road NorthWaverly
Opportunity Sites
Ardenwald: Murphy and
Mc Farland Sites
Waverly: Waverly Green Housing Site
Historic Downtown Commercial: 12 potential sites
Refined Urban Renewal Feasibility Area
Tax Increment Financing
Tashman Johnson LLC, Urban Land Economics,
Elaine Howard Consulting, LLC, SERA Architects
Total Tax Rates X Assessed Value in = Tax Revenues Urban Renewal Area
Permanent Rates Bond
Rates*
*Only for bonds approved before Oct. 6, 2001
“Frozen” Base
Incremental Assessed
Value
Taxing District Taxes
Urban Renewal Tax
Increment Revenues
Example of Tax Increment Financing
Real Market Value of Development $2,000,000Assessed Value $1,160,000Tax Rate/$1000 AV $17Tax Increment Revenues $19,507Approximate Borrowing Capacity $200,000
$2 Million Devt: ~10 condos or 13,000 sf commercial space
Tax Increment Revenue Projections
Tax. Inc. Revenues used to repay debt.20 year period: $61.3 million borrowing capacity
Capacity is limited at beginning but needs are great.
Capacity increases over time
Priority Projects: Rationale
Stimulate Private DevelopmentCreate Tax Increment Revenue Stream
From Taxable Projects
Use Alternative Funding: Light Rail, Riverfront Park, Plaza
Tashman Johnson LLC, Urban Land Economics,
Elaine Howard Consulting, LLC, SERA Architects
Priority Urban Renewal Projects
Public Area Requirements: AssistanceMurphy/McFarland
Planning/Infrastructure/Quiet ZoneSite Acquisition/Opportunity SitesStorefront ProgramDevelopment Incentive FundDowntown Parking StructureMcLoughlin Over-crossing
Potential Next Steps
Decision to Proceed/Not Proceed with Urban Renewal Plan . If Proceed Next Steps Are:
Develop Plan with Input from Public And Taxing Districts
Follow Extensive Adoption Process