COMMUNITY DEVELOPMENT TOOLS AND TRENDS BRIDGING THE FINANCING GAP APRIL 2, 2015

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1 COMMUNITY DEVELOPMENT TOOLS AND TRENDS BRIDGING THE APRIL 2, 2015 FINANCING GAP

2 Economic Development Finance Leveraging public resources through proactive approaches that solve the needs of industry, business, developers and investors. Collaboration between governments and private sector to scale up economic growth. Inexpensive sources of financing for projects. Acceptable return on investment (ROI) for developers/investors. Assists in lowering risk for lenders. Provides access to working capital for business. Infrastructure improvements (roads, utilities, parking) for communities and support private sector projects. New jobs and continuing education for citizens. Increase tax base for government.

3 Why are we here? to shed light on how to bridge the financing gap using a few key regional site and project specific enhancement programs: Cash Grants & Low-Interest or Forgivable Loans Tax Increment Financing Tax Abatements

4 Grants & Loans Business Development Program MEDC / MSF Community Revitalization Program MEDC / MSF Community Development Block Grant (CDBG) MEDC / MSF & MSHDA CDBG Revolving Loan Fund (RLF) Local Local Grants and Loans Michigan Department of Environmental Quality (MDEQ) Environmental Protection Agency (EPA)

5 Tax Increment Financing TIF revenue capture to reimburse eligible debt (loan) obligations. TIF revenue received annually helps project cash flow and reinvestment. TIF Captured Taxable Value (Example project): Initial taxable value (base year) = $ 300,000 Projected new taxable value = $ 1,000,000 Captured value (increment) = $ 700,000 The difference between the base taxable value of the property and the new taxable value after improvements is the increment Captured (Incremental) Increase in Taxable Value $ 700,000 Initial (Base) Taxable Value $ 300,000 New (Projected) Taxable Value $ 1,000,000

6 Tax Increment Financing Downtown Development Authorities (DDA) TIF P.A. 197 of 1975 allows DDAs to capture local property taxes to pay for expenses within defined district(s). Corridor Improvement Authority (CIA) TIF P.A. 280 of 2005 allows CIAs to capture local property taxes to fund improvements in commercial corridors outside of their main commercial or downtown areas. Brownfield TIF P.A. 381 of 1996 allows Brownfield Redevelopment Authorities (BRAs) to capture state and local property taxes to pay for eligible activity costs related to specific Brownfield site(s)/projects. Local Development Financing Act, Historic Neighborhood TIFA, others

7 Tax Increment Financing Example Brownfield TIF TIF revenue capture to reimburse: Eligible debt (loan) obligations discussed previously. Incurred eligible activity out of pocket expenses.

8 Tax Abatements Provides incentive for eligible businesses and developers to make new investments by freeing-up cash that normally goes toward property taxes. Encourages new construction, renovation, rehabilitation, redevelopment, and adding of M&E (all where applicable). Includes most types of property depending on abatement: residential homes, high-density multifamily residential, commercial, industrial, office, warehouse, mixed-use developments, and specific types of commercial or industrial businesses. Can apply to individual property/buildings/m&e, group of contiguous property/buildings or any qualifying property/building in a defined district. Abatements must be approved at local/state levels of government. Tax impact/benefit varies based on specific exemption as each abatement has unique eligibility requirements, process and lengths and terms of the abatement.

9 Tax Abatements Industrial Property Tax Abatement P.A. 198 of 1974 abates real (except land) and/or personal property taxes for up to 12 years on industrial plants and related facilities. Local/state tax impact/benefit varies, may fully abate certain taxes or can exempt taxes beyond established pre-investment tax base. Obsolete Property Rehabilitation Act (OPRA) P.A. 146 of 2000 essentially freeze all the existing local property taxes and exempts any increase in local real property tax improvements for up to 12 years. Can exempt one-half of the school millage (school operating-18 mills and state education tax-6 mills) up to 6 years. Includes redevelopment of older building that are contaminated, blighted or functionally obsolete. Commercial Rehabilitation Act P.A. 210 of 2005 freezes existing local real property (except land) taxable value and exempts any increase in local real property tax improvements for up to 10 years on commercial building, individual or group of contiguous buildings (older than 15 years). Includes commercial business enterprises and multifamily residential use. Commercial Redevelopment Act (P.A. 255 of 1978 ) and others...

10 Overcoming Common Obstacles It takes too long It s too expensive too much red tape or paper work It s for poor quality borrowers or start-ups, aka lending of last resort Negotiating federal, state and local incentives is a daunting task

11 CASE STUDIES

12 Albert Street Developments, East Lansing

13 Albert Street Developments 211

14 Albert Street Developments The St. Anne

15 Albert Street Developments

16 Albert Street Developments

17 Albert Street Developments 211 Ann St. The Residences East Lansing Total Capital Investment: $9.8 million Job Creation: 45 new jobs Type: Mixed-Use, New Construction Description: Downtown project. Redevelopment of obsolete commercial and residential buildings into an 8-story retail/commercial and residential apartment building Incentives Secured to Support Development: $1.6 million 20% Brownfield MBT credit $3.1 million in approved tax increment financing reimbursements $35,000 US EPA Grant

18 Albert Street Developments 211 Ann St. The Residences East Lansing Total Capital Investment: $7.9 million Job Creation: 5 full-time, 50 part-time Type: Mixed-Use, New Construction Description: Downtown project. Redevelopment of obsolete commercial buildings into a 4-story retail/commercial and residential apartment building Incentives Secured to Support Development: $667, % Brownfield MBT credit $3.1 million in approved tax increment financing reimbursements $1 million MDEQ Brownfield grant $108,000 US EPA Assessment Grant

19

20 Metro Place Lansing

21 The Peabody Group Total Capital Investment: $20 million Job Creation: 25 jobs Type: Mixed-Use, New Construction Metro Place Lansing Description: Demolition of the vacant and obsolete former YMCA building and construction of a new four-story, 99,000 square foot mixed-use development consisting of 156 residential units and 7,400 square feet of commercial space. Incentives Secured to Support Development: $2.8 million in approved tax increment financing reimbursements, restructured $1.125 million Brownfield MBT Credit amendment $500,000 US EPA Loan $3 million Equity Investment Participation Loan

22 Orleans Landing Detroit

23 Orleans Landing Detroit Total Capital Investment: $66.6 million Job Creation: 45 jobs Urban Design Associates Type: Mixed-Use, New Construction Description: 278 newly constructed one and two bedroom rental apartment units with approximately 10,500 square feet of retail/restaurant space developed in an area of Detroit located along the East Riverwalk and adjacent to the Dequindre Cut Greenway. The former site consists of 25 parcels over 7.7-acres within Detroit s former waterfront industrial district. Incentives Secured to Support Development: $12 million in approved tax increment financing reimbursements $250,000 US EPA Grants $1 million MDEQ Grant $5.7 million tax abatement $6.9 million Brownfield MBT Credit, repositioned $7.6 million Equity Investment Participation Loan

24 How can we help? Regional and Site Specific Enhancement Programs possible on: Commercial / Retail High Tech Office Industrial Bank Owned & Tax Foreclosed Transformational Downtowns Mixed-Use Multifamily Residential Job Creation Incentivized Investments or Activities o o o o o o New Construction, Redevelopment and Renovation / Reconstruction Demolition (Building - Interior, Part or All and Site) Brownfield (related to Environmental, Blighted, Functionally Obsolete, Historic) Site Preparation and Site Improvements Infrastructure Improvements (Private and Public) Machinery & Equipment

25 THANK YOU! Vice President Economic Development & Incentives AKT Peerless

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