Downtown Amarillo Strategic Planning

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Asher Rodgers
7 years ago
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1 Downtown Amarillo Strategic Planning

2 Planning and Studies 2009 Downtown Strategic Action Plan Completed 2010 Completion of: Convention Hotel Feasibility and Market Study Land Plan for Civic Center Area Streetscape Plan Housing Market Study Parking Study Ballpark Market Study Result of downtown planning and study over $170 million in development and investment downtown, including $113 million catalyst public-private project in Civic Center area

3 Streetscape Plan

4 Streetscape Investment 1.5 miles implemented over last two years

5 Streetscape Investment 140 new pedestrian lights, 300 walkway trees before after

8 Creative Finance Options Downtown Loan Consortium $5.7 million Preference for mixed-use residential projects Amarillo National Bank, Happy State Bank, First United Bank, First Bank Southwest, Herring Bank, First Bank of Texas, Interstate Bank

10 Need For Catalyst Project

11 50-Block Land Plan Civic Center Area

12 Aerial Rendering - Convention Hotel, Multi-Purpose Ballpark, and Parking Garage Phase I - $113 Million Catalyst Public-Private Project

13 300-Room Wyndham Hotel and 841-Space Parking Garage with Retail

14 Multi-Purpose Ballpark (adjacent to City Hall, Parking Garage on Right)

15 Process ( Major Steps) = Opportunities for public discussion or input Identify Goal, Craft Vision, Define Scope Identify Stakeholder Groups & Interests Adopt Goals (Short, Med & Long Term) Identify Perceived Opportunities & Limitations Set Development Preferences & Guiding Principles Initiate selection process for, Architect, Hotel and MPEV Site Visits Development Agreement Approval Creation of LGC Concept Validation & Market Assessments LOI w/development partner Complete selection process for architect and potential operators Site Assessment for Hotel and updates to project land plan Finalize Development Agreements with selected operator partners Technical Studies & Preliminary Design Update Project Cost Current Progress Project Monitoring Agreements, Design & Construction City Decision on Proceeding with Project and Funding Strategy Recommendation to City Commission Funding Strategy Developed 15

16 Overview of Funding Elements Project Project Budget Asset Ownership Funding Sources Security for Debt Convention Hotel $69.3 million Public But Leased to Developer/ Operator Sr. Project Debt EB5 Loan Bank/Bond Refinancing Private Equity NMTC Private Leasehold Interest Pledged Revenues Hotel Revenue TIRZ Revenue rebate from New hotel (term of debt) Local Sales Tax Rebates from NEW hotel(10 yr) Local HOT - ONLY from NEW HOTEL (20 yr) State Sales/HOT Tax Rebates (10 yr) Parking Garage $13.4 million Public But Leased to Developer/ Operator Bonds: HOT and Project Special Revenue Bonds Private Equity Hotel Leasehold Interest Pledged Revenues Hotel - $1,200 / room lease - $360K Civic Center (2yr at 20%) - $330K Special Event Parking - $150K Ticket Facility Surcharge - $366K 7% Citywide HOT ($0 budgeted for D/S) Sinking Fund (Equity from Hotel) Multi-Purpose Event Venue $30.3 million Public But Leased to Developer/ Operator Bonds: HOT and Project Special Revenue Bonds Private Equity (to be negotiated) Leasehold Interest Pledged Revenues Operator Lease Payment - $200K Naming Rights - $200K Ticket Facility Surcharge - $116K 7% City wide HOT ($1.1million budgeted for D/S) Excess Garage Special Revenues - $470K Center City Funding for streetscape $400k 16 16

17 Economic Impact HOTEL - Source Impact Data Source Model / AEDC Total Estimated Economic Impact over 10 years $112,072,589 Net Present Value $98,072,589 Estimated Total Number of New Permanent Jobs 640 Estimated Number of New Construction Jobs 220 MPV - Source Convention Sports and Leisure (CSL) market Assessment Total Estimated Economic Impact over 30 years $196,983,798 Net Present Value $88,852,151 Estimated Total Number of New Jobs 76 Estimated Number of New Construction Jobs

18 $Over 70 million in investment downtown implemented over last two years

19 First Baptist Church of Amarillo $Over 70 million in investment downtown implemented over last two years Polk St. United Methodist Church

20 Restaurants and People Returning to Downtown

21 Residential Investment Cal Farley Alumni Housing Vineyard Manor, and 1015 S. Polk, Restoration of Historic Buildings for Residentia

22 Demolition of Hotel Garage Site

23 Downtown Development 2007 to 2011 Downtown Property Values Increased 35.7% over the 5 year period Downtown Property Values almost stagnant for 20 years until 2006

24 Additional Projects Underway Working with private developers Consistent wayfinding signage Circulation changes convert some one-way to two-way streets Establishment of Public Improvement District TXDOT STEP funding for streetscape

DIVISION STREET CORRIDOR STRATEGY Arlington, Texas May 17, 2012

DIVISION STREET CORRIDOR STRATEGY Arlington, Texas May 17, 2012 Project Review: DCAC Meeting #2 March 8, 2012 Reviewed stakeholder meetings Online survey findings Market Assessment Macro Market Factors,