URA / Bridgeway Capital Workshop for Mainstreets Managers. Tom Link, Manager, Business Development Center. May 15, 2009

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1 URA / Bridgeway Capital Workshop for Mainstreets Managers Tom Link, Manager, Business Development Center

2 Please take away from this workshop. A process and tool to work better and more efficiently with businesses in your district (thank you Bridgeway Capital!) A face and a contact at the URA s Business Development Center (BDC) and Bridgeway Capital A working knowledge of financing capital available to businesses in your district through the URA and Bridgeway Capital A working knowledge of how and why the URA s business and commercial real estate programs operate A new source of revenue A full stomach Ask questions!!!! This is a discussion, not a presentation

3 Impact: Who knew? In 2008, through all BDC programs (business/commercial real estate loans, façade grants/loans, KIZ investments) the URA Invested in 97 individual businesses / real estate deals Invested $11,736,160 with total project costs of $110,867,984 that created and retained over 400 jobs URA Business and Real Estate investment highlights: $1 in URA investment leveraged $10 in private investment 23% of the investments were to M/WBE companies 95% of the business financings were to businesses with less than 50 employees 97% of the business and commercial real estate investments were in neighborhoods outside of the Central Business District URA investments create jobs, improve neighborhoods, leverage significant private investment and provide critical growth capital to Pittsburgh entrepreneurs.

4 URA Business and Commercial Real Estate Programs: Program: Commercial LERTA Who? Anybody improving commercial real estate in the City of Pittsburgh What? Up to $50,000 annual real estate tax abatement on City of Pittsburgh portion of real estate taxes due to improvements to real estate Where? City of Pittsburgh wide Why? Provide incentive to improve commercial real estate in the City of Pittsburgh For Commercial LERTA application, contact the Urban Redevelopment Authority of Pittsburgh at or visit rcial.pdf

5 URA Business and Commercial Real Estate Programs: Program: Commercial LERTA City of Pittsburgh Commercial use Building Tax Abatement Program (LERTA) Example: If a commercial use property (i.e. office, retail, manufacturing, industrial, etc.) with a tax assessed value of $100,000 is improved and the new tax assessment is: $500,000, the building would be able to save $21,600 over 5 years in City of Pittsburgh real estate taxes if it utilized the City s Commercial LERTA program $1,000,000, the building would be able to save $48,600 over 5 years in City of Pittsburgh real estate taxes if it utilized the City s Commercial LERTA program $2,000,000, the building would be able to save $102,600 over 5 years in City of Pittsburgh real estate taxes if it utilized the City s Commercial LERTA program Base year New Assessment New Assessment New Assessment Value $ 100,000 $ 500,000 $ 1,000,000 $ 2,000,000 County: $469 $2,345 $4,690 $9,380 City $1,080 $5,400 $10,800 $21,600 School District: $1,392 $6,960 $13,920 $27,840 TOTAL $2, $14, $29, $58, ABATEMENT $4, $9, $20, Taxes owed w/ LERTA $10, $19, $38, Total Savings (5 years) $21, $48, $102,600.00

6 URA Business and Commercial Real Estate Programs: Program: Technology Seeding Program Who? Non retail businesses located in Pittsburgh Technology Zone What? The award must be used for tangible technological improvements that will allow the business to operate more effectively and efficiently with a goal of creating employment opportunities. Grant awards of up to $10,000 will be distributed and require the business to match 100% of the total award. Where? Pittsburgh Technology Zone Why? Provide incentive for businesses to improve their ability to compete in a national and global marketplace For application, contact Tom Link at

7 URA Business and Commercial Real Estate Programs: Program: Mayor Luke Ravenstahl s Storefront Renovation Program (SRP) Who? Every commercial storefront in the City of Pittsburgh What? Up to $5,000 matching GRANT for storefront improvement work (i.e. lighting, signage, windows, painting, etc.) Where? City of Pittsburgh wide Why? Provide incentive to improve business district vitality throughout the City of Pittsburgh For SRP application, contact Quianna Wasler at

8 URA Business and Commercial Real Estate Programs: Program: Streetface Who? Eligible buildings in designated geography What? Up to $31,500 matching forgivable loan for full building façade Where? Designated geography in Mainstreets districts Why? Provide incentive to improve business district vitality in Mainstreets districts For Streetface application, contact Quianna Wasler at

9 URA Business and Commercial Real Estate Programs: Program: Downtown and Cultural District Façade programs Who? Eligible buildings in the Central Business District What? Up to $75,000 matching loan for full building façade Where? Designated geography in Central Business District Why? Provide incentive to improve business district vitality in Central Business District For application, contact Quianna Wasler at

10 URA Business and Commercial Real Estate Programs: Revolving Loan Fund (RLF) Programs Who? Manufacturing firms Technology firms Professional Services Retail and Restaurants Commercial Real Estate What? Working Capital,machinery and equipment, leasehold improvements, land and building acquisition, construction/rehabilitation Where? City of Pittsburgh wide, with emphasis on targeted districts such as neighborhood business districts, Enterprise Zones and targeted businesses Why? Provide capital for business expansion and commercial real estate development to create jobs and increase taxes. URA RLF loans make quality deals better by: Mitigating risk Increasing cash flow Providing capital to close financing gaps that may otherwise kill an opportunity

11 URA Business and Commercial Real Estate Programs: Revolving Loan Fund (RLF) Programs: Basic Terms Amounts $10,000 to $5,000,000 (not to exceed 40% of project costs) Loan Term 3 to 25 years (match life of asset being financed) Rate Varies, generally below market pegged against state PIDA rate. Security / Collateral Subordinate to private lender on primary collateral (real estate, business assets, etc.) Personal guarantees Alternate collateral Other Conditions Job creation / retention M/WBE participation URA RLF loans look and feel like conventional private debt, only difference is they are subordinate to the primary lenders on most collateral.

12 URA Business and Commercial Real Estate Programs: Revolving Loan Fund (RLF) Programs: Underwriting Mission driven lending that understands risk URA loans are driven by the mission to provide capital to quality business start-up and expansion and commercial real estate development opportunities. URA RLF loans make quality deals better by: Mitigating lender risk Increasing business / project cash flow Reducing equity requirements and in turn allowing entrepreneurs to achiever greater ROE and to reinvest in their business Providing capital to close financing gaps that may otherwise kill an opportunity URA underwrites its loans with a primary mission to provide needed financing and to get repaid with interest Borrowing 101

13 URA Business and Commercial Real Estate Programs: Revolving Loan Fund (RLF) Programs: Process Loan Application URA staff underwriting LRC is 3 rd party advisory committee that provides underwriting guidance, loan structuring advice and recommends to URA management to approve loan with recommended conditions and structure Commitment letter URA Internal Credit Review URA Loan Review Committee URA Board of Directors Does URA management recommend loan approval? If Yes, take to LRC If LRC approves, but outside program guidelines or program requires Board approval Loan Closing

14 URA Business and Commercial Real Estate Programs: Revolving Loan Fund (RLF) Programs: Loan Review Committee Who? Local business / real estate bankers and lenders Community development professionals Lawyers University Small Business Development Center specialists Technical assistance providers Why have an LRC? LRC Provides Underwriting guidance Deal structure guidance Approval authority for all loan requests Quasi marketing function to RLF--- LRC members should bring the RLF deals

15 URA Business and Commercial Real Estate Programs: Operations Source of Capital Loan repayments State grants Community Development Block Grant money Federal grant (i.e. UDAG, EDA) Revenue bond proceeds Most loan funds are housed with the URA. Staffing / management URA staff handles all aspects of the URA s RLF from loan packaging, to underwriting, to closing, to loan servicing to work out. Partners URA lending partners include banks, CDFIs, pension funds, state and federal government and others. The URA does not have exclusive lending partners. URA RLF loans leverage Federal Historic Tax Credits, New Markets Tax Credits, state tax credits and other creative sources of financing to maximize value and investment.

16 URA Business and Commercial Real Estate Programs: What s in a Deal? SECTION 1. Loan Package CDBG Checklist Summary of Loan Application Loan Application --CDC Loan Verification Form Bank Commitment Letters Other Public Commitment Letters Project Cost Estimates History of Business & Resumes Sales Agreement/Lease Agreement Appraisal Articles of Incorporation/Partnership Agreement Pro Forma Credit Reports (Personal and Business) Tax Lien Search / Tax Check ( by URA Legal) Property Report PA Dept State Registered/Legal Corporate Name Prior Business Financial Statements --Business Financial Statements --Corporate Tax Returns --Business Financial Projections --Personal Financial Statements --Personal Tax Returns Davis-Bacon Disposition SECTION 2. * SECTION 3. SECTION 4. Correspondence * Due Diligence Fee #2/Filing Fee Memo (Closing Fees) * Copy of Check * Check Request * Due Diligence Fee #1 (Commitment Fee) * Commitment Letter Contact with Community Group * LRC Minutes * LRC Agenda * Board Waiver Approval (if applicable) * Application Fee Memo ($100/$250/$1000 Fee) Pre-Application Intake City Requirements ** M/WBE Committee Approval ** M/WBE Agenda ** M/WBE Plan (amendments or waivers) List of Jobs (See application - Form #5) * Environmental Review Legal Documents Loan Agreement Note Security Agreement Mortgage Uniform Commercial Code Financing Statements Agreement of Guaranty and Suretyship Intercreditor Agreement Disbursement Agreement Landlord's Release and Waiver Resolution of the Board of Directors Assignment of Leases and Rents Miscellaneous Assignments

17 URA Business and Commercial Real Estate Programs: Creative Financing Real Estate Business $300,000 annual C/F Bank 20 yrs 7% $3.3 million Project Debt RLF 20 yrs 4% Debt Equipment W/C $375,000 $200,000 D/S ($66,691.81) ($71,858.06) Term 7 3 Rate 8% 8% 1.25 DCR 75% LTV $2.5 million 1.1 DCR 90% LTV $435,000 Bank $ (138,550) Critical Capital Equipment W/C $225,000 $120,000 ($40,015.08) ($43,114.83) 7 3 8% 8% Reduced Lender Exposure / Risk $ (83,130) Increased cash flow and equity in the business! Equipment RLF $ 150,000 ($24,030.23) 7 4% W/C $ 80,000 ($27,719.12) 3 4% Everybody wins! $ (51,749) $ (134,879)

18 URA Business and Commercial Real Estate Programs: Creative Financing Bridge Financing Historic Tax Credit bridge SBA 504 bridge State Tax Credit bridge i.e. Innovation Zone TCs Enterprise Zone TCs Section 108 loan bridge TIF Debt Instrument

19 URA Business and Commercial Real Estate Programs: Creative Financing Good Apples.com On-line virtual farmers market Equipment financing to meet rapid sales growth $300,000 RLF, $600,00 total project J. Harris Lampshades J. Harris Lampshade manufacturer Equipment and working capital financing to acquire supplier and add product line $350,000 RLF, $700,000 total project

20 URA Business and Commercial Real Estate Programs: Creative Financing Historic Liberty Bank Building Redevelopment of National Historic Landmark Commercial office building $750,000 RLF, $2.95 million total project Utilized Federal Historic Tax Credits

21 URA Business and Commercial Real Estate Programs: Creative Financing Eastside Commercial Real Estate Re-use of largely vacant, under utilized land in core of neighborhood commercial district $750,000 RLF, $25 million total project Utilized New Markets Tax Credits

22 URA Business and Commercial Real Estate Programs: Managing Risk A self sufficient business / commercial real estate RLF should have the following qualities: 95% of outstanding portfolio principal balance should be current or within 30 day grace period Risk rate should not exceed 3% Rely on new sources of funding to manage demand growth on loan products and RLF operations, not to manage losses Measure of Managing Risk: Portfolio Risk Rate = Total outstanding principal balance of loans 90 days or more past due / Total outstanding principal balance of loans Make every loan with full expectation that loan will be repaid, with interest, in full.

23 URA Business and Commercial Real Estate Programs: Managing Risk Quality RLFs issue loans at market or otherwise competitive and attractive rates. Many RLF studies have shown that access to capital and flexibility in collateral and terms is more important to borrowers over lower than market interest rates. RLF programs should be build on sound interest rate practices and not perceived as free or easy sources of financing. RLFs must be able to generate enough of an interest rate return to replenish the fund for future loan allocations. With competitive rates and flexible terms, a RLF provides access to new financing sources for the borrower, while lowering overall risk for participating institutional lenders. -- Make every loan with full expectation that loan will be repaid, with interest, in full.

24 URA Business and Commercial Real Estate Programs: Money for you? Up to $1500 to you to package a loan. Help a URA loan borrower: Complete an application Gather financial statements Project costs Create a business plan Obtain approvals / permits If borrower attests to your assistance, you get 1% of the URA loan proceeds up to $1500

25 URA Business and Commercial Real Estate Programs: We rely on your knowledge and expertise The URA relies on its community partners to: Bring us deals! Identify business / real estate start-up and expansion opportunities

26 Thomas Link Manager- Business Development Center Urban Redevelopment Authority of Pittsburgh 200 Ross Street Pittsburgh, PA (Fax)

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