Implementing Plans Through Public / Private Partnerships
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1 Implementing Plans Through Public / Private Partnerships WAPA / WASLA 2006 Spring Conference Mark A. Olinger Department of Planning & Development City of Madison April 7, 2006
2 Outline Planning s s Role in Shaping the Future Examples Capitol Gateway Corridor Allied Drive The Villager Concluding Thoughts Discussion
3 DEPT. OF PLANNING & DEVELOPMENT Planning and Implementation Framework
4 Plan for the Cityʹs Future Regional Plans Land Use and Transportation (Vision 2020) Farmland Preservation Water Quality City Wide Comprehensive Plan Economic Development Peripheral Area Development Plan Land Use Parks & Open Space Transportation Plan Refinement (Sub Area Plans) Neighborhood Development Plans Neighborhood Plans Special Subject Plans Downtown 2000 Isthmus 2020 Downtown Historic Preservation Plan Yahara River Corridor Assure the Future By Safeguarding the Present Invest in Madisonʹs Neighborhoods and Communities Implementation Processes Educate the Public Regulate (Review and Inspect) Acquire, Develop, & Manage Properties Provide Grants, Loans, & Individual Assistance Infrastructure & Capital Improvements
5 Comprehensive Plan Created to help plan future growth Looks at trends 20 years into the future: Population Employment Housing
6 Comprehensive Plan Characteristics of a Comprehensive Plan Community wide Plan Comprehensive Integrated with Other Plans Strategic in Scope
7 Comprehensive Plan Why is the Plan Important? Establishes basic guiding principles, policies & specific recommendations Stitches together many layers of plans Helps existing plans reinforce each other Links to more detailed planning activities Opportunity to review current plans and consider new initiatives
8 Key Land Use Issues Accommodating Growth Neighborhoods Urban Design Commercial District Design Land Use/Transportation Linkages Downtown Campus/Area Planning Adaptability and Sustainability
9 Generalized Future Land Use Plan Accommodating Growth: Land Use Plan Strategies Guide growth to redevelopment areas & new neighborhoods Promote mixed use development Balance goals for growth & increased density with goals to preserve neighborhood character Use selective redevelopment to increase diversity and choices Planning & design standards to help create attractive, engaging districts & neighborhoods
10 Generalized Future Land Use Plan
11 Relationship to Neighborhood & Other Plans The Comprehensive Plan provides general guidance for community development related decisions. Detailed neighborhood plans and special area plans are consistent with and refine recommendations of the Comprehensive Plan. Sprecher Neighborhood Development Plan Special Area Plans
12 2005 Peripheral Planning Areas
13 Neighborhood Plans
14 Potential Redevelopment & Infill Areas e
15 Economic Development Issues & Key Objectives Healthy Economy Provide an economic and place building vision that brings together many individual efforts. Develop key industries and strategies to promote their growth and success.
16 Economic Development Issues & Key Objectives Business Friendly Public/private partnerships Foster Small Business and new start ups Business Incubators Strengthen relationships between the City and business community
17 Neighborhoods Balance redevelopment, infill and preservation in established neighborhoods. Create & preserve compact, interconnected, mixed use neighborhoods Grandview Commons Schenk Atwood Bassett District Infill
18 Housing Promote a range of housing choices Types & design sizes Tenure Cost & rent Increase Housing Affordability while preserving quality of life Preserve housing quality and adapt it to changing needs
19 Potential Redevelopment & Infill Areas Capitol Gateway Corridor
20 Capitol Gateway Corridor:
21
22 The Capitol Gateway Corridor: Intent & Purpose Retain/expand/attract businesses Improve central Madison s ability to compete Create additional transit options into and through the Corridor Marshal finance and land use tools to accomplish desired development over long term Send a signal to the market
23 The Capitol Gateway Corridor: The Policy Case Significant public thinking and planning has already occurred via: East Rail Corridor Plan Central Park Plan East Washington Reconstruction Plan Williamson Street BUILD 1 & 2 Central East Isthmus Opportunities Document Capitol Gateway Corridor BUILD (underway) Tenney Lapham Neighborhood Plan (underway)
24 The Capitol Gateway Corridor: The Policy Case Significant public outreach and engagement in the development of the Capitol Gateway Corridor TID: Stakeholder Group Dialogue with individual businesses, property owners, and others Ongoing dialogue with adjacent neighborhoods TIF as a significant implementation tool
25 TID36: Capitol Gateway Corridor
26 The Capitol Gateway Corridor: Investment Budget Public Works: Economic Development Assistance: Affordable Housing: Admin. Costs: Total Budget: $ 9.7 million $ 8.0 million $ 2.0 million $.5 million $20.2 million
27 Infrastructure Investment
28
29
30 Potential Redevelopment & Infill Areas Allied Drive
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32 Strategic Investment Areas 1. Avalon Madison Village 2. Hauk/City Properties 3. Prairie Crossing 4. W. Side Planning 5. Carling Drive 6. Allied Gateway
33 Allied Drive Area
34 Allied Drive: Policy Framework Multiple Plans Allied Dunn Dunn s s Marsh Neighborhood Plan (1990) Physical Improvement Plan ( ) 2005) Commercial Market Study (2003) Housing Study (2002) A Vision for the Allied Community (2004) Focus Safety Housing Accessibility Community Projects Economic Development
35 Priorities for Allied Cooperation Resident participation Visible, immediate action Tough choices Stabilization
36 Allied Drive: Partnership Structures Allied Task Force Allied Area Stakeholders Allied Partners Allied Landlords Allied Area Local Officials Allied Staff Team
37 Capital Investment Partnerships Boys and Girls Club Avalon Madison Village Renaissance on the Park (Fitchburg)
38 Social Investment Partnerships Head Start Allied Community Learning Ctr. Allied Stakeholders
39 Redevelopment Implementation Plan $100,000 Approved by Council for Planning Request for proposals Finance review Communications / Outreach Professional assistance AIA SW Wisconsin Chapter Charrette: July 6 July 9 Enthusiastically Supported by Task Force Negotiate for Hauk properties 2317, 2345 and 2409 Allied Drive
40 City Owned Properties: 4705 & 4713 Jenewein Road
41 2317 Allied Drive
42 2345 Allied Drive
43 2409 Allied Drive
44 Option A Density 10 Units/AC Number of Units - New 49 Number of Rehab Units 32 Total Number of Units 81 Estimated Gross Finished Area 49,000 Hard Cost Per SF (110) Rehab Cost Per Unit (per Monona Shores) $105,000 Soft Cost as % of Hard/Rehab Cost 25% Average Sales Prices Per Unit: New Construction $165,000 Rehabbed Units $100,000 Construction & Rehab Cost Estimates Hard & Rehab Cost (8,750,000) Soft Cost (1,348,000) Estimated Construction/Rehab Cost ($10,098,000)
45 Option A Density 15 Units/AC Number of Units - New 73 Number of Rehab Units 32 Total Number of Units 105 Estimated Gross Finished Area 73,000 Hard Cost Per SF (105) Rehab Cost Per Unit $105,000 Soft Cost as % of Hard/Rehab Cost 25% Average Sales Prices Per Unit: New Construction $165,000 Rehabbed Units $100,000 Construction & Rehab Cost Estimates Hard & Rehab Cost (11,025,000) Soft Cost (1,916,000) Estimated Construction/Rehab Cost ($12,941,000)
46 Option A: Value in Land Density 10 Units/AC 15 Units/AC Estimated Sales (New) $ 8,043,000 $12,064,000 Estimated Sales (Rehab, per Lake Pt.) 3,200,000 3,200,000 Estimated Gross Sales $11,243,000 $15,264,000 Less: Brokerage & Closing (6%) (675,000) (916,000) Net Sales $10,568,000 $14,348,000 Less: Hard, Rehab & Soft Cost (10,098,000) (12,941,000) Less: 12% Margin on Gross Sales (1,348,000) (1,832,000) Residual Value in Land ($ 878,000) ($ 425,000) Residual value is the highest amount that a developer can afford to pay for land. A negative value means that the land value is $0. As the following slides will demonstrate, TID 29 would not be able to absorb a loss on purchase along with other anticipated costs, therefore Option A is not advisable.
47 Option B Density 10 Units/AC Number of Units 79 Estimated Gross Finished Area 79,000 Hard Cost Per SF (105) Soft Cost as % of Hard Cost 25% Average Sale Price Per Unit $ 165,000 Construction Cost Estimates Hard Cost (8,295,000) Soft Cost (2,074,000) Estimated Construction Cost ($10,369,000)
48 Option B Density 15 Units/AC Number of Unit 119 Estimated Gross Finished Area 119,000 Hard Cost Per SF (105) Soft Cost as % of Hard Cost 25% Average Sale Price Per Unit $ 165,000 Construction Cost Estimates Hard Cost (12,495,000) Soft Cost (3,124,000) Estimated Construction Cost ($15,619,000)
49 Option B: Value in Land Density 10 Units/AC 15 Units/AC Estimated Gross Sales (New) $13,062,000 $19,593,000 Less: Brokerage & Closing (6%) (784,000) (1,176,000) Net Sales $12,278,000 $18,417,000 Less: Hard & Soft Cost (10,369,000) (15,619,000) Less: 12% Margin on Gross Sales (1,567,000) (2,351,000) Residual Value in Land $ 342,000 $ 447,000
50 Acquisition, Demolition, Relocation & Holding Costs Est.City/CDA Cost Option A Option B Acquisition Price ($4,500,000) ($4,500,000) Demolition (810,000) (1,127,000) Relocation (100,000) (100,000) Holding Cost (350,000) (350,000) Estimated Total Cost ($5,760,000) ($6,077,000)
51 Allied Neighborhood Revitalization Strategies: Broad Overview 1. Wait until the market and the neighborhood decline further. 2. Select a larger parcel for immediate effect. 3. Select a series of small projects to implement around the neighborhood.
52 Implementation Plan Recommendations Reclaiming Allied will not rest on 1 strategy. Focus on Strategy 2 and negotiate on Hauk properties. Work ahead with Strategy 3 to support redeveloping Hauk properties and facilitating additional redevelopment initiatives in the area. Work with as many partners as possible to redevelop area. The City cannot do it alone.
53 Where Do We Go From Here? The Process Four six month intensive comprehensive planning process. Develop action plan that can be embraced by Allied community and tap the resources of the larger community. Four Goals 1.Build the Neighborhood 2.Change the Dynamic 3.Capitalization 4.Comprehensive Strategy for Affordability
54 Allied Task Force City of Madison Staff Mayor s s Office Alder DPD The Planning Team Public Works Parks Metro American Institute of Architects Southwest Wisconsin Chapter Community Outreach / Engagement Firm Real Estate Finance Review & Analysis Neighborhood Residents
55 Where Do We Go From Here?: The Process Amend TID 29 Project Plan Initiate Redevelopment Plan for Allied area Process geared to culminate with the Charrette on July 6 July 9, 2006, in partnership with AIA SW Wisconsin Chapter
56 Habitat Twin Oaks
57 Grandview Commons
58 Grandview Commons
59 Lake Point Condos
60 Swan Creek Fitchburg
61 Potential Redevelopment & Infill Areas The Villager
62 The Villager
63 The Villager: Urban & Neighborhood Context
64
65
66 The Villager Project Details Key element in revitalization of South Madison 1. Acquisition by CDA Establish redevelopment district Conduct due diligence Explore financing alternatives 2. Stabilize & Lease Up Management firm in place Marketing Plan for short and mid term 3. Redevelopment Strategic vision & master planning Build upon community strengths & assets Phased implementation
67 The Villager Acquisition Analysis Cost to Acquire Villager $9,000,000 Maintenance Reserve 384,000 Transaction Costs 94,000 Villager Acquisition Cost $9,478,000 Adjacent Parcels $ 217,000 Total Acquisition $9,695,000
68 New Market Tax Credits 2002 Federal Legislation Provides incentive for lenders / investors to make funds available in certain Census Tracts Application is made directly to U.S. Treasury Somewhat complicated structure needed to deploy the incentives
69
70 Risk / Opportunities for CDA Seven Year Hold / Recapture / Reinvestment Some Operating Guarantees needed Real Estate must cash flow or be subsidized to keep NMTC viable Investors / Lenders typically leave a portion of their Investment in the transaction at the time of refinancing, i.e., principal reduction General Obligation Debt
71 Cash Flow Summary NMTC Revenues (69%( Occupancy ) $1,230,600 Less : Operating Exp. 677,300 Net Operating Income $ 553,300 Less: Interest Exp. 327,600 Reserve for Operations and Refinancing $ 225,700
72 Cash Flow Summary Conventional Revenues (69%( Occupancy ) $1,230,600 Less : Operating Exp. 677,300 Net Operating Income $ 553,300 Less: Debt Service 485,700 Reserve for Operations and Refinancing $ 67,600
73 Redevelopment Strategic Vision Redevelop The Villager into a vibrant gateway to South Madison Support and recruit uses that support and reflect the neighborhood and community at at large. Utilize sound urban design principles and concepts Honor neighborhood/community input: Diversity of the area Need for livable wage jobs Need for a public gathering space, Desire for owner occupied occupied housing, Space for a farmers market
74 Proposed Building Program & Site Plan Concept Goal: Provide a workable Building Program and Preliminary Site Plan Concept for development in the Master Plan phase.
75 The Villager Master Plan Priority Goals As phased redevelopment of The Villager occurs over several years, set priority goals to guide and maintain the long term vision. These include: 1. Balance building density with parking requirements. 2. Mixed use buildings to encourage and support shared parking. 3. Street oriented commercial development. Support the physical definition of the streets and public spaces as places of shared use. 4. Pedestrian oriented circulation and safety, creating comfortable and interesting pedestrian environments. 5. Pedestrian linkages to and from the surrounding development. 6. Civic gathering space and area for green space, designed for active use and safety. 7. Programmed space along edge of civic spaces. 8. Frame Park Street.
76 Master Plan Concepts: Bird s s Eye View Looking Toward the Northwest
77 Master Plan Concepts: Bird s s Eye View Looking Towards Southwest
78 Master Plan Concepts: Street Level View Looking North Along New Internal Street
79 Master Plan Implementation Goal: Chart a clear and realistic course of action for the successful redevelopment of the Villager according to the Master Plan and fiscal realities. Key Implementation Strategies Annex properties directly related to the future of the Villager. Develop long term strategy to sell some building sites at the Villager for future development. Develop a parking management plan. Develop Villager brand to help market and organize site. Carry out selective aesthetic improvements to existing Villager building that will remain for significant periods of time as needs and funds allow.
80 Implementation and Phasing Phasing of the Villager redevelopment is critical to the ongoing operations of current tenants and the overall success of the project.
81
82
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84 Concluding Thoughts All of our efforts are grounded in firm planning principles Use all of the tools that are available to us Land Use Financial (The Budget is the Plan) Political Regulatory Ownership (CDA) Be creative: What If? Why Not? Finance New Markets TIF Fannie Mae WHEDA Private Sector for expertise, experience Neighbors, volunteers, University.everyone has something to offer
85 Concluding Thoughts Implementation requires nimbleness Time horizons may vary considerably Capitol Gateway: Long term Allied: Short term term The Villager: Mid term Dance with Them that Brung You Capitol Gateway: Higher Income; Engaged Allied: Low & Moderate Income; Not engaged The Villager: Low & Moderate Income; Excited & Skeptical
86 Web Resources Department of Planning & Development: Comprehensive Plan: Capitol Gateway Corridor: Allied Drive: The Villager:
87 Questions & Answers Comments, additional questions, etc.: Mark A. Olinger phone: Thank you for your attention.
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