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Central Exchange A Project of Model Cities

Central Exchange A Project of Model Cities For the Residential & Economic Development CIB Task Force March 19, 2015. Central Exchange Site. Criteria: Project Importance *Project improves or creates an asset to meet new demand *Project improves the functionality of an asset

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Central Exchange A Project of Model Cities

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  1. Central Exchange A Project of Model Cities For the Residential & Economic Development CIB Task Force March 19, 2015

  2. Central Exchange Site

  3. Criteria: Project Importance *Project improves or creates an asset to meet new demand *Project improves the functionality of an asset How Central Exchange meets these criteria: *2,625 affordable housing units needed in St. Paul by 2020 *Over 75% of residents in Census Tract 325 are burdened by housing costs *Up to 75K ft2 of office/retail space in Victoria Station area over next 20 years *Project will bring vacant land back into productive use

  4. Criteria: Residential & Economic Benefit *Project improves residential & neighborhood stability *Project creates or improves job opportunities *Project promotes business opportunity *Project remedies safety issues that pose danger to person or community How Central Exchange meets these criteria: *Upper floors to provide new affordable workforce housing units *Ground floor provides commercial space for smaller businesses *Job opportunities during and after construction *Vacant land that hosted nuisance structures replaced with new functional building

  5. Criteria: Demonstrated Support *Project demonstrates community support & organizational commitment *Project demonstrates evidence of collaborations or partnerships *Project leverages outside funding How Central Exchange meets these criteria: *Support from local neighborhood planning council *Model Cities injected $130K to leverage additional funding to complete acquisition *Working with nonprofits on business training & job recruitment activities *Over $1.5 million in permanent financing raised

  6. Criteria: Community Benefit *Project significantly benefits a neighborhood, district, area or city as a whole *Project enhances livability (Q Of L, prop. values, unmet needs, safety, etc.) *Project improves aesthetic appearance of an asset or area How Central Exchange meets these criteria: *Housing & commercial space will enhance business environment and quality of life *City tax base will increase as a result of the project *Creates destination point on University Avenue *Contributes to development of commercial district

  7. Criteria: Long-Range Impact *Impact on future operating costs (both increases/decreases) *The project exceeds standards in environmental sustainability *Project provides tangible return on investment *Project is included in City-approved plan *Project demonstrates ability to achieve stated outcomes How Central Exchange meets these criteria: *Expenses covered by revenue generated by the project *Project adheres to rigorous energy efficiency standards *New housing, new commercial space and re-use of land enhances tax base *Project is aligned with Comp. Plan & Central Corridor Development Strategy *MC track record demonstrates ability to implement project

  8. Thank you!

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