Incentivizing Urban Health Care Practitioners
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Incentivizing Urban Health Care Practitioners Peter H. Chapman Deputy Chief Administrative Officer City of Richmond Health Care Symposium Omni Hotel November 9, 2012. ECONOMIC DEVELOPMENT & PLANNING PORTFOLIO AT A GLANCE. Operational Organizational Structure. Mayor Dwight C. Jones.

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Operational Organizational Structure

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Operational organizational structure

Incentivizing Urban Health Care PractitionersPeter H. ChapmanDeputy Chief Administrative Officer City of Richmond Health Care SymposiumOmni HotelNovember 9, 2012


Operational organizational structure

ECONOMIC DEVELOPMENT & PLANNING PORTFOLIO AT A GLANCE

Operational Organizational Structure

Mayor Dwight C. Jones

Byron C. Marshall

Chief Administrative Officer

Richmond Redevelopment & Housing Authority (RRHA)

Economic Development Authority (EDA)

Peter H. Chapman

Deputy Chief Administrative Officer

Office of Minority Business Development (OMBD)

Vicki Rivers

Director

Department of Economic & Community Development (ECD)

Lee Downey

Director

Department of Planning & Development Review (PDR)

Mark Olinger

Director

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Purpose and overview

Purpose and Overview

  • Provide illustrative examples of how the City of Richmond is using its economic development finance capabilities and tools, as well as under-utilized real estate assets to facilitate the attraction and retention of targeted health care practitioners

  • Reflective of the Administration’s comprehensive approach to economic/community development; that is, it is a means of addressing poverty amelioration and health care access objectives

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Keynesian economic theory priming the pump a significant influence

Keynesian Economic Theory (“Priming the Pump”): A Significant Influence

John Maynard Keynes (1883-1946), British Economist and Father of Modern Macroeconomics


Context life sciences as a driver of the local economy

Context: Life Sciences as a Driver of the Local Economy

The City concentrates on attracting and retaining employers in eight industry clusters—advanced manufacturing; corporate headquarters; creative/knowledge-based services; finance, insurance and real estate; transportation and logistics; green technologies; defense-related contracting and life sciences

Life Sciences is a principal focus; cluster comprises research and development, medical device and equipment manufacturing, pharmaceutical manufacturing and healthcare services

Employs almost 12%, or roughly 65,500, of the MSA workforce

Richmond’s distinct competitive advantages in life sciences/healthcare (e.g., VCU Health System as largest private employer; Downtown Biotech Park as home to more than 55 companies, 1.2 million+ square feet of space) afford city myriad opportunities with respect to job creation, commercialization of new technologies, educated/skilled workforce, favorable quality of life and a strengthened brand

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Recent life sciences economic development successes

Recent Life Sciences Economic Development Successes

  • Health Diagnostics Laboratory (Fast-growing Biotechnology Company)

    • An accredited clinical laboratory focused on cardiac disease management is expanding in the Virginia Biotechnology Research Park

    • City is using creative financing to support the expansion of a signature Richmond-based life sciences company

    • Employment: 653 new jobs over two years; 950 total

    • Investment: $68.5 Million

    • Represents the largest expansion of a Richmond-based company in many, many years


Recent life sciences economic development successes continued

Recent Life Sciences Economic Development Successes, continued

  • Pfizer Pharmaceuticals(Fortune 500 Company)

    • Consumer Health Research and Development headquarters

    • After evaluating locations for consolidation, Pfizer decided to maintain the operations currently located in Richmond

    • Key factors included local environment as well as creative financing

    • 300+ high-paying jobs retained in the city


Promoting access to business capital for urban health care practitioners

Promoting Access to Business Capital for Urban Health Care Practitioners

Urban Health Professionals Investment Partnership (2013)

Objective: establish a sizable capital pool (the “Fund”) that provides flexible, competitive financing to physicians and other health care professionals with a major concentration on low-income or under-served residents

Loans will support start-up and expansion needs (e.g., FF&E, information technology, building acquisition, leasehold improvements, working capital)

Larger loans (e.g., $75,000-$250,000)

Higher loan-to-value and debt service coverage ratios

Lower interest rates

Lower or nominal down payments

Exclude student loan debt from risk analysis

Offered in partnership with a U.S. Treasury Department-certified Community Development Financial Institution

Partially capitalized by the City of Richmond

Some of the financing may also be guaranteed by the SBA

Technical assistance available to borrowers

Customized underwriting

NB: Urban health care professionals also have access to existing City loan programs (about $24 million in loanable assets for real estate and business development needs)

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Urban health care professionals housing assistance

Urban Health Care Professionals Housing Assistance

  • Urban Health Professionals Affordable Housing Pilot (2013)

    • Objective: Encourage urban health care professionals to reside in Richmond using affordable housing (rental and for-sale) as a hook

    • Part of a larger initiative to transform under-invested neighborhoods through construction and rehab of mixed-income housing

    • 1) Blighted and under-utilized property rehab and disposition

      • Work with selected developers to rehab properties with heavy subsidy (e.g., via vacant property reinvestment fund) from the City

      • Market properties to middle-income homebuyers or renters

      • Provide down payment assistance via non-profit partner

      • Facilitate homebuyer access to mortgage lenders

    • 2) Market units in redevelopment areas to health professionals

      • Use City’s (financial) leverage in certain projects to ensure that units are marketed to health professionals

      • Encouraged via master development agreement (model in place)

      • About 1,500 units in the pipeline over the next ten years

      • Down payment assistance and possibly other grants available

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Discussion

Discussion

Questions?

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