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PROJECT BASED REDEVELOPMENT

PROJECT BASED REDEVELOPMENT. For the ABC’s of Opportunity Finance: Understanding TIFs, CDC’s, and More. PROJECT BASED REDEVELOPMENT Programs Today. Local responsibility and initiative Local control and flexibility in application as needed to solve problem

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PROJECT BASED REDEVELOPMENT

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  1. PROJECTBASED REDEVELOPMENT For the ABC’s of Opportunity Finance: Understanding TIFs, CDC’s, and More

  2. PROJECT BASED REDEVELOPMENTPrograms Today • Local responsibility and initiative • Local control and flexibility in application as needed to solve problem • Use public/private partnerships to leverage public dollars and implement redevelopment • Project based

  3. PROJECT BASED REDEVELOPMENTPrograms Today • Programs can be grouped by method of assistance • Tax Abatement • Value Added or “Capture” • Tax Assessment • Tax Credits

  4. Elected Officials Planning & Zoning Economic Dev. Comm. Property Owners Existing Tenants Lawyers State of Missouri DED/MODOT/DNR City/County Government Financial Advisors Underwriters Developers Future Tenants Bankers More Lawyers School District Affected Taxing Districts Urban Planners PROJECT BASED REDEVELOPMENTThe Players

  5. PROJECT BASED REDEVELOPMENTGetting Started • Define your goals • Identify the problem that is to be solved • Select Your Team • Planner • Attorney Specializing in Public Finance • Financial Advisor • Architects, Engineers • Investigate the Problem

  6. PROJECT BASED REDEVELOPMENTGetting Started • Clarify the problem that requires public financial assistance • Prepare preliminary plans and project pro formas • How large is the financial gap? • What redevelopment project costs are out-of-line? • Do you need eminent domain? • Are there political constraints?

  7. PROJECT BASED REDEVELOPMENTGetting Started • Meet with Appropriate City Staff • Work with Your Team to Define Your Public/Private Partnership Strategy • Choose Your Redevelopment Financing Tools • Is TIF the right tool for the job? • Are there other tools that should also be used?

  8. PROJECT BASED REDEVELOPMENTTax Increment Financing Projects • TIF is VERY complicated; use your Team for “The Rules of the Tools” • Work with your lending institution early • How will they treat TIF Notes? As equity? A loan? • What redevelopment agreement business points might be of concern or interest to your lender?

  9. PROJECT BASED REDEVELOPMENTTax Increment Financing Projects • The approval process is critical; stay on top of it • Recognize that a public/private partnership invokes numerous stakeholders; respect their interests & the public policy issues • Learn and understand what your responsibilities are during implementation and monitoring

  10. ECONOMIC DEVELOPMENT Celebrate Success!

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