Partners in the Built Environment Public Sector Private Developers Capital Markets Community.

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Presentation transcript:

Partners in the Built Environment Public Sector Private Developers Capital Markets Community

Public Sector Big Picture Visioning Overseer / Occasional Builder Long Term View Safety / Equity / Predictability Trunk Infrastructure Development Community Site Specific Creator / Builder Short Term View Profit / Market / Reputation In-Tract Infrastructure Capital Markets Macro & Micro Analyzer / Gate Keeper Medium Term View Marketability / Risk Money

What’s Different? The Public’s Role in a Public-Private Brownfield Partnership N N

Community Input and Buy In are Critical Park Hill Golf Course Union Baptist Church MLK Blvd. Overlook at Park Hill Colorado Blvd. Stovall Senior Center (vacant) N Dahlia Street 35 th Ave. 33 rd Ave.

The Public Owns the Problem Breaking the Cycle of Blight…

Acquisition - $2.035 million -Harris Property ($1.67m) -US Bank Loan -Denver Health Rent Equivalent -OED Loan -Taylor Property ($164k) -Hysaw Property ($201k) Relocation - $506,000 -Dahlia Shopping Center ($276k) -HC Peck ($55k) -Denver Health ($100k) -Gas Stations ($75k) Abatement & Demolition - $1.1 million -Dahlia Shopping Center ($1.072m) -Gas Stations ($30k) Land Remediation - $4.0 million -Landfill ($3.2m) -Gas Stations ($127k) -Cost Cap Insurance Reserve ($619k) -PLL Insurance Reserve ($50k) Sewer Pipe Installation - $500k -Earthmoving / Landfill ($100k) -Pipe Construction ($400k) New Denver Health Clinic - $4.5 million -Site Costs ($1.3m) -Core and Shell ($1.125m) -Tenant Finish ($2.08m) PCI Soft Costs & Interest - $630,000 USES of FUNDS - $13.27 million Denver Health Rent $56,000 City / HUD Grant $3.5 million HUD Section 108 Loan $7.5 million CCD Public Works Sewer Fund $500k SOURCES of FUNDS – $13.27 million HUD Companion EDI Grant $465,000 EPA Brownfields Grant $200,000 CCD Program Income Loan (2) $1.1 million Land Sale to Developer $3.76 million SOURCES of DEBT REPAYMENT – $8.26 million Denver Health / CCD Clinic Payments $4.5 million (1) (3) (4)

When Leveling the Playing Field isn’t Enough

Public Benefits of Reinvesting in Brownfields Addresses a Market Failure When government helps close a financial gap, it: Acts as a Market Catalyst Enhances Market Outcomes Environmentally, Economically, and Socially Sustainable Communities Makes It Happen Market / Use Mismatch Environmental Contamination Lack of Infrastructure Makes It Happen Sooner Reduces Risk of Pioneering Signals Political Importance Neighborhood Amenities Makes It Better Affordable Housing Historic Preservation Place-making Amenities Creates Accelerates Enhances Public Revenues