Urban Renewal Feasibility Study Tashman Johnson LLC, Urban Land Economics, Elaine Howard Consulting LLC, SERA Architects

Background Urban Renewal Feasibility Study Steps:  Refined Study Area  Analyzed Real Estate Market  Analyzed Proposed New Parking Standards  Projected Development  Projected Tax Increment Revenues and Debt  Prioritized Urban Renewal Projects

Original Feasibility Study Area Study areas: Ardenwald SW Historic Downtown Commercial Historic Downtown Residential Island Station Industrial East Industrial West Lake Road North Waverly

Opportunity Sites Ardenwald: Murphy and Mc Farland Sites Waverly: Waverly Green Housing Site Historic Downtown Commercial: 12 potential sites

Refined Urban Renewal Feasibility Area

Tax Increment Financing Tashman Johnson LLC, Urban Land Economics, Elaine Howard Consulting, LLC, SERA Architects

Example of Tax Increment Financing $2 Million Devt: ~10 condos or 13,000 sf commercial space

Tax Increment Revenue Projections Tax. Inc. Revenues used to repay debt. 20 year period: $61.3 million borrowing capacity Capacity is limited at beginning but needs are great. Capacity increases over time

Priority Projects: Rationale Stimulate Private Development Create Tax Increment Revenue Stream From Taxable Projects Use Alternative Funding: Light Rail, Riverfront Park, Plaza Tashman Johnson LLC, Urban Land Economics, Elaine Howard Consulting, LLC, SERA Architects

Priority Urban Renewal Projects Public Area Requirements: Assistance Murphy/McFarland Planning/Infrastructure/Quiet Zone Site Acquisition/Opportunity Sites Storefront Program Development Incentive Fund Downtown Parking Structure McLoughlin Over-crossing

Potential Next Steps Decision to Proceed/Not Proceed with Urban Renewal Plan. If Proceed Next Steps Are: Develop Plan with Input from Public And Taxing Districts Follow Extensive Adoption Process