City of Asheville Partnerships for Economic Development

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Britney Lloyd
5 years ago
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2 City of Asheville Partnerships for Economic Development Sam Powers, CEcD Director of Community and Economic Development Steph Monson Dahl, Urban Planner Tony McDowell, Budget and Financial Reporting Manager

3 Asheville, the City Population: 88,000 26% minority pop. MSA: 450,000 Region: 1+ million Urban hub of WNC Medicine Commerce Culture Revitalized downtown National recognition Culture & Arts Rest and Rejuvenation Retirement

4 Public infrastructure important from the beginning.

5 People everywhere.

6 Downtown a place to gather and celebrate.

7 Then the 70s came

8 Buildings are empty.

9 We realized we had built fortresses

10 What Didn t Work: Nothing to look into or out from. Blank walls and offices at street level that offer nothing to see, no street activation.

11 Razor Wire = Trouble

12 Then, a few small steps

13 A model that works: Renovation projects in historic buildings, taking advantage of available historic tax credits. Tax credits can create a partnership that makes marginal projects economically viable and historic renovation makes economic sense.

14 An older apartment building with great bones but with no parking was an early test.

15 An urban garden courtyard was created as well as two private parking spaces for loading and unloading.

16 Then other extreme makeovers.

downtown s historic texture with active storefronts,

17 What worked #1: Downtown Retail - with local entrepreneurs The sense of place created by combining downtown s historic texture with active storefronts, owned and run by local entrepreneurs - brings people back to shop and to live.

Lights on upstairs, music from an open window, people on the sidewalks all add character, texture, a comfort

18 What worked #2 - Downtown Residential People are drawn to the energy of downtown space. And downtown residents have a powerful multiplier effect on the rest of downtown. Lights on upstairs, music from an open window, people on the sidewalks all add character, texture, a comfort level to downtown. leading to more lights, more music and more people. The City has helped create a partnership between Downtown residents, businesses, and City government.

20 What Worked #3 Public Infrastructure Support Greenspace, sidewalk and street improvements, and streetscapes have been essential amenities in helping us encourage the return to Downtown.

21 a partnership for public art has been successful!

22 What worked #4 Programming and Support Product Development

23 Supporting Civic Spaces

24 What worked #5 Partnerships for Job Creation and Capital Investment Public Purpose But/For Test

Mass/Height Urban Design Tax Policy Historic Preservation Social

25 Challenges and Opportunities River Redevelopment Affordable Housing Affordable Retail Space Parking (or not) Building Mass/Height Urban Design Tax Policy Historic Preservation Social Issues Job Creation Balanced Economic Growth Continued Support for Manufacturing

26 Planning Activities Land Use and Zoning Development Approvals Public Infrastructure Revitalization Programs Low Income Housing Natural Resource Protection Economic Development The Practice of Local Government Planning Hoch The Intersection Between Planning and the Municipal Budget Lincoln Institute for Land Policy Jack R. Huddleston, Ph.d.

27 Downtown Asheville River Arts District South Slope Extension

28 ASHEVILLE S INNOVATION DISTRICTS From brookings.edu

29 Property Values Property Taxes Revenues Commercial Activity Sales and other Taxes Income (Income Tax ) Infrastructure Development Debt Spending Infrastructure Maintenance Operating Cost Services to New Development Operating Cost

33 Downtown Asheville

43 Asheville s Financial Model NCLGBA Conference December 10, 2015

44 Operating Budget: Economic Incentives Funded in General Fund Current Incentives Approximately $1.1M Annually over the next five years: Linamar: $835k New Belgium: $300k Smaller Agreements: Highland Brewing, Hi Wire Brewing, etc. Challenge Funding within an already tight GF budget prior to tax revenue

45 Capital Budget: 2, 2, & 2 2 In the Budget City Council adopted a $.02 tax increase to fund capital improvements related to economic development $2.2 million (additional tax per penny = $1.1m) Staff worked with consultants to determine debt capacity and design a working financial model 2 Days Key staff and consultants met to prioritize projects and develop the first draft of a five-year plan

46 Capital Budget: The 2 Cent Increase The History: Last successful GO Bond in 1992; failed Parks GO Bond in 1998 Very Limited CIP (Maintenance Focused) No tax rate increase in over 10 years What It Took: Multiple budget cycles City s role focus on infrastructure improvements to spur growth Champion/Vision

47 Capital Budget: 2 Cents; Now What? Translating vision to plan Staff turnover Additional staff resources Capital Budget Analyst Capital Project Manager Engage financial consultants DEC Associates

48 Capital Budget: The Financial Model Dedicate existing debt service budget & new money from tax rate increase Seek grants & partnerships Mixture of debt instruments Limited Obligation Bonds Create municipal service districts (MSD s) or innovation districts to issue Special Obligation Bonds or SOB s (Downtown, River, etc) Draw Program for debt funded projects Cash flow driven Treasury management focus

49 Draw Program Year 1: Project in Design Year 2: Project in Construction Issue Long- Term Debt for Life of Asset

50 Capital Budget: Partnership Examples Biltmore Parking Garage (404 spaces) Partnership with Aloft Hotels (35 dedicated spaces) Opened during August 2012 City expense: $14M (land, design, construction) Draw Program Funded with mixture of LOB s and pay-go Parking Funds No General Fund dollars

51 Capital Budget: Partnership Examples US Cellular Center Phased Renovations Southern Conference Basketball Tournament Completed in August 2014 Total Cost: $12.9M Approximately $5.6M from partners: Tourism Development Authority (TDA) Buncombe County US Cellular sponsorship City portion funded with mixture of LOB s and pay-go General Fund.

52 Capital Budget: Partnership Examples New Belgium New Belgium investing $175 million. $8.0M in multi-modal roadway improvements, stormwater BMPs & stream restoration, low impact parking, greenway construction & water line improvements. Partners: State of NC, NC Golden Leaf Foundation ($300k), NCDOT, Clean Water Management Trust ($365k), Buncombe County, TDA ($150k), EDA ($1.1M) Administration, & the AB Economic Development Coalition. (City funding of $6.1M) Completion in spring 2016.

Capital Budget: Partnership Examples River Arts District Redevelopment Primarily Transportation Improvements Current stage Design and ROW Acquisition

53 Capital Budget: Partnership Examples River Arts District Redevelopment Primarily Transportation Improvements Current stage Design and ROW Acquisition Estimated total costs $50M Construction anticipated to begin spring 2017 and continue through spring 2020 Partners: Federal (TIGER): $15M State: $5.4M TDA: $2.3M

54 QUESTIONS?

1. I N T R O D U C T I O N

1. I N T R O D U C T I O N INTRODUCTION The Chico 2030 General Plan is a statement of community priorities to guide public decisionmaking. It provides a comprehensive, long-range, and internally consistent policy framework for the