Item 8ACarillon Resolution 10-014 Adopting a Chapter 380 Agreement
2010-08-17
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Project Overview (Non-Residential)
Discussion
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Incentives Philosophy
Developer assumes
up-front
financial risk
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Incentives Philosophy
All incentives to be performance based
Improvements are constructed by developer prior to any program payments by City
Use of general fund monies limited to 50% of non-residential ad valorem and sales taxes (Not including SPDC and CCPD)
Duration of incentive capped at 10 years*
Selected infrastructure reimbursements also capped
Public Art paid from on-site HOT
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Incentives Overview
Kirkwood
Granting of roadway impact fees paid
White Chapel
City participation on approx. 75% (some not capped)
Retail Parking Garage
No City ownership or maintenance proposed
Park Improvements
All parks dedicated to public (HOA maintained)
Grant park dedication credit
Participation in six (6) of eight public parks
Public Art
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Executive Summary
One-Time City Revenues: $5,430,703
PH 1: $1,425,374
Annual City Revenues: $2,800,289 (w/o HOT)
PH 1: $838,263 (w/o HOT)
Does not include residential AV tax revenue
Selected Developer Infrastructure Costs: $25,397,833
PH 1: $2,705,413
Incentives address only portions of these costs
Public Art costs: $1,154,000
Costs
Revenues Sum
Discussion
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Revenues Summary
Discussion
Taxes
Fees
Exec Sum
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Non-Residential Tax Revenues A.V. Real & Personal / Sales Tax (1%)
Exec Sum
Discussion
Revenues Sum
Based on Revenue Estimate 2010-07-02
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Fee Revenues (Before Incentives)
Impact Fees: $3,671,853
Water: NR=$602,257; R=$842,340 (w/o FW)
Wastewater: NR=$233,188; R=$501,150
Roadway: NR=$798,030; R=$694,888
Development: $1,758,850
Processing: $31,960
Administrative: $1,275,000 (All PW constr.)
Building Permits: $451,890
Exec Sum
Discussion
Revenues Sum
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Costs Summary (Selected Infrastructure)
Exec Sum
Discussion
Park Costs
Garage
Art
Roadways
All White Chapel included in Commercial Ph 1
Ph 1 Art and Parks is Village Green
Public Parks total includes two parks we are requiring but not participating in
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Roadway Costs Summary
Discussion
Costs
2 W. lanes includes north bound left turn lanes at retail drive and Kirkwood median breaks (2 @ $12,500 each) and landscaping in the median
2 W. lanes are the “Firm Payment” costs
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Chivers
Retail Dr.
Kirkwood
White Chapel Improvements
Discussion
Costs
Lanes
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White Chapel
Improvements
Discussion
Costs
Back
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Retail Garage Costs
Total Costs: $13,700,000
No City ownership or maintenance
Discussion
Costs
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Public Art Costs
Discussion
Costs
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Parks Orientation Map
Northwest Enclave Park
Villa Park North
Tree Preserve
Neighborhood Park
Lake Park
Corporate Park
Village Green
Discussion
Park Dedication
Park Costs
Villa Park South
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Park Dedication Summary
Discussion
Parks Map
Park Costs
Park fee alternative is $1,358,400
Agreement includes provision to refund to Childrens the $24,000 park fee paid to facilitate issuance of their Bldg Permit prior to 380 agreement
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Discussion
Parks Map
Costs
Park Dedication
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Village Green – 2.10 Acres -$1,588,842
Grand Fountain ($750,000) /
Enhanced Paving ($124,800)
Public Art ( $148,000)
Park Entry Signs ($20,000)
Concrete Sidewalks/Trail
($83,200)
KEY PARK ELEMENTS
Benches & Bike Racks ($56,000)
Discussion
Parks Map
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*Final park design subject
to City Council approval.
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Neighborhood Park – 3.92 Acres - $505,510
Fountain ($30,000)
Sculpture ($54,000)
Playground ($120,000)
Park Sign Monuments ($16,000)
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2
3
KEY PARK ELEMENTS
Sidewalks ($110,500)
Benches & Bike Racks ($30,900)
Discussion
Parks Map
*Final park design subject
to City Council approval.
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Tree Preserve – 3.30 Acres - $186,922
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2
3
Park Sign Monuments
($24,000)
Bike Racks ($3,000)
Benches ($13,200)
KEY PARK ELEMENTS
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Trails ($75,920)
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Discussion
Parks Map
*Final park design subject
to City Council approval.
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1
2
Lake Park – 22.75 Acres - $1,646,002
Fountains ($195,000)
Waters Edge Pavilion ($200,000)
Trails/Sidewalk ($148,200)
KEY PARK ELEMENTS
Kirkwood Crossing Improvements ($175,000)
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3
Sculpture ($74,000)
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5
Water Well & Pump for Irrigation ($366,000)
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1
Benches & Bike Racks ($44,200)
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7
Discussion
Parks Map
*Final park design subject
to City Council approval.
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Corporate Park – 7.65 Acres - $881,488
Trails/Sidewalks ($96,850) /
Fountain ($130,000)
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KEY PARK ELEMENTS
Trail Head Feature ($100,000)
Sculpture ($74,000)
Discussion
Parks Map
Bridge ($200,000)
Deep Well ($50,000)
*Final park design subject to City Council approval.
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Northwest Enclave – 4.86 Acres - $184,016
Discussion
Parks Map
Sidewalk ($8,450)
Benches ($8,800)
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Ornamental / Accent Trees ($2,250)
KEY PARK ELEMENTS
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Sign wall with planting ($30,000)
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Fountain ($30,000)
Grape Arbor
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Public Art ($54,000)
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*Final park design subject
to City Council approval.
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Villa Park South - 1.48 Acres - $218,514
Pavilion ($55,000)
Sidewalks ($66,137)
KEY PARK ELEMENTS
2
Ornamental Trees ($2,250)
Shade Trees ($14,300)
Discussion
Parks Map
*Final park design subject
to City Council approval.
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Villa Park North - .43 Acres - $99,143
KEY PARK ELEMENTS
Ornamental Trees ($2,250)
Lawn ($6,875)
Shade Trees ($9,900)
Sidewalks ($14,950)
Discussion
Parks Map
*Final park design subject
to City Council approval.
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Incentive Requirements
Start Date: December 31, 2011
Ph 1 Construction minimum: 250,000 SF
Incentive proportional to construction
Substantial Completion Date: December 31, 2013
Discussion
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Agreement in Principle (A.I.P.)
All incentives to be performance based
Less revenue, less reimbursement
More revenue, more reimbursement
Developer reimbursements capped*
*Except White Chapel 2 W. lanes
Reimbursements from General Fund (GF) not to exceed 50% of actual annual revenues (not including SPDC / CCPD)
All incentives capped at ten (10) years*
Discussion
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AIP / Incentives Summary
Kirkwood: Grant Hines roadway impact fees paid ($1,492,918) – Approx. 28%
No GF reimbursements
White Chapel: GF grant of 50% of east two lanes ($320,692) and 100% of west two lanes ($475,187-Not capped)
Waive all W.C. admin & inspection fees
Parks: GF grant of 50% ($1,919,390)
Garage: GF grant of 40% ($5,480,000)
Public Art: HOT grant of 50% ($577,000)
Kirkwood
White Chapel
Garage
Discussion
Parks
Art
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Total costs of $5,270,825
Grant Hines Development (HD) roadway impact fees paid for 10 years from first C.O. (Total $1,492,918) – Approx. 28%
Homebuilders ($694,888)
Retail / Restaurant ($384,344)
Office & Children’s ($378,062)
Hotel ($35,624)
No General Fund reimbursements
AIP Summary
Discussion
A.I.P. – Kirkwood
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Two east lanes - $641,384
Hines pays 100% of costs related to project
Grant cap of $320,692 (50%) of cost of 2 east lanes from project-related GF revenues
Two west lanes - $475,187
Grant of 100%, not to exceed actual costs from project-related GF revenues
This portion not capped
Waive Public Works admin / inspect fees (5%)
Approx. $55,000
Discussion
A.I.P. – White Chapel
AIP Summary
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Total costs of $3,838,780
All parks and fountains to be maintained by property owner association
Grant cap of 50% ($1,919,390) from project-related GF revenues
Discussion
A.I.P. – Parks
AIP Summary
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Total costs of $13,700,000
Grant cap of 40% ($5,480,000) from project-related GF revenues
Discussion
A.I.P. – Retail Garages
AIP Summary
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Total costs of $1,154,000
Grant cap of 50% ($577,000)
Cap of 15% of annual HOT
Discussion
A.I.P. – Public Art
AIP Summary
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Grant Caps
Discussion
Program payments not to exceed 50% of actual revenues received
Capped at 10 years from first retail C.O.
*Costs of west 2 lanes not capped
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Program Payment Schedule Example Only
Discussion
Discussion
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20-Year Overview
Discussion
Commercial market value: $210 M
Annual taxable sales: $187 M
Annual lodging sales: $7.2 M
Cost of services not covered by fees: $0.8 M
Discussion
Discussion