Professional Documents
Culture Documents
Purpose
Review redevelopment and planning efforts in the downtown Dallas area over the last several years and contrast redevelopment activity in the Farmers Market area Review current status of Dallas Farmers Market operations and issues related to city managed operations of the market Discuss redevelopment goals for the Dallas Farmers Market and discuss how redevelopment proposal addresses these goals Review proposed master agreement and related modifications to the Farmers Market TIF District Plan
UNTIL NOW!
10
11
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Five story building with ground level parking, leasing services, and community space
28
29
30
31
32
35
This bid was not accepted and the City decided to prepare another RFP with amended requirements
36
This group prepared a list of concerns related to ongoing market operations and assisted in the preparation of a revised RFP The new RFP looked for a redevelopment proposal that generated the most long term revenues for the City while maintaining ongoing operations of the Dallas Farmers Market
Office of Economic Development WWW.DALLAS-ECODEV.ORG 37
38
39
Program elements:
Renovate Shed 1 to increase and improve space available for local farmers Improve Shed 2 to showcase Dallas-based restaurants Build new mixed-use development on Shed 3/Shed 4 site to surround market with a residential neighborhood Create a community garden and futsal fields to bring regular activity to a currently unused remote parking area
40
Improvement Plan
2101-2111 Taylor Restaurants, Band Shell, Roof Top Deck Shed 1 60 stalls for local farmers Administration Bldg Culinary training, production studio Remote Parking Community Garden and Futsal fields
Office of Economic Development WWW.DALLAS-ECODEV.ORG 42
46
47
48
51
Individual requests for TIF funding commitments will be brought forward by the developer in 2013 and 2014. These requests are expected for six specific phases of the project. Each request will require separate action by the City Council (after review and recommendation by the Farmers Market TIF Board of Directors). The first funding requests (June 2013) will relate to Shed 1 and Shed 2 improvements. All TIF funding is contingent on:
Conformance to Design Review standards M/WBE participation by sub-contractors
Office of Economic Development WWW.DALLAS-ECODEV.ORG 52
53
54
Funding by Phase
Shed 1 - $1.4 million Shed 2 - $1.9 million Shed 3/Shed 4 - $38.7 million Administration Building - $2.1 million Taylor - $14.8 million Fields - $1.2 million Streetscape - $2.6 million Office of Economic Development Storm Water - $1.6 million WWW.DALLAS-ECODEV.ORG
55
GO Bonds $0 $0
$38,668,084 $2,097,400
$14,884,738 $1,097,400
$20,883,346 $1,000,000
$9,220,167 $566,298
$2,900,000 $0
$0 $0
$0 $0
Taylor
$14,778,009
$7,778,009
$7,000,000
$3,990,063
$0
$0
$0
$755,684 $0 $0 $0 $26,292,131
$500,000 $0 $0 $0 $30,883,346
$339,035 $0 $0 $0 $15,000,163
$0 $2,600,000 $0 $0 $5,500,000
$0 $0 $930,000 $0 $930,000
56
57
Schedule
Consideration by City Council of the Following: Consider authorization of Master Agreement related to Dallas Farmers Market redevelopment plan February 27, 2013 Call a Public Hearing to amend the Farmers Market TIF District Plan February 27, 2013 Hold Public Hearing and Consider Farmers Market TIF District Plan Amendment March 27, 2013 Consider authorization of land sale and lease related to implementation of Dallas Farmers Market Master Agreement March 27, 2013 An additional six individual TIF Development Agreements are expected to be brought to Council for consideration beginning in June 2013. These agreements will be negotiated separately and are required for the City to obligate TIF funding for the project
59
60
61
62
63
Pedestrian passages, pocket parks and the central promenade should be organizing features for residential buildings, becoming front yards while enhancing the safety and livability of Farmers Market.
The new Pearl Street promenade with small retail kiosks, special streetscape design, and traffi c calming would link residences and the potential light rail station near Canton to the Farmers Market entrance.
Traditional rowhouse elements of raised stoops, visible yet private ground fl oors, and well-tended landscaping are effective ways of ensuring a safe, attractive sidewalk presence.
64
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
$27,706,851 $32,251,740 $48,849,886 $68,642,830 $69,918,509 $68,358,681 $66,805,228 $83,492,312 $93,337,865 $96,486,980 $111,085,798 $107,740,320 $103,812,469 $101,531,538 $111,686,928 $115,037,536 $124,488,662 $158,223,322 $162,970,021 $217,859,122 $232,394,896 $239,366,743 $266,547,745 $270,545,961 $274,604,150 $278,723,213 $282,904,061 $287,147,622 $291,454,836 $295,826,659 $300,264,059 $1,902,000
$30,337 $141,130 $273,248 $444,715 $295,397 $277,250 $278,362 $413,761 $467,257 $507,318 $591,515 $598,570 $606,562 $588,383 $669,321 $694,491 $774,921 $1,062,005 $1,102,399 $1,569,508 $1,693,208 $1,752,539 $1,983,851 $2,017,876 $2,052,411 $2,087,465 $2,123,044 $2,159,157 $2,195,811 $2,233,016 $2,270,778 $28,217,195
$30,337 $141,130 $273,248 $295,397 $277,250 $278,362 $413,761 $467,257 $507,318 $591,515 $598,570 $606,562 $588,383 $669,321 $585,377 $653,170 $895,149 $929,197 $1,322,916 $1,427,181 $1,477,190 $1,672,160 $1,700,839 $1,729,948 $1,759,494 $1,789,483 $1,819,923 $1,850,818 $1,882,177 $1,914,007 $23,409,028
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $109,114 $121,751 $166,856 $173,203 $246,592 $266,027 $275,349 $311,691 $317,037 $322,463 $327,970 $333,560 $339,234 $344,993 $350,839 $356,772 $4,363,452
$28,688 $160,584 $385,942 $622,145 $831,782 $1,030,817 $1,310,577 $1,609,331 $1,916,061 $2,254,252 $2,577,869 $2,887,975 $3,172,431 $3,478,423 $3,778,657 $4,095,447 $4,505,992 $4,908,980 $5,451,525 $6,005,007 $6,546,733 $7,126,616 $7,684,374 $8,233,893 $8,602,809 $9,382,729 $10,058,213 $10,916,670 $11,816,282 $12,756,058 $12,756,058
65
66
69
369,232
$3,230,000
*TheappraisedvalueofShed1 is$700,000 **$30,000isthebasepayment +ashareofgrossrevenue
70
FMPC
RealProperty RealProperty+BPP TIFsandOther TIFsandOther Reinvestment Reinvestment Zones Zones Reinvestment None ZonesContributing 100%ofRevenue 25% 10% 8.24% 7.37%
CityplaceAreaTIFDistrictcontributes100%ofitsrevenuetotheGeneral Fund,asitceasedincrementcollectionin2009anddoesnotcountagainst theFMPCCap. StateLawwasrecentlyamendedtoincreasetheState'sCapLevelfrom15% to25%. Office of Economic Development CurrentRatiosincludetheproposedamendmentsto theCity CenterTIF WWW.DALLAS-ECODEV.ORG District.
71
Attract substantial redevelopment projects with a private investment of $100M or more over the first 5 years of the extension period (See Slides 16 & 17):
$114 million in investment is planned for this proposed extension
Generate satisfactory TIF increment to meet specific infrastructure and development needs
TIF increment, with other funding sources including GO Bond proceeds will cover anticipated infrastructure needs
Reduce the Citys TIF contribution to allow greater general fund cash flow
The Citys contribution to this TIF District decreases for 100% to 90%
Office of Economic Development WWW.DALLAS-ECODEV.ORG 72
Extension limit
73