Monona CDA Presentation To Council 04 19 10
-
Upload
gary-becker -
Category
Documents
-
view
501 -
download
1
description
Transcript of Monona CDA Presentation To Council 04 19 10
![Page 1: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/1.jpg)
City of MononaCommunity
Development Authority
Presentation to the City CouncilApril 19, 2010
![Page 2: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/2.jpg)
Role & Powers of the Community Development Authority
Prepare Redevelopment Plans Prepare Tax Increment District Plans Facilitate public/private partnerships Enter into contracts Acquire and dispose of property Prepare property for redevelopment Temporarily operate and maintain property Borrow money (debt is not deemed debt of
municipality) Many actions require approval of City Council
![Page 3: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/3.jpg)
Recent Activities
Tax Increment District (TID) #5 & Redevelopment Area (RA) #5 creation in the Owen Road area
Facilitation of Garden Circle Redevelopment TID # 6 & RA #6 planning (east Broadway) RA #7 planning (north Monona Drive) RA #8 & TID planning (west Broadway) Housing stock improvement program
![Page 4: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/4.jpg)
Owen Road Redevelopment
Created November 2007
Request for Proposals to redevelop Garden Circle
Selection of developer (MSP) for Garden Circle redevelopment
![Page 5: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/5.jpg)
Owen Road Redevelopment
Negotiation of developer’s agreement with MSP for Garden Circle redevelopment.
Garden Circle project: successfully removed 8 blighted apartment buildings that were a drain on City resources
Developer selected for redevelopment has provided a high-quality project that is an asset for the community
![Page 6: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/6.jpg)
Garden Circle: Previous Conditions
![Page 7: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/7.jpg)
Garden Circle Redevelopment: Heritage Monona Senior Housing
![Page 8: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/8.jpg)
Garden Circle Redevelopment: Heritage Monona Senior Housing
![Page 9: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/9.jpg)
Garden Circle Redevelopment: Heritage Monona Senior Housing
![Page 10: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/10.jpg)
North Monona Drive Redevelopment
Dean Avenue to Winnequah Road Commercial revitalization for areas
that have seen little reinvestment Commercial land and improvement
value growth in this area severely lag behind the City average over the last 25 years
Focus on “Targeted Redevelopment Areas”
![Page 11: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/11.jpg)
North Monona Drive
Citywide increase in commercial land assessment 1985 -2007: 171%
Areas 1&2: 61% Citywide increase in
commercial improvement assessment 1985-2007: 223%
Areas 1&2: 87%
![Page 12: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/12.jpg)
North Monona Drive: Existing Conditions
![Page 13: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/13.jpg)
North Monona Drive
Citywide increase in commercial land assessment 1985 -2007: 171%
Site: 45% Citywide increase in
commercial improvement assessment 1985-2007: 223%
Site: 9%
![Page 14: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/14.jpg)
North Monona Drive: Existing Conditions
![Page 15: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/15.jpg)
West Broadway Redevelopment Area
![Page 16: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/16.jpg)
West Broadway: Existing Conditions
![Page 17: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/17.jpg)
West Broadway Redevelopment Area
CDA created RA #8 boundary per City Council recommendation
RA #8 created to: Facilitate redevelopment of old mobile home
site Facilitate development of vacant sites along
Broadway Potential TID creation to further assist in
redevelopment
![Page 18: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/18.jpg)
CDA Activities
CDA has been active in pursuing redevelopment opportunities consistent with City land use and economic development plans
CDA has continuing projects: North Monona Drive East Broadway West Broadway Implement housing plan recommendations by
creating a housing improvement program
![Page 19: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/19.jpg)
Benefits of CDA Activities
Redevelopment of blighted and environmentally contaminated sites
New jobs in Monona Growth of commercial tax base Housing improvement program
opportunities Concrete results with limited general fund
expenditures
![Page 20: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/20.jpg)
CDA Funding
CDA looking to further assist City in achieving planned objectives
CDA needs stable, assured, long-term source of funding to see projects through and continue to drive private sector reinvestment
Any source of funding should not be funded by general levy
Potential funding source: Fees from TIF districts for planning, redevelopment and administration services
![Page 21: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/21.jpg)
East Broadway Redevelopment
Working on TID #6 & RA #6 Plan
UW Health in discussions for new clinic on Fritz site
Menards expansion Other potential
redevelopment sites in area
![Page 22: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/22.jpg)
East Broadway Redevelopment: Existing Conditions
![Page 23: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/23.jpg)
Proposed East Broadway TID Budget
Infrastructure: $1 million Development incentives: $6.5 million Professional services/discretionary
payments: $600,000 Administration: $4.1 million
Includes $4 million for CDA; $148,000 per year over 27-year maximum TID lifespan
![Page 24: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/24.jpg)
Proposed East Broadway TID Budget
Budgeting money for CDA in TID #6 creates opportunity for ongoing revenue source for CDA
CDA partners with City to provide planning, redevelopment, and administration services
City retains fiscal control through annual approval of CDA budget
![Page 25: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/25.jpg)
East Broadway TID Timeline
April 27: public hearing at CDA meeting May 17: Council consideration of final
reading of resolution to create TID #6 Late May: Joint Review Board consideration
of TID creation
![Page 26: Monona CDA Presentation To Council 04 19 10](https://reader035.fdocuments.in/reader035/viewer/2022062702/554bff5fb4c9053f078b4c5b/html5/thumbnails/26.jpg)
Conculsion
TID #6 provides City with a mechanism for long-term CDA funding with limited impact on general fund
CDA looking to continue carrying out City’s land use, economic development, and housing goals
City retains control by approving yearly CDA budgets