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20201216 Joint Council Meeting1 Design with community in mind 2 Meet your TEAM Mark Maldonado PLA, ASLA Project Principal, Landscape Architecture & Planning Discipline Lead Anne Ricker Market Assessment & Forecast Economic Impact Analysis Shai Roos AICP Project Manager/ Policy & Implementation Bill Cunningham Market Assessment & Forecast Economic Impact Analysis 3 Imagine. 5 Our Process Imagine.Plan.Act. 6 MAIN Street 7 MAIN Street 8 MAIN Street 9 MAIN Street 10 Prosper GREEN 11 Prosper GREEN 12 Key Features •Flexible Programming of Space. Potential home for the Prosper Farmers and Artist Market. •An interactive fountain is incorporated into the central gathering space. •Lawn and Landscape areas for visibility of performances, open for concerts and events. •Integrated Shade and Stage structure. •Accessible pathways maintain the connectivity across the park to W. Broadway, Main St. and City Hall, each of the corners and edges, intersecting near a central water feature. Prosper GREEN 13 1 2 3 4 5 6 7 8 9 Central Event Lawn Playground Landmark Interactive Fountain Stage/Shade Structure Multi-use Plaza Prosper Gardens Celebration Walk Market Front Program Elements Prosper Green serves as the main public-event space in the Civic Center for performances, outdoor gathering, festivals, picnics and special programs. Prosper GREEN 14 Prosper GREEN 15 Prosper GREEN 16 Prosper GREEN 17 STORYMAPS SOCIAL MEDIA ONLINE SURVEYSPROJECT WEBSITE INTERACTIVE MAPS ONLINE MEETINGS IN-PERSON MEETINGS TACTICAL URBANISM GRAPHIC RECORDING COMMUNITY EVENTS ENGAGEMENT Toolbox 18 TESTING the Concept Tactical Urbanism Realizing Potential 19 Testing the CONCEPT Virtual Reality Bringing Concepts to Life 20 Our Process Imagine.Plan.Act. 21 COMPETITIVE Positioning 22 2 2 Old Town Renaissance Market Share Study Area Capture Community Vision Regional Growth Policies│ Regulations Capacity Industry TrendsDelivery System Combability Capital Markets Comprehend AppreciateForces 23 Learning From COVID-19 DOWNTOWN REDEVELOPMENT STRATEGY GLENVIEW, IL 24 Utilities LinesExisting ZoningProperty Utilization Parcel OwnershipData ANALYSIS Plan FRAMEWORK 2626 CATALYST Projects 2727 Catalyst PROJECTS 28 Our Process Imagine.Plan.Act. 29 30 Developer’s Perspective Development Program Assumption Factors Units/Spaces Square Feet Retail/Restaurant/Flex 17,100 Office/Employment 20,700 Residential (Rental)40 40,000 1,000 SF/Unit Residential (For-Sale)0 0 1,800 SF/Unit Gross Floor Area 77,800 Project Land Area 130,680 3.0 Acres Floor Area Ratio 60% Surface Parking 0 0 320 SF/Space Structured Parking 254 81,438 320 SF/Space Estimated Project Value (Stabilized Yr) Total Retail/Restaurant Flex Rentable SF 15,390 90% Bldg. Efficiency Ratio Rent/SF*$16.00 Total Office/Employment Rentable SF 18,630 90% Bldg. Efficiency Ratio Rent/SF*$16.00 Total Residential Rentable SF 32,000 80% Bldg. Efficiency Ratio Rent/SF $15.00 $1.25 Monthly Rent/SF Total Parking Spaces (Structured)254 Rent/Space $300 $25 Monthly Rent/Space Gross Income $1,100,668 Occupancy 95% Effective Gross Income $1,045,635 Operating Costs $272,300 $3.50 $/SF (Wtd. Avg. All Uses) Net Operating Income $773,335 Capitalization Rate 8.0% Project Value -- Office/Retail/Rental Hsg $9,666,682 Total Project Value $9,666,682 * Retail based on triple net lease; Office based on gross lease. Development Cost Estimate Property Purchase (Acquisition/Demolition)$1,110,780 $8.50 $/SF Land On-Site Improvements (Surface Parking)$0 $2,500 $/Space On-Site Improvements (Structured Parking)$3,817,397 $15,000 $/Space Site Development/Infrastructure $392,040 $3.00 $/SF Building Construction (Hard Costs)$4,950,414 $64 $/SF (Wtd. Avg. All Uses) Construction Contingency $457,993 5% % of Construction Costs Soft Costs (% of Hard Costs)$915,985 10% % of Hard Costs Developer Profit $1,164,461 10% % of Total Costs Total Project Cost $12,809,069 $164.64 $/SF Development Economic Summary Total Project Cost $12,809,069 Total Project Value $9,666,682 Project Margin/"Gap"($3,142,387) % Project Margin/"Gap"-25% Source: Ricker+Cunningham. Potential Contributions to "Gap": Land Acquistion/Writedown $1,110,780 100% of Land Cost Site Improvements Contribution $2,104,718 50% of Total Site Costs Supportable TIF (25 Years)$1,500,000 0.800000 Total Property Tax Rate Sales Tax Sharing (380 Loan -- 10 Yrs)$200,000 50%% of Local Sales Tax Public Improvement District (20 Years)$0 $0.00 Assessment Per Bldg Sq Ft Property Tax Abatement (10 Years)$0 0.000000 City Property Tax Rate Development Fee Waivers $0 Federal/State/Local Grants $0 Streamlined Development Approval Process $0 Tax Credit Equity (LIHTC, Historic, New Market)$0 Total Contributions to "Gap"$4,915,498 Source: HOK Design and RickerǀCunningham. Total Project Cost $12,809,069 Total Project Value $9,666,682 Project Margin/"Gap"($3,142,387) % Project Margin/"Gap"-25% Source: Ricker+Cunningham. Potential Contributions to "Gap": Land Acquistion/Writedown $1,110,780 100% of Land Cost Site Improvements Contribution $2,104,718 50% of Total Site Costs Supportable TIF (25 Years)$1,500,000 0.800000 Total Property Tax Rate Sales Tax Sharing (380 Loan -- 10 Yrs)$200,000 50%% of Local Sales Tax Public Improvement District (20 Years)$0 $0.00 Assessment Per Bldg Sq Ft Property Tax Abatement (10 Years)$0 0.000000 City Property Tax Rate Development Fee Waivers $0 Federal/State/Local Grants $0 Streamlined Development Approval Process $0 Tax Credit Equity (LIHTC, Historic, New Market)$0 Total Contributions to "Gap"$4,915,498 31 Redevelopment Challenges │ Truths Truths Competitive Disadvantage Platform to Prove Up Market Partnerships are Essential Private Investment Follows Public Commitment Public Sector Readies Environment Equalize Risk and Return Challenges Difficulty Assembling Land Perceived Greater Risk Lot Depths Perceived Narrow Market Requires Creative Financing Higher Land Costs 32 Funding Resource Identification 140+ FUNDING SPECIALISTS AROUND THE COUNTRY 30+ PUBLIC FINANCIAL MANAGEMENT EXPERTS 100+ FUNDING PROGRAMS LEVERAGED TO ADVANCE CRITICAL COMMUNITY PROJECTS $4B+ SECURED IN GRANT AND LOAN FUNDING FOR OUR CLIENTS DEVELOP A FUNDING STRATEGY •IDENTIFY PRIORITY PROJECTS •RESEARCH POTENTIAL FUNDING SOURCES •EVALUATE PROBABILITY OF SUCCESS AND RETURN ON EFFORT •CONFIRM ELIGIBILITY •PRIORITIZE WHICH GRANTS AND LOANS ARE WORTH PURSUING •FINALIZE FUNDING STRATEGY AND SCHEDULE 01 PROJECT MANAGEMENT & OVERSIGHT •PROVIDE PROJECT MANAGEMENT AND OVERSIGHT AS NEEDED •SUPPORT FUNDING AGREEMENT NEGOTIATIONS •REFINE SCOPE AND BUDGET IF NEEDED •ASSIST WITH REPORTING REQUIREMENTS 03 02 APPLICATION PREPARATION •DESIGNATE LEAD FUNDING SPECIALIST AND TEAM •FACILITATE FUNDING APPLICATION KICK OFF •DEVELOP AND MANAGE ALL ELEMENTS OF APPLICATION (I.E. NARRATIVE, ATTACHMENTS, LETTERS OF SUPPORT) •ASSEMBLE APPLICATION PACKAGE AND ASSIST WITH DELIVERY SECURE FUNDING 33 Opportunities Barriers Investment MarketFinancial Physical Regulatory Organization Political Road Map to Implementation Parking Ordinance Dangerous Structure Ordinance 2010 2011 2012 2014 Town of Prosper Comprehensive Plan (Whole Town) Sign Ordinance, updated Prosper Master Thoroughfare Plan (Whole Town) Future Land Use Plan (Whole Town) Old Town Transportation Plan Parks, Recreation and Open Space Master Plan (Whole Town) Residential Standards (Whole Town), Zoning Ordinance (Whole Town), updated Prosper Old Town Area Assessment: •Community Vision •Physical Conditions Assessment •Market Assessment •Stakeholder Interviews •Development Framework Plan •Community Workshop •Implementation Priorities 2015 2016 2017 •Define Boundaries of Old Town Prosper •Field Research and Existing Conditions •Transportation Assessment •Parking Inventory and Analysis •Market Assessment •Public Engagement •Downtown Development Committee •Land Use and Development Framework Plan 2021 Downtown Master Plan 20102008 2011 2012 2014 2015 2016 2017 2020 -2021 Great Recession COVID-19 Timeline of External Forces •Redevelopment Concepts •Urban Design and Character Plan •Transportation Plan •Public and Open Space Design Concepts •Streetscape and Wayfinding Plan •Placemaking Audit •Pop Up Events (Test Recommendations in Real Time) •Interactive Online Survey •Development Proforma Analysis •Implementation Strategy •Funding Strategy Town of Prosper Resource DOCUMENT Regulations –development related ordinances that impact downtown development. Economic Development –incentives, funding mechanisms. Community Development –programs & events, sense of identity strategies, historic preservation strategies. Implementation –developer/ real estate industry vetted recommendations, action steps, comprehensive CIP list, funding sources. Public Engagement –consensus & Constituency. Land Use –infrastructure capacity, housing, facilities, parks & open space. Placemaking –boundary, gateway, signage, character/architecture. Transportation Plan –circulation, connectivity, walkability, parking. 2020 Downtown Master Plan SCOPE 36 Experienced WE HAVE DONE THIS BEFORE Innovative THINKING OUTSIDE THE BOX Interdisciplinary Team THIS IS OUR BACKYARD Incomparable Resources ACCESS TO STANTEC’S NORTH AMERICA FUNDING STRATEGIES TEAM Implementation Focused BRINGING DESIGN TO LIFE 37 Questions? 38 Project TEAM 39 Project MANAGEMENT 40 Project Budget / SCHEDULE 41 How we get There. People.Partnerships.Prosperity.Performance. PARTNERSHIPS PROSPERITY PEOPLE PERFORMANCE diverse welcoming neighborly cooperative stewardship proximity accessible convenient walkable connected safe historic attractive sittable walkable active real special vital fun local business ownership land use property values retail sales number of women, children & elderly street-life evening use volunteerism sanitation rating building conditions crime statistics environmental data parking usage patterns mode splits transit usage pedestrian activity PLACE Key Attributes Intangibles Quantifiable metrics