town center initiative 1 mckinney town center study initiative phase 2 city council work session...
TRANSCRIPT
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Town Center Initiative
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MCKINNEY TOWN CENTER STUDY INITIATIVE PHASE 2
City Council Work SessionJanuary 24, 2011
Bringing It all Together
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Town Center Initiative
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Town Center:McKinney’s Identity
(Brand)
Actively Attracting
Investment(Business Plan)
• Incentives Program
• Governance Structure & Coordination
• Small Business Incubation
TIRZ(Project & Finance Plan)
Catalyst Projects(Development and
Tax Base)
• Parking Program• PID • Form-Based Code
• Multi-modal Infrastructure
• Destinations
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Town Center Initiative
Town Center “Business Plan”
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Town Center Initiative
Driving Catalyst Projects
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• Leveraging
• Coordination of Public Entities
• De facto Master Developer context
• Attracting investment
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Town Center Initiative
Public Improvement District (PID) Fiscal Tool
Feasibility Analysis
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Town Center Initiative
Additional Tools - PID
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What is a Public Improvement District (PID)?Chapter 372 of the Texas Local Government Code allows any city to levy and collect special assessments on property within a defined benefit area of the city limits or ETJ. Revenue from the special assessments are then used to fund improvements (capital and/or O&M) within the benefit area.
• Property Value
• Any other manner that equally assesses property similarly benefited, such as a flat fee, provided that the collection entity is in agreement.
Method of assessment may be determined by:
• Library improvements• Art installation• Creation of pedestrian malls • Supplemental safety services• Other similar improvements (i.e. graffiti
abatement)• Supplemental business-related services • Costs associated with the creation,
administration, and operation of the PID
• Mass transit improvements• Off-street parking improvements• Park, recreation, and cultural improvements• Landscaping and other aesthetic improvements• Land acquisition in connection with an improvement• Affordable housing• Water, wastewater, health & sanitation, drainage,
street, or sidewalk improvements
Funds generated by the PID may be used to perform any of the following:
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Town Center Initiative
PID Feasibility Analysis
Key Assumptions
• 20 year horizon for PID duration
• Property assessed by value
• Evaluated rates from $.05 - $.15/$100 assessed value
• 4 Development Scenarios Baseline: current values ($71,481,928)
Scenario #1: inflation only (3% annually)
Scenario #2: medium redevelopment: current values (assumes $80/ft²), 3% annual inflation
Scenario #3: medium redevelopment: higher values (assumes $115/ft²), 3% annual inflation
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Town Center Initiative
Projected Appraised Values (of all properties within the PID)
Baseline Scenario #1 Scenario #2 Scenario #3
2010 $71,481,928 $71,481,928 $71,481,928 $71,481,928
2011 $71,481,928 $73,626,386 $73,626,386 $73,626,386
2012 $71,481,928 $75,835,177 $75,835,177 $75,835,177
2013 $71,481,928 $78,110,233 $80,077,141 $80,937,664
2014 $71,481,928 $80,453,540 $87,305,637 $90,303,430
2015 $71,481,928 $82,867,146 $96,982,467 $103,157,920
2016 $71,481,928 $85,353,160 $105,012,037 $113,612,796
2017 $71,481,928 $87,913,755 $117,125,719 $129,905,953
2018 $71,481,928 $90,551,168 $126,071,401 $141,611,503
2019 $71,481,928 $93,267,703 $137,327,284 $156,603,350
2020 $71,481,928 $96,065,734 $147,209,816 $169,585,351
2021 $71,481,928 $98,947,706 $157,561,705 $183,205,329
2022 $71,481,928 $101,916,137 $168,402,219 $197,489,879
2023 $71,481,928 $104,973,621 $179,751,358 $212,466,618
2024 $71,481,928 $108,122,830 $185,143,899 $218,840,616
2025 $71,481,928 $111,366,515 $190,698,216 $225,405,835
2026 $71,481,928 $114,707,510 $196,419,162 $232,168,010
2027 $71,481,928 $118,148,735 $202,311,737 $239,133,050
2028 $71,481,928 $121,693,198 $208,381,089 $246,307,042
2029 $71,481,928 $125,343,993 $214,632,522 $253,696,253
2030 $71,481,928 $129,104,313 $221,071,497 $261,307,140 8
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Town Center Initiative
PID Feasibility Analysis: Overall Findings
Summary Totals by Rate per $100 Assessed Value (2010-2030)
Baseline Scenario #1 Scenario #2 Scenario #3
$0.05 $750,560 $1,024,925 $1,521,214 $1,738,341
$0.06 $900,672 $1,229,910 $1,825,457 $2,086,009
$0.07 $1,050,784 $1,434,895 $2,129,700 $2,433,677
$0.08 $1,200,896 $1,639,880 $2,433,943 $2,781,345
$0.09 $1,351,008 $1,844,865 $2,738,186 $3,129,013
$0.10 $1,501,120 $2,049,850 $3,042,428 $3,476,681
$0.11 $1,651,233 $2,254,836 $3,346,671 $3,824,349
$0.12 $1,801,345 $2,459,821 $3,650,914 $4,172,017
$0.13 $1,951,457 $2,664,806 $3,955,157 $4,519,686
$0.14 $2,101,569 $2,869,791 $4,259,400 $4,867,354
$0.15 $2,251,681 $3,074,776 $4,563,643 $5,215,022
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Town Center Initiative
• 5,000 square foot building in McKinney with appraised value of $411,266 currently pays $2,408 each year in city taxes. That same building would pay:
○ $2,604 each year under a PID assessment of $.05/$100 assessed valuation○ $2,819 each year under a PID assessment of $.10/$100 assessed valuation○ $3,025 each year under a PID assessment of $.15/$100 assessed valuation
• 10,000 square foot building in McKinney with appraised value of $1,050,448 currently pays $6,174 each year in city taxes. That same building would pay:
○ $6,699 each year under a PID assessment of $.05/$100 assessed valuation○ $7,224 each year under a PID assessment of $.10/$100 assessed valuation○ $7,750 each year under a PID assessment of $.15/$100 assessed valuation
• 16,000 square foot building in McKinney with appraised value of $1,667,414 currently pays $9,763
each year in city taxes. That same building would pay:○ $10,597 each year under a PID assessment of $.05/$100 assessed valuation○ $11,430 each year under a PID assessment of $.10/$100 assessed valuation○ $12,264 each year under a PID assessment of $.15/$100 assessed valuation
PID Feasibility Analysis: Sample Assessment Scenarios
Creation of a Town Center Business Plan
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Town Center Initiative
PID Feasibility Analysis: Considerations for Moving Forward
Creation of a Town Center Business Plan
– Revising existing development codes/policies to respond to market and ensure consistency with vision
– Redesigning SH 5 as a walkable mixed use corridor
– Activating the new Municipal Complex and Entertainment District
– Creating a network of appealing pedestrian connections
– Phasing in the Town Center parking plan to facilitate market-responsive private investment
– Maintaining balance of reinvestment and neighborhood stabilization to retain affordability and historic community character
– Synchronizing development regulations, public capital investment, and economic development policies/strategies
Assuring that McKinney realizes the market forecasts outlined in the PID Analysis will require:
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• Is development of a PID the right fiscal tool?
• What improvements/enhancements would the PID afford?
• What are the policy implications of establishing a PID?
• What are the public implications of establishing a PID?
• How would the PID interact with other fiscal tools (i.e., TIF)?
Considerations
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Town Center Initiative
Parking Rate Study
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Parking Rate Study Review
• Is paid parking feasible (i.e. positive cash flow) under a certain set of assumptions?
• If a positive cash flow is feasible, can it fund a formal parking program (parking benefit district) and/or debt service a parking structure?
• What happens to cash flow if the rate of parking demand grows at 3% per year? 10%?
• Analysis conducted for 3 scenarios:
1. Assumes Year 1 establishment of a comprehensive paid parking program for all on-street and surface parking lots in downtown; no parking structure ever built
2. Assumes Year 4 establishment of comprehensive paid parking program to be implemented upon completion of a parking structure
3. Assumes Year 1 implementation of limited on-street meters (on Square Proper); with a Year 4 implementation of a comprehensive paid parking program and opening of a parking structure
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Parking Rate Study – Summary of Results
If level of parking demand continues to grow at 3 or 10% per year; all scenarios will show a positive cash flow within 2-3 years (excluding the capital costs for the parking structure itself)
Assumptions include:• Significant enforcement activities• Investment in state-of-the art revenue collection system(s)• Reasonable hourly parking rates (~$1+)
Challenges:• Maintaining existing demand when transitioning to paid parking• Up-front capital funding for the parking structure
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Parking Rate Study – Summary of Results
Scenario 1 – 3% Growth
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Parking Rate Study – Summary of Results
Scenario 2 – 3% Growth
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Parking Rate Study – Summary of Results
Scenario 3 – 3% Growth
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Parking Rate Study – Summary of Results
Can the positive cash flow from the parking system assist in serving the debt on a $7 million dollar parking structure (in today’s dollars, and under these assumptions)?Servicing the debt would take approximately:
- 12 years @ 3% annual growth in demand- 8 years @ 10% annual growth in demand
Under Scenarios 2 and 3. Assumes positive cash flows are used solely for debt service
Can the positive cash flow fund and sustain a formal parking benefit district?The positive cash flow could be used to fund parking improvements such as enhanced signage, striping, lighting, landscaping; valet/shuttle service; marketing; enforcement; etc.
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• Is a formal paid parking program the right fiscal tool?
• What improvements/enhancements would a parking program afford?
• What are the policy implications of establishing a a formal paid parking program?
• What are the public implications of establishing a formal paid parking program?
• How would a formal paid parking program interact with other fiscal tools (i.e., TIF)?
Considerations
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Town Center Initiative
Business Plan: Fiscal Tools
• Consensus?
• If yes, what is the Council’s direction for moving forward with PID and/or a formal paid parking program, or both?
Sustained revitalization of the Town Center will require a combination of appropriate fiscal implementation tools that are consistent with and complementary to the Town Center vision.
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Town Center Initiative
Progress of Town Center Form-Based Code
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Development Regulations Process - work to date
• 2009: analyzed regulations (zoning, subdivision) that are barriers to realizing the preferred concepts of the vision
• Jan 2010: Council work session emphasizing importance of synchronizing public capital investments and development regulations
• March 2010: stakeholders public meeting
• May 2010: Council work session outlining approach and process by which a new form-based development code would be created to specifically implement the Town Center illustrative master plan
• Sept 2010: stakeholders public meeting
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Results of Conventional Zoning
• Single use pods of development
• Buffers instead of transitions
• Lack of a transportation network
• Not pedestrian-friendly, not transit-friendly
• Narrowly stratified market
• Planned obsolescence, so constructed accordingly
• Scrape, rezone and sometimes re-subdivide to redevelop
• Value drops when intended use no longer viable
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Results of Form-Based Zoning
• Codes encourage mixed use
• Transitions instead of buffers
• A network of transportation
• Easy to walk
• Broad market (age, socio-economic, lifestyle)
• Designed and constructed to endure
• Change of use within buildings instead of redeveloping
• Value holds when current use no longer viable
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Economic Foundation of Form Based Approach
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Becoming More Common
• Leander, TX• Farmers Branch, TX• Mesquite, TX• North Richland Hills, TX• Duncanville, TX• Roanoke, TX• Benicia, CA• Ventura, CA• Peoria, IL• Owensboro, KY• Auburn, CA• Sarasota County, FL
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Oak Street, Roanoke, Texas – Before FBC
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Oak Street, Roanoke, Texas – After FBC
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Town Center Initiative
Existing Development Pattern
• McKinney’s Town Center is “traditional”--was developed prior to conventional zoning and subdivision
• Designed with pedestrians and walking in mind
• Vibrant mix of uses and compact urban form (grid street network)
• Small blocks/small lots/narrow streets • Buildings closer to the street
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Issues with current standards
• Existing zoning districts do not relate to Town Center Vision/Master Plan• Zoning is fractured and does support clear center, edge, and transitions as
identified in the Master Plan
• No adjacency predictability = more risk for developers/investors
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McKinney’s Town Center generally consists of a traditional, compact, urban, pedestrian-oriented development pattern that existed and evolved for almost 100 years before the advent of contemporary zoning and subdivision regulations.
For the last 50+ years: conventional, suburban, auto-oriented zoning and subdivision development regulations have been unsuccessfully applied to the Town Center.
The Phase 1 process and community vision call for sustained long-term revitalization of the Town Center through emphasis on authentic urban, pedestrian-oriented built environment.
Form-based coding is the only regulatory tool available to successfully achieve the community vision for the Town Center.
The performance and long-term success of the TIRZ (and overall Town Center) depends on the implementation of the form-based code.
Bottom Line
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Town Center Initiative
Historic Downtown
Future Transit Village
Corridors (SH 5, Kentucky/ Tennessee, & US 380)
Residential Neighborhoods
Phase 1 Focus Areas
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• Areas to be coded
• Degrees of change
• Method of implementation and integration with existing code
• Calibration and customization
FBC Considerations
• Preservation
• Targeted enhancement
• Evolution
• Transformation
• Freestanding
• Overlay
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Illustrative Plan—Adopted 2008
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Proposed Character Districts
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47Proposed Regulating Plan
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FBC Components
For each character district:
• Building form standards• Open space standards• Street standards• Block standards• Frontage type standards• Building type standards• Signage, lighting, landscape standards• Administration
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Building Form Standards
• Primary role in defining physical form
• Simple diagrams, easy-to-read tables
• 2 pages per character district
• building placement
• building form
• parking/service access
• frontage
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Public Space (Street) Standards
• movement type
• design speed
• curb radius
• pedestrian crossing time
• width (ROW, curb face to curb face)
• traffic, parking lanes
• landscape, lighting, sidewalk
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Next Steps/Timeline
• Refinement/testing/internal review and coordination with Engineering, Fire, and Building Departments (Feb 2011)
• Stakeholder outreach, including public workshop and public review/comment period (March 2011)
• Formal approval process (April 2011)
Freestanding Code
• Complete draft (Summer 2011)• Internal review/stakeholder outreach and review (Sept/Oct 2011)• Formal approval process (Nov/Dec 2011)
Overlay Code
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Town Center:McKinney’s Identity
(Brand)
Actively Attracting
Investment(Business Plan)
• Incentives Program
• Governance Structure & Coordination
• Small Business Incubation
TIRZ(Project & Finance Plan)
Catalyst Projects(Development and
Tax Base)
• Parking Program • PID • Form-Based Code
• Multi-modal Infrastructure
• Destinations