Proposed Tax Increment Financing District Gallery at Market East - PowerPoint PPT Presentation

Dec 25, 2022 •270 likes •341 views

Proposed Tax Increment Financing District Gallery at Market East April 16, 2015 Transaction Summary Gallery has been owned by PRA and has suffered from a significant lack of investment over time. $325 million comprehensive redevelopment

Proposed Tax Increment Financing District Gallery at Market East April 16, 2015
Transaction Summary Gallery has been owned by PRA and has suffered from a significant lack of • investment over time. $325 million comprehensive redevelopment of the Gallery from 8 th Street • through 11 th Street, including $234.5 million investment by PREIT/Macerich PREIT/Macerich guarantees completion of the project and releases City and • PRA from past and future financial obligations. Economic Impact and Opportunity: • – Increased occupancy and sales – 2,000 construction jobs and more than 1,000 new permanent jobs – Goals for local hiring and participation by minority and female owned firms during construction – Summer employment program for city youth – Leasing and mentorship program targeted to city-based small, minority and women owned businesses
Proposed TIF District Today the Gallery generates $1.6 million annually in School District tax • revenue from real estate, U&O and liquor by the drink taxes. Without a comprehensive redevelopment project that increases • occupancy and sales, those revenues will remain flat or decline over time. The proposed TIF District would: • Last for 20 years, from 2016-2035. – Continue to pay the School District’s existing $1.6 million in base taxes – Generate $94 million in additional tax revenues for the School District – from U&O and liquor by the drink taxes over the 20 years. Generate $126 million in total tax revenue to the District over 20 years. – Result in School District taxes of $11.4 million annually in 2036 – Invest $19.6 million (NPV) of incremental District real estate taxes above – the current base for a total of $45 million in payments over 20 years.
School District Benefit 12,000,000 20-year sum = $126.0 million Base amount = $31.6 million Net Benefit = $94.4 million 10,000,000 Annual post-TIF revenue = $11.4 million 8,000,000 6,000,000 4,000,000 2,000,000 Base Revenue = $1.6mm/yr - 20142015201620172018201920202021202220232024202520262027202820292030203120322033203420352036

Recommend

Proposed Main Street / Washington Street Tax Increment Financing 7/8/16 (TIF) District Village

Proposed Main Street / Washington Street Tax Increment Financing 7/8/16 (TIF) District Village of Oswego Joint Review Board Meeting Presentation July 8, 2016 1 Agenda I. Redevelopment Project and Plan II. TIF Mechanism 7/8/16 III.

306 views • 29 slides

Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public

Tax Increment Financing: Smallman Street, Strip District Initial Request Pittsburgh Public Schools Business/Finance Committee October 5, 2016 Agenda 1. What is Tax Increment Financing (TIF)? 2. TIF Process 3. Request for School

352 views • 21 slides

D205 Tax Increment Financing & Stormwater Management Presentation Proposed Intergovernmental

D205 Tax Increment Financing & Stormwater Management Presentation Proposed Intergovernmental Agreement w/ City of Elmhurst 6 p.m. December 11, 2019 D205 Special Board of Education Meeting Major Components of the Proposed IGA

251 views • 6 slides

TAX INCREMENT FINANCING PLAN (TIF) Port of Port Royal Redevelopment Explanation of How a Tax

TAX INCREMENT FINANCING PLAN (TIF) Port of Port Royal Redevelopment Explanation of How a Tax Increment Financing District Works 1. A TIF district is created. It includes a list of properties and a map of those properties. Only those properties,

228 views • 20 slides

1 Southeastern Symposium for Public Finance What You Need to Know About Tax Increment Financing

1 Southeastern Symposium for Public Finance What You Need to Know About Tax Increment Financing (TIFs) April 20, 2017 What is a TIF? | Introduction Tax increment financing is allowed by the South Carolina Constitution (1977 Amendments).

308 views • 16 slides

Increment Financing Analysis Board Presentation of Draft Report March 24, 2016 Complete

CRA District Tax Increment Financing Analysis Board Presentation of Draft Report March 24, 2016 Complete Assessment Of Entire CRA District Since Inception; Forecast TIF Revenues Thru 2045; Develop Funding Plan For City Services and Programs

594 views • 45 slides

PA 57 RECODIFIED D TA TAX X INCREMENT T FINANCING G ACT T ACT T 57 7 OF F 2018 8 Quick

DOWNTOWN ASSOCIATION PA 57 RECODIFIED D TA TAX X INCREMENT T FINANCING G ACT T ACT T 57 7 OF F 2018 8 Quick Facts Replaces PA 197 of 1975 Recodification and establishment of certain tax increment finance authorities,

493 views • 31 slides

DEVELOPMENT LAW Clifford B. Shepard General Counsel - FRA THE USE OF TAX INCREMENT FINANCING

ESSENTIAL ECONOMIC DEVELOPMENT LAW Clifford B. Shepard General Counsel - FRA THE USE OF TAX INCREMENT FINANCING FOR ECONOMIC DEVELOPMENT What is Tax Increment Financing? Tax increment financing is a unique tool available to cities and

759 views • 37 slides

in Connecticut Prepared for the Town of Groton May 2017 I. Overview II. Uses of TIF Revenue

Tax Increment Financing in Connecticut Prepared for the Town of Groton May 2017 I. Overview II. Uses of TIF Revenue III. District Master Plan IV. Process V. Tips VI. Questions What is Tax Increment Financing (TIF)? Financing method

538 views • 16 slides

District Administration Building Renovation of 615 Classen Request for Tax Increment Financing

District Administration Building Renovation of 615 Classen Request for Tax Increment Financing 615 Classen Timeline March 31, 2014 Purchased building for $2,331,994, MAPS Sales Tax April 11, 2014 ADG Building Feasibility &

792 views • 8 slides

District Improvement Financing DIF Tax Increment Financing TIF Smart Growth / Smart Energy

District Improvement Financing DIF Tax Increment Financing TIF Smart Growth / Smart Energy Toolkit Smart Growth / Smart Energy Toolkit DIF/TIF What is DIF/TIF? District Improvement Financing (DIF) and Tax Increment Financing (TIF) are

1.03k views • 47 slides

Creation of Tax Increment Financing Districts Jennifer LeGrand, Vinson & Elkins LLP John

Creation of Tax Increment Financing Districts Jennifer LeGrand, Vinson & Elkins LLP John Stalfort, Miles & Stockbridge P.C. Presentation Topics Project-Specific TIFs vs. District-Wide TIFs Public Policy Considerations

313 views • 17 slides

DOWNTOWN AREA TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT PROJECT PLAN AUGUST 1, 2019 What is

DOWNTOWN AREA TAX INCREMENT FINANCING ECONOMIC DEVELOPMENT PROJECT PLAN AUGUST 1, 2019 What is TIF? Tax increment financing (TIF) is a public tool that reallocates newly generated tax dollars for up to 25 years for supporting development or

591 views • 20 slides

Altadena Library District Proposed Community Facilities District Library Facilities Financing

Altadena Library District Proposed Community Facilities District Library Facilities Financing Sara Mares July 27, 2020 helping communities fund tomorrow 4 of 40 CFD Report 1 Facilities and Services 2 Cost Estimate 3 CFD Boundary 4

543 views • 15 slides

Tax Increment Finance Course November 1-2, 2007 Doubletree Hotel, Washington, D.C. 1 Tax

Tax Increment Finance Course November 1-2, 2007 Doubletree Hotel, Washington, D.C. 1 Tax Increment Finance Course TIF Financing Variations TIF mechanics are wide in scope. TIF financing is available using revenue or general obligation bonds,

593 views • 45 slides

Introduction to District Improvement Financing (DIF) Financing infrastructure for todays needs

Introduction to District Improvement Financing (DIF) Financing infrastructure for todays needs and tomorrows development City Staff & RKG Associates October 11, 2017 Agenda Introduction (Mayor) 1. Proposed Infrastructure Program

640 views • 42 slides

Tax Increment Financing for Wisconsin Towns What is TIF? Program was approved by the

Tax Increment Financing for Wisconsin Towns What is TIF? Program was approved by the legislature in 1975 First districts created in 1976 Towns added in 2004 agricultural, forestry, manufacturing, or tourism Town capability

770 views • 34 slides

Tax Increment Financing Fundamentals Dawn Gunderson, Senior Municipal Advisor Philip Cosson,

Tax Increment Financing Fundamentals Dawn Gunderson, Senior Municipal Advisor Philip Cosson, Senior Municipal Advisor/Director Mike Harrigan, Senior Municipal Advisor/ Chairman Agenda History of Tax Increment Financing in Wisconsin

951 views • 35 slides

TIF Framework and Financing Primer October, 2007 Ryan Maher (336) 721-6823 Laura Radcliff

TIF Framework and Financing Primer October, 2007 Ryan Maher (336) 721-6823 Laura Radcliff (314) 955-4201 Tax Increment Financing TIF: Tax Increment Financing (most states) TAD: Tax Allocation Districts (Georgia) RAD: Revenue

298 views • 17 slides

An Examination of the State of Vermont Tax Increment Financing Program Presented by Graham

An Examination of the State of Vermont Tax Increment Financing Program Presented by Graham Campbell House Commerce and Economic Development Committee February 6, 2018 Statutory Charge Per 24 V.S.A. 1892, amended by Act 69 of 2017 The

505 views • 21 slides

Tax Increment Financing (TIF) January 2019 1 Introduction This is a very general overview

Tax Increment Financing (TIF) January 2019 1 Introduction This is a very general overview of the Indiana Code provisions. Although this information is believed to be reliable, it is not guaranteed. This overview does not substitute as a

907 views • 67 slides

Tax Increment Financing Reform Reinventing Economic Development Tools for a Healthy Economy

Tax Increment Financing Reform Reinventing Economic Development Tools for a Healthy Economy Reflection and review Original TIF programs have been operating for decades. Growing concerns raised from legislators. Long term fiscal

282 views • 17 slides

MOKA Art Gallery Hill District, Pittsburgh PA April 17, 2018 2297 Centre Avenue MOKA ART

MOKA Art Gallery Hill District, Pittsburgh PA April 17, 2018 2297 Centre Avenue MOKA ART GALLERY Mecca of Kulture and Art = MOKA MOKA is a contemporary art , music studio and gallery ; to share the rich cultural legacy of jazz and

371 views • 15 slides

Tax Increment Financing: Urban Context, the Public, and Democracy Benjamin F. Teresa Assistant

Tax Increment Financing: Urban Context, the Public, and Democracy Benjamin F. Teresa Assistant Professor Urban and Regional Studies and Planning Virginia Commonwealth University November 18, 2019 1 Demystifying TIF 2 The context for TIF

411 views • 23 slides