I-25 and Broadway Urban Redevelopment Plan Broadway Station Partners Project. Community Briefing September 2017

Transcription

1 I-25 and Broadway Urban Redevelopment Plan Broadway Station Partners Project Community Briefing September 2017

2 2003 Cherokee Gates Urban Redevelopment Plan and Metropolitan District Service Plans approved 2009 Following economic downturn property reverts back to Gates Station Area Plan, Infrastructure Master Plan and Urban Design Standards and Guidelines approved 2006 Cherokee Gates Urban Redevelopm ent Plan amended to allow TIF 2014 Frontier Renewal (Managing Member of BSP) purchases remaining Gates Site 2017 Urban Redevelopment Plan, Cooperation Agreement, Land Conveyance Agreement and City-District IGA negotiated. 2

3 Guiding Documents I-25 and Broadway Station Area Plan Denver Zoning Code (2016 Map Amendment) Urban Design Standards and Guidelines Infrastructure Master Plan Vesting and Environmental Standards Agreement Urban Redevelopment Plan Land Conveyance and Drainage Agreement Broadway Station Metro District Service Plan City-District IGA 3

4 Broadway and I25 Station Area Plan Implementation: Transformative Projects Vanderbilt Park A. Vanderbilt Park East (VPE) B. Vanderbilt Park West (VPW) Urban Plazas A. Civic Plaza B. Transit Plaza Signature Shared-Use Street East/West Connections A. Pedestrian Bridge over CML B. Multi-Modal South Platte River Bridge C. Signature Pedestrian/Bike Bridge Mississippi Improvements A. South Broadway to Santa Fe B. Mississippi Ave Bridge C. Lipan to Platte River Drive Exposition Avenue (west of CML) I-25 Underpass Improvements Exposition Gateway (east of CML) Green text indicates projects to be delivered by BSP Project 4

5 SITE VISION Broadway Station Partners Project 5

6 East West Connections Multi-modal South Platte River bridge Pedestrian bridge over CML Connected, Resilient, Vibrant, Multi-Modal 6

7 VANDERBILT PARK EAST IMPROVEMENTS Connected, Resilient, Vibrant, Multi-Modal 7

8 Signature Shared Use Streets Market Place Street Santa Fe Promenade Connected, Resilient, Vibrant, Multi-Modal 8

9 Remaining Environmental Remediation Pending NAD VCUP 8/9 VCUP 8/9 (purple) contains a groundwater treatment system installed in 2014 that provides continuous treatment of impacted groundwater. Long-term operation and maintenance of the system required for 10+ years. System operation includes Semi-annual groundwater monitoring for approximately 2 years and reporting to the Colorado Department of Public Health and Environment (CDPHE).

10 Need for Public Investment Tax Increment Financing (TIF) is used when the project costs are greater than the amount of traditional financing (debt and developer equity) a project can support. Capture Incremental Sales and Property taxes generated as a result of the redevelopment project Investment indicative of costs necessary to eliminate blight and support City and Community development vision 15

11 Proposed Public Investment TIF Eligible Project Costs Demolition Remaining Foundations Infrastructure Regional Connections Environmental Remediation Site Work Expected amount of TIF assistance is approximately $91 M* Additional local infrastructure to be financed with Metropolitan District Bonds approximately $48 M* *in 2016 dollars 11

12 Conditions Study Findings Blight Factors Predominance of Defective or inadequate street layout Deterioration of site or other improvements Inadequate Public Improvements or Utilities Environmental contamination of buildings or property Substantial physical underutilization or vacancy of sites, buildings or other improvements 16

13 Repeal of Cherokee Gates Urban Redevelopment Plan Cherokee Gates Plan Approved in 2003 Amended in 2006 to authorize TIF Trammell Crow Residential Development south of Mississippi Ave. - Generated approximately $3.2 million in incremental property taxes No TIF has been spent will be returned to original taxing entities DPS - $1.97 million CCD - $1.20 million UDFC - $24,250 20

14 Proposed I-25 and Broadway Urban Redevelopment Area 4

15 Proposed Tax Increment Area 4

16 Coordination with other taxing entities Broadway Station Metropolitan Districts No. 1, No. 2, No. 3 Intergovernmental Agreement to return all incremental District Property Taxes Denver Public Schools Intergovernmental Agreement: DURA to retain all DPS Incremental Property Taxes $3 million to DPS by December 31, 2019 Used to address District service needs McKinley Thatcher Elementary Urban Drainage & Flood Control District DURA to retain all UDFCD Incremental Property Taxes Reimburse UDFCD review costs Limit maintenance responsibility of future regional improvements 20

17 Land and Easement Conveyance and Drainage Agreement 17

18 Community Process Broadway Station Advisory Committee Membership (BSTAC) - Athmar Park Neighborhood Association - Ruby Hill-Godsman Neighborhood Association - West Washington Park Neighborhood Association - Platt Park People s Association - Overland Park Neighborhood Association - Antique Row - Baker Historic Neighborhood Association BSTAC Meetings April 26, June 28, August 23, 2017 RNO briefings September 2017 City Council Public Hearing October 2,

19 Approval Process September 12 th Finance and Governance Committee September 20 th DURA Board Approval September 25 th City Council 1 st Reading October 2 nd City Council 2 nd Reading and Public Hearing 19

20 Questions and Discussion

21 I-25 and Broadway Urban Redevelopment Plan BSP Project: Redevelopment Vision requires significant regional infrastructure 21

22 Broadway Station Affordable Housing Plan (AHP) Approved December 2016 Currently recorded against the land requiring future developers to comply City and County of Denver goals for AHP Units spread throughout the site Each residential building from first building required to provide affordable units Encourage longer term affordability covenant Unit equivalency: 1.5 UE for 40 year covenant Encourage larger units Unit equivalency: 1.5 UE for 2 bedroom, 2.0 UE for 3 bedroom Require some units below 80% AMI 60 voucher units: typically 30-50% AMI 22

23 Open Space Requirements Insert open space table here 23