Post on 09-Mar-2016
description
Agenda
• Process Overview
• Project
• Discussion Items
• Schedule
• Questions and Answers
Process Overview
Process Overview
1. Market Research
2. Stakeholder Meetings and Community Workshops
3. Develop Conceptual Master Plan
4. Draft Entitlement Package
5. Public Review of Environmental Impacts
6. Modify and Approve Entitlement Package
7. Commence Development
8. Annual Review of Development Agreement
Market Research
Market Research
• RetailResearch
• RegionalRetail CentersOver 500,000SF
405405
Fox Hills MallFox Hills Mall900,000 SF900,000 SF
Baldwin Hills Crenshaw PlazaBaldwin Hills Crenshaw Plaza846,000 SF846,000 SF
South Bay GalleriaSouth Bay Galleria1,100,000 SF1,100,000 SF
South Bay PavilionSouth Bay Pavilion940,000 SF940,000 SF
Inglewood
Central City MarketplaceCentral City Marketplace810,000 SF810,000 SF
Westside PavilionWestside Pavilion760,000 SF760,000 SF
Del Amo Fashion CenterDel Amo Fashion Center3,000,000 SF3,000,000 SF
LAX
105105
1010
110110Area Under-Served byRegional Retail CentersArea Under-Served by
Regional Retail Centers
Manhattan VillageManhattan Village565,000 SF565,000 SF
Lakewood CenterLakewood Center2,100,000 SF2,100,000 SF
Stonewood CenterStonewood Center930,000 SF930,000 SF
Trade Areas
LAX
Primary (PTA)
– Population 251,907
– Total Income$3.2 billion
– Retail Spending$5,805 per capita
Secondary (STA)
– Population 666,319
– Total Income$8.7 billion
– Retail Spending$6,394 per capita
Retail Research
• Trade Area Research
– Population and Trade area of 660,000 people
– Population Projected to grow 1.2% per Year
– Retail Spending Expected to Grow from $6.2Billion to $9 Billion in 10 Years
– Analysts Forecast Site Can Take 4.2% of MarketArea Retail Sales
– Capture Rate Allows 625,000 square feet ofRetail
Retail Research
• Site Specific Summary
– Good Regional and Local Access
– High Visibility from Century and Prairie
– Prevalence of Large-Format Value-OrientedRetail Today
– Opportunity to Create Hybrid Center withLifestyle Component
Residential Market Area
Residential Demand
Hollywood Park Capture
050
100150200250300350400
Under$150,000
$150-199,999
$200-249,999
$250-299,999
$300-349,999
$350-399,999
$400-449,999
$450-499,999
$500-599,999
$600-749,999
$750-$1Million
$1 Million+
CHMA DEMAND HOLLYWOOD PARK MARKET SHARE
Residential Research
• Residential Market Summary
– Older Single-Family Detached Homes areDominant
– Chronic Under-Supply of Housing vs. Demand
Fewer than 3,700 Residential Units in Planning
(less than a year and a half of total demand)
– Annual Demand of 1,400 Units per Year atPrices Above $350,000
– $350,000 to $850,000 price range are themarket segments most active
Stakeholder Meetings
Stakeholder Meetings
Retail
Stakeholder Meetings
Residential
Stakeholder Meetings
Open Space
Stakeholder Meetings Summary
• Regional outdoor retail lifestyle center
– fine dining restaurants
– movie theater
– grocery store
– shops with name brand tenants
• Public parks programmed to accommodate all age groups
• Residential areas to create a variety of housing types
– first-time home buyers
– move-up home buyers
– seniors and empty-nesters
• Civic site that could potentially accommodate:
– educational facilities
– multi-purpose community center with performing arts capabilities
• Hotel with meeting/banquet rooms
A Walkable Community
A Diverse and Inter-Generational Community
Project
Century and Prairie
Access Points
Primary
Secondary
Entry Monument
Public Street System
Public Street System
Lake Park
Lake Park
Arroyo Park
Arroyo Park
Bluff Park
Bluff Park
Champion Park
Champion Park
Mixed-Use Retail
Mixed-Use Retail
Casino
Casino Relocation
Hotel
Civic
Residential
Residential Imagery
Program
• A complementary mix of land uses
– 620,000 sf of retail/commercial
– 75,000 sf office
– 2,995 housing units
– 10,000 sf HOA community room
– 25-acres of public parks
22.5 acres of public parks
2.5 acres of HOA swim facility
– 300-room hotel, with 20,000 sf of meeting space
– 100,000 to 120,000 sf Gaming Complex Casino
Off Track Betting Facility
Banquet Facility
– 4-acre Civic site
Discussion Items
Discussion Items
• Affordable Housing
• Job Training
• Maintenance of Public Infrastructure
• Traffic Impacts/Improvements
• Police and Fire Services
• Community Facilities District (CFD)
Redevelopment Areas
Affordable Housing
• Redevelopment area requirement to produce 15% affordable housing (40%low and 60% moderate)
• Options and subsidy for creation of 450 affordable units include:
For-Sale $175 million
New Rental $110 million
Rehab of Ext. Rental $ 35 million
• Funding of affordable housing could be provided from a combination:
Housing Set-Aside $3.4 M annually $32.0 M in bond proceeds
Tax Increment $6.5M annually $61.3 M in bond proceeds
General Fund $2.1 M annually $19.8 M in bond proceeds
• Location of affordable housing
– On-site
– Off-site
– Combination of on/off-site
Job Training Programs
• Hollywood Park will allocate 1% of the hardconstruction costs to be applied towards jobtraining programs. This equates toapproximately $8 M.
• Hollywood Park will implement programs withlocal community partners:
– South Bay Workforce Investment Board
– Century Community Training Program
– El Camino City College
– Inglewood Unified School District
– Non-Governmental Organizations
Maintenance of Public Infrastructure
• Three types of Public Infrastructure
– Streets
– Public Parks
– Road Parkways
• Proposed maintenance entities
– Streets [ City of Inglewood Public Works]
– Public Parks [Master Homeowners Association]
– Road Parkways [extend City Landscape &Lighting District to HP $119,000 annualrevenue.]
Traffic Impacts/Improvements
• Traffic Study completed which examined 65intersections in Inglewood and surroundingareas.
• Project Impacts – Provide fair sharecontribution toward implementing ITS(signal synchronization) at 6 intersections.
• Cumulative Impacts – Provide fair sharecontribution toward implementingintersection improvements and ITS at 27intersections.
• $4 M assumed for offsite traffic mitigationcosts borne by the project.
Security
• Hollywood Park master plan incorporates
security considerations.
– Limited street entry points with entry monuments and security
cameras.
– Curvilinear streets to reduce speeds and limit cut through
traffic and drive by activities.
– Private security for retail/entertainment center and residential
areas.
– Secure residential parking facilities and building security
systems with nighttime security lighting.
• Police substation operated by the Inglewood
Police Department is assumed in the
retail/entertainment center.
Community Facilities District (CFD)
• Hollywood Park assumes CFD formation to pay for
construction of:
– On site streets and trunk line utilities
– Public Parks
– Offsite traffic mitigation
• The CFD bonds will be repaid by a property
assessment on new construction at the Hollywood
Park Site. The CFD will not effect any other
Inglewood property owners.
• The CFD rate will be capped at a total property tax
rate of 1.75%
Approval Process
Entitlement Package
Specific Plan
Fiscal Impact Report
Environmental Impact Report
Development Agreement
Owners Participation Agreement
Specific Plan
Fiscal Impact Report
Summary of Investment Benefits
Development Buildout Net IncreaseCity General Fund Current (2007) Initial (2014)Full (2016) Initial PhaseNet Increase
Sales Tax 1,114,909$ 4,610,457$ 5,321,997$ 3,495,548$ 4,207,088$ Utility Tax 454,681 1,892,688 2,236,158 1,438,007 1,781,477 Gross Receipts Tax 481 319,983 423,485 319,502 423,004 Pari-Mutuel/Gaming Tax 5,826,892 6,035,959 6,410,779 209,067 583,887 Transient Occupancy Tax - - 2,163,235 - 2,163,235 Other Taxes 3,502 215,449 349,707 211,947 346,205 Total General Fund Revenues 7,400,465$ 13,074,536$ 16,905,361$ 5,674,071$ 9,504,896$ Less: Incremental City Services - (3,582,157) (3,800,310) (3,582,157) (3,800,310) Net General Fund Revenes 7,400,465$ 9,492,379$ 13,105,051$ 2,091,914$ 5,704,586$
City Redevelopment Agency
Property Tax Increment 1,112,391$ 17,902,816$ 20,313,684$ 16,790,425$ 19,201,293$ Less: 20% Housing Set-Aside (222,478) (3,580,563) (4,062,737) (3,358,085) (3,840,259) Less: Other Deductions (459,640) (7,397,443) (8,447,566) (6,937,803) (7,987,926) Net Tax Increment 430,273 6,924,810 7,803,381 6,494,537 7,373,108
Gross City Totals 7,830,738$ 16,417,189$ 20,908,432$ 8,586,451$ 13,077,694$
Fiscal Impact Report
• Summary of Jobs and Economic Benefit
– $2.1 Billion in direct investment
– Economic development infusion resulting inapproximately 25,000 construction andpermanent jobs
– Tax revenues of up to $16.9 million annually tosupport city services, including police and fireprotection, libraries, parks and other programs
– $373.2 million in revenue to the City in the first25 years of project operation
Draft EIR
Schedule
Entitlement Package Timeline
Documents
Jan - MarchJan - MarchApr- JuneApr- June
PublicPublicHearingsHearings
JulyJuly
Final EIRFinal EIRNotice ofNotice of
DeterminationDetermination
AugAug
DEIRDEIRPublicPublic
CirculationCirculationStaff ReviewStaff Review
SpecificSpecificPlan/DEIRPlan/DEIR
Project Process
• Staff analysis of
DEIR
• Public Review
• Updated DEIR
• Public Hearings
• Council Workshops
- Process Overview
- Traffic/Parking
- Affordable
Housing
- Fiscal Impact
- Development
Agreement
Staff Review
PUBLICHEARINGS
Jan FEB MAR APR MAY JUN JUL AUG
Public Review of DEIR
Updated DEIR
Process
Traffic/Parking
Afford. Housing
Fiscal Impact
Dev. Agreement
Project Approval
Dev. Agreement
Questions and Answers