Enterprise ireland North American Fintech Advisory Panel Remarks Scott Wilkinson
Scott Polikov Panel 1
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Transcript of Scott Polikov Panel 1
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Crafting the New Normal
Regenerative Value CaptureScott Polikov
12.7.12
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Who primed the pump?
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But what about today?
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Opportunity?
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Unfounded fear or legitimate criticism?
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Can we align underlying economic realities?
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An afterthought or a core consideration?
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An afterthought or a core consideration?
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What does the past tell us?
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The new de facto Master Developer
Use
Operations
Form
Form
Operations
Use
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PREVIOUS REAL ESTATE OFFICECONVERTED TO PET STORE
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PREVIOUS HVAC COMPANY CONVERTED TO A COMMUNITY OUTREACH CENTER
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MAIN STATIONDeveloper partnered with Duncanville to
build a Mixed-Use property located at old city hall site.
22,000 SF Building
11,000 sf of RETAIL space on street level11,000 sf of LOFT space on second level
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FUTUREMAIN STATIONSITE
FUTURERAILROAD FLATS SITE
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PROJECT MAIN STATION
• $3,000,000 estimated project cost
• $800,000 City ED Corporation grant/land
• $400,000 developer’s contribution
• $1,800,000 ED Corp. loan
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MAIN STATION RETAIL/LOFT
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MAIN STATION RESULTS
• ED Corp Retains 30% Ownership• Developer has 70% Ownership• Rents at Main Station double
compared to down the block• Total city taxes- + $1 Million• Momentum for Main Street Form-Based Code (FBC)
Initiative
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Assessed development potential, leveraging Main
Station Project
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Illustrative Corridor Master Plan and new Main Street Section
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Master plan, regulating plan and downtown form-based code
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Calibrated code from Main - Station scale and market
potential
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Market Phasing build out Analysis Phase 1 Phase 2 Phase 3 Phase 4
New retail in mixed use (sqf)
36,000 51,250 230,250 46,500
New retail in live/work (sqf) 23,400 14,400 0 0
Town homes (units) 109 0 0 0
Live/work (units) 39 20 0 0
Office (sqf) 28,625 25,625 111,875 15,125
New lofts (units) 115 96 132 65
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Fiscal Impact
Existing Value:
$48,206,147
Property
Value
Property Tax
Revenue
Retail
Sales
Sales Tax
Revenue
Total Tax
Revenue
Existing + Phase 1 $101,484,897 $370,820 $11,880,000 $237,600 $608,420
Existing + Phase 1-2 $132,156,147 $584,292 $25,010,000 $500,200 $1,084,492
Existing + Phase 1-3 $200,634,897 $1,060,904 $71,060,000 $1,421,200 $2,482,104
Existing + Phase 1-4 $218,328,647 $1,184,053 $80,360,000 $1,607,200 $2,791,253$2,791,253
• Almost $3 Million city taxes per year at buildout
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MAIN STREET RECONSTRUCTION
• Initial 3 Block reconstruction• Based on Form-Based Code Street
Section• Received $1.5M NCTCOG Grant for
sustainable community approach• City provided 20% match (no brainer)• Developer must redevelop two sites
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BEFORE
AFTER
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Developer agrees to redevelop two sites as part of $1.5M NCTCOG (MPO) grant to reconstruct Main Street:
• 212 N. Main Street• 111 E. Davis Street
NCTCOG REQUIRES DEVELOPMENT
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111 E. Davis
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PROJECT DETAILS
• Planned Two Story Studio/Loft – 2 Loft Space (opportunity for owner
occupied)– 2 Retail Spaces
• $100,000 Value on Tax Roll Today
• Value Upon Completion est. $700,000
• $200,000 Down Payment Incentive
• Under Construction!
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RAIL READY (TOD)
Ready for extension of DART rail and setting up value capture for funding
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Summary of Strategies
• Public role should be utilized more creatively
(e.g., credit)
• Regional funding tied to demonstrated private
investment
• Eligible private investment = focus on owner
occupied
• Embrace and support pioneer developers
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Summary of Strategies (cont.)
• Form-Based creates predictability and attracts
investment
• “Complete Streets” must include development
context
• “Rail ready” sets stage for value capture even
if no rail
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www.gatewayplanning.com
www.montewanderson.com