New York Avenue Corridor Strategy Adopted Report New York Avenue Corridor Strategy Adopted Report | Page 82

VISION
Economic Gaps
Opportunity Project
Site Concepts
Opportunity
Concepts
Opportunity B:
Opportunity A:
Opportunity C:
Park Row at
Abram at New
Pioneer at New
New York
York Avenue
York Avenue
Avenue
Project Indicator
Private Sector Investment
Development Sq Ft:
Project Land Area (Acres)
7.75
45.00
15.00
Opportunity Project Concepts
Retail/Restaurant
54,000
113,600 B:
13,000
Opportunity
Office/Employment
0
71,000
0
Opportunity
A:
Opportunity
C:
Park
Row at
Residential (Rental)
0
127,800
110,700
Abram at New
Pioneer at New
New York
Residential
(For-Sale)
18,000
122,400
Project Indicator
York Avenue
York 14,400
Avenue
Avenue
Total Private
72,000
434,800
138,100
Private
Sector Development
Investment
Floor Area Ratio
21%
22%
21%
Development
Sq Ft:
Total Project
Value (Acres)
(@ Build-Out)
$9,956,250
$49,054,500
$15,595,915
Project
Land Area
7.75
45.00
15.00
Total
Project
Costs
(@
Build-Out)
$12,115,650
$73,777,680
$20,571,446
Retail/Restaurant
54,000
113,600
13,000
Project
Margin/(Gap)
($2,159,400)
($24,723,180)
($4,975,531)
Office/Employment
0
71,000
0
Project
Margin/(Gap)
%
-18%
-34%
-24%
Residential (Rental)
0
127,800
110,700
Potential
Contributions
Residential
(For-Sale) to Gap
18,000
122,400
14,400
Land
Acquistion/Writedown
$0
$0
$0
Potential
Contributions
to Gaps
Total Private
Development
72,000
434,800
138,100
Site Improvements
$936,403
$2,801,400
$801,925
Opportunity
Site Concepts
Project
Concepts
Floor
Area Ratio Contribution
21% Opportunity
22%
21%
Supportable
TIF
(25
Years)
$1,700,000
$6,800,000
$2,200,000
Opportunity
B:
Total Project Value (@ Build-Out)
$9,956,250
$49,054,500
$15,595,915
Sales
Tax
Sharing
(380
Loan
--
20
Yrs)
$1,200,000
$2,500,000
$300,000 C:
Opportunity
A:
Opportunity
Park
Row
at
Total Project Costs (@ Build-Out)
$12,115,650
$73,777,680
$20,571,446
Public Improvement
$0
$0
Abram
at New ($24,723,180)
Pioneer
at New
New $0 York
Project
Margin/(Gap) District (20 Years)
($2,159,400)
($4,975,531)
Property
Tax
Abatement
(10
Years)
$0
$0
$0
York -18%
Avenue
York -24%
Avenue
Avenue
Project Indicator
Margin/(Gap) %
-34%
Development
Fee
Waivers
$0
$0
$0
Private
Sector
Investment
Potential
Contributions
to Gap
Federal/State/Local
$0
$0
$0
Development
Sq Ft: Grants
Land
Acquistion/Writedown
$0
$0
$0
Streamlined
Approval Process
$0
$0
$0
Project
Land Development
Area (Acres)
7.75
45.00
15.00
Site
Improvements
Contribution
$936,403
$2,801,400
$801,925
Total
Contributions
Gap
$3,836,403
$12,101,400
$3,301,925
Retail/Restaurant
54,000
113,600
13,000
TIRZ (25
(25 to
Years)
Supportable
TIF
Years)
$1,700,000
$6,800,000
$2,200,000
Project
Margin/(Gap)
After -- Contributions
14%
-17%
-8%
Office/Employment
0
71,000
0
Sales
Tax
Sharing (380 % Loan
20 Yrs)
$1,200,000
$2,500,000
$300,000
Residential
(Rental)
0
127,800
110,700
Public
Improvement
District (20 Years)
$0
$0
$0
Residential
(For-Sale) (10 Years)
18,000
122,400
14,400
Property
Tax Abatement
$0
$0
$0
Total Private Development
72,000
434,800
138,100
Development
Fee Waivers
$0
$0
$0
Floor
Area
Ratio
21%
22%
21%
Federal/State/Local Grants
$0
$0
$0
Total
Project
Value
(@
Build-Out)
$9,956,250
$49,054,500
$15,595,915
Streamlined Development Approval Process
$0
$0
$0
Total Contributions
Project Costs (@
Build-Out)
$12,115,650
$73,777,680
$20,571,446
to Gap
$3,836,403
$12,101,400
$3,301,925
($2,159,400)
($24,723,180)
($4,975,531)
Project Margin/(Gap) % After Contributions
14%
-17%
-8%
Margin/(Gap)
% only to provide examples of potential funding -18%
-34%
-24%
* Project
These measures
are illustrated
contributions to gaps and are not the recommended funding contributions for
Potential
Contributions
to Gap
each
Opportunity
Site
Figure 5.22 Economic Gaps
Land Acquistion/Writedown
$0 Figure 5.23 Potential
$0
$0 to Gaps
Contributions
Site Improvements Contribution
$936,403
$2,801,400
$801,925
ARLINGTON, TEXAS
74
Supportable TIF (25 Years)
$1,700,000
$6,800,000
$2,200,000
Sales Tax Sharing (380 Loan -- 20 Yrs)
$1,200,000
$2,500,000
$300,000