Docstoc

Revolving Credit Agreement Tiffin University - PDF

Document Sample
Revolving Credit Agreement Tiffin University - PDF Powered By Docstoc
					A Guide to Town-Gown Master
Planning/Partnerships:
Case Study on Tiffin, Ohio
Grassroots Effort to Form a Redevelopment LLC


June 16, 2010                             Craig Gossman AIA, NCARB
Ohio University                           Ed Hartman
Outline
   Background
      History
      University / Town Relations Today
      Common Issues

   The Tiffin Story
      Strategic Plan
      Opportunities
      Universities as Partners
      Development & Financing Tools

   Limited Liability Corporation
      The Findlay Story

   Take Away Information
Sustainable          Community Planning
• Land Use Development and Master Planning
• Community Visioning
    •Community Engagement
    •Citizen Participation
    •Consensus Building
• Revitalization Planning
• “Main Street” Retail/Mixed-Use Architectural Design
• Historic Preservation / Historic Resource Planning
• Cultural Heritage Conservation
• Community Image & Identity
• Strategic Market Assessment and Real Estate Development
  Planning
• Regulatory Assessment & Mechanisms
Town / Gown Community Experience

•   Urbana, IL
•   Richmond, IN
•   Evansville, IN
•   Lexington, KY
•   Ruston, LA
•   Grand Rapids, MI            Lexington, KY
•   Greensboro, NC
•   Davidson, NC
•   Columbus, OH
•   Findlay, OH
•   Oxford, OH
•   Tiffin, OH                                  Ruston, LA




               Greensboro, NC
Town / Gown - Background

 The Early Years
 Growing Pains
Town / Gown - Background

 The Early Years
 Main Street Responds
Town / Gown - Background




                           Louisiana Tech / Ruston, LA
Town / Gown - Background

 The Institution Responds
 The University Builds
Town / Gown - Background


– Bullet point
Partnering Opportunities

– Town / Gown EDC         – Retail / “Campus Life”
– Land banking              Offerings
– Historic Building       – Greenway / Bikeway
  Renovations for Joint     Clean-ups and Trail
  Uses                      Development
– Classrooms              – Co-Op Retail &
                            Hospitality Partnerships
– Student Housing
                          – Art Studio / Galleries
– Off-Campus Offices
– Shared Transit
Common Perceptions from the Town


– The students never come
  downtown to shop
– The students are only
  interested in hanging out at
  the bars & clubs
– I have rented to students in
  the past and they have no
  respect for my property
– The students never come off
  campus and they all leave
  town on the weekends
Common Perceptions from the Students


– I would like to shop downtown
  but the retailers do not cater
  to my needs
– The off-campus housing
  options are not very good.
  Expensive & no amenities
– Getting to downtown
  demands a car. The
  connections from the campus
  to downtown are not
  comfortable for walking or
  biking and they are not safe at
  night
Common Perceptions from the University


 – With these tough economic times
   needs we have elected to focus our
   investments internally
 – The town does not seem to
   recognize the economic value of
   our institution
 – We have waited for local
   developers and the city to build or
   renovate buildings with student
   focused hospitality, retail or housing
   uses but it never happened so we
   decided to do it ourselves on our
   campus
 Campus Partners –               Ohio State
 University
– The Ohio State University, in cooperation with the city of
  Columbus, created Campus Partners for Community Urban
  Redevelopment in 1995 to spearhead the revitalization of
  the University District.
– Campus Partners was incorporated as a non-profit
  organization to work with the city, community agencies,
  neighborhood leaders, and the university itself.
International Town Gown Association


– Only at the ITGA Best Practices conference will you find elected officials
  and city administrators at the same table with university administrators,
  student affairs professionals, campus/city planners, economic
  development professionals, law enforcement officials and students — all
  focusing on how their programs, research, perspectives or policies forge
  links and advance sustainable outcomes.

–   International Town and Gown Association
    Kim Griffo, Executive Director
    Clemson University
    Suite 300 James F. Martin Inn
    240 Madren Center Drive
    Clemson, SC 29634
    Phone: 864-650-4759
    E-mail: ksgriffo@gmail.com
    Tiffin, OH Urban Design Framework




Primary Gateway                    Tiffin University        Downtown                      Heidelberg University
   Reposition and Enhance            Enhanced                4-Pronged Approach           Enhanced Connection
   Selective Tenants-Mixed-Use        Connection              Riverfront, Multi-Modal      Downtown Incubator
           Retail/Entertainment      Downtown Incubator       Transit, Industrial
           Healthcare                                          Reclamation, Upkeep
           Residential                                         and Maintenance
Tiffin, OH Strategic Planning Process
Town Hall / Stakeholder Meetings
Tiffin Town Hall Meeting – Top Issues

 Organization                     Promotions
 – Get store owners to clean-up   – Higher education and public
   their space                      schools an asset
 – Lack of coordination between   – Somewhere along the way
   different organizations          we lost that Tiffin pride
 – Need to educate downtown       – Define the character of this
   businesses and stakeholders      area
 – Tiffin Tomorrow Leadership
                                  Economic
 Design                             Restructuring
 – Vacant buildings filled        – Need new businesses
 – Courthouse Square              – Place to help small
                                    businesses
 – Preserve greenspace
                                  – Property owners issue
 – Walking /biking trail system     (absentee issues)
Tiffin - Stakeholder Meetings

River                                     Connectivity
– Asset / Destination                     – Walking/biking
                                          – Appropriate signage for both
– River festivals
                                            cars and pedestrians
– River clean-up (already under           – Non-social connectivity -
  way)                                      student work in blank walls
– Amphitheater / Floating stage           – Big banners showing both
– River/Fishing access                      Tiffin U. And Heidelberg to
– Memorialize African-American              show pride
  home                                    – Downtown Bookstore
                                          – Tiffin souvenir stuff - to
– Dining Opportunities
                                            overcome identity crisis
– Bike path along river to connect city   – Ice-cream, drug store in
  with east-west side of town               downtown
– Pedestrian bridge - aesthetic and       – It’s not a college town but town
  functional quality                        with 2 colleges
Recommendations

  Arts / Cultural Economic Development
                        Creative Industries as Economic Assets
                           Provide Jobs
                           Attract Investments
                           Stimulate through Tourism
                           Consumer Purchases
                           Tax Revenues

                        Strategy Development
                           Target specific sectors (based on existing
                            strengths)
                           Strengthen non-profit arts and cultural
                            infrastructure
                              Incubators, provide essential design,
                              communications, training
                              Not always counted towards indirect
                              economic development
                           Support individual businesses
                           Public-Private partnerships
                              Public agency partners with key area
                              industries for training, workforce development
                           Collaboration between artists and traditional
                            industries, e.g. product design
Recommendations

Funding
   Transparent clearinghouse resource
   Historic Preservation, Brownfield, ODOT (SAFETEA-LU), ODOD,
    ODNR (Nature Grants)
   Transportation Enhancement $$$
   Connect with Senators, Ohio House of Representatives (delegation) and
    provide understanding of Strategic Planning and Implementation Process



American Recovery and Reinvestment Act (ARRA)                [Source: http://www.recovery.gov]

   Total - $787 Billion
   Ohio Allocation – $8.9 Billion (approx.) [$7.8 Billion already allocated]
   Seneca County
        Direct - $4.2 Million (approx.) [Transportation, Education, Work, Opportunity,
         Poverty]
        Multi-County Allocation - $8.5 Million (approx.) [Energy, Environment,
         Work, Opportunity, Poverty]
Development Tools
   Tax Abatement
   Community Reinvestment Act (CRA)
   Façade Improvement
   Revolving Loan

 Limited Liability Corporations (Not For & For Profit)
 CDBG Tier One & Tier Two Grants
 Historic Investment Tax Credit
 Tax Increment Finance (TIF)

   Transportation Enhancement Grants
   Clean Ohio Funds (Brownfield Clean-up)
   Facade Easements
   Lost Development Credits
   Employee Tax Credit
   Renewable Energy Tax Credit
Community Development LLC



      Downtown Strategic Plan
      Findlay Development LLC Mission
      Forming The LLC
      The Rawson Project
Community Development LLC
 A Five Point Approach (From 2000 Strategic Plan)
    Reposition Downtown as the cultural center of the region
    Create 3 distinct downtown districts
       River District
       Civic District
       Gas Light District
    Encourage people to live downtown
    Reclaim the Blanchard River
    Don’t forget the little things
Current Downtown Market Conditions




 Strengths
   2nd lowest unemployment rate in the state
   Retail sales per capita 53% above the state
    level
   One of the fastest growing counties in the state
   Strong regional economy
   Middle market demographic with emphasis on
    quality goods and services
   Downtown remains a shopping destination for
    the area
Current Downtown Market Conditions




  Weaknesses
    Retail shift to east side of town
    Length of Main Street as a shopping street
    Lack of a retail cluster
    Fragmented retail opportunities out of core
     retail area
    Low square footage occupancy cost
Findlay Development LLC Mission Statement


     “The Findlay Development LLC is a
    community investment group that was
   formed to support the redevelopment of
      downtown Findlay. It is working to
      raise private funds to revitalize the
        historic buildings in Downtown
                    Findlay.”
 Why Private Investment?



 Already too much call on Charity in Findlay


 Faster


 Allows more creativity
Findlay Development LLC Goals

 To use FDLLC to enhance the operation and maintenance of its
  properties through enhanced efficiency due to multiple
  property ownership.

 To use FDLLC, or its subsidiaries, to acquire property in the
  downtown area from owners who are willing to sell
  conditioned on being able to defer taxable gains.

 To use FDLLC to work cooperatively with other private, public,
  and governmental entities to find long-term solutions to stop
  the flooding of Downtown Findlay.

 To properly manage these wide objectives, create a board of
  twelve, 2/3 of which will be elected by unit holders (9
  managers) and the balance representing various political and
  interested organizations. Each member of the board of
  managers is elected for three years.
Role of Findlay Chamber of Commerce



 Clerical support during start-up
 Serve as a link to the business community,
  both buildings and tenants
 Leadership
 Provide a meeting place
Role of Findlay Community

 57 investors that are well respected in the
  community

 To encourage implementation and
  completion of Downtown Findlay Streetscape
  plan

 To stimulate renovation projects in
  Downtown Findlay by private investors
Key Features of Operating Agreement

 Ohio Limited Liability Company
 A & B Units @ $1,000.00 each all share in financial
  benefits equally
 5% voting limit vested in Class A Units
 Nine member Board of Managers to make most
  decisions for members
 Ex-Officio Members
 40% cash distribution requirement to cover income
  taxes
 One required annual meeting
 Provision exchange of property for units and tax
  advantages
The First Project - The Rawson Building




                                     Findlay Ohio
 The First Project - The Rawson Building




$2.1 Million total cost including land and
building purchase

$70.00 S/F construction cost

Historical tax credit
Conclusion

 A “for profit” Limited Liability Company is a
 great way to accomplish and stimulate
 downtown redevelopment.
 Ohio security laws need to be modified to
 make it easier to set up a community
 redevelopment LLC.
 The State of Ohio historical tax credit makes
 it even more lucrative for developers
The “Do’s” and “Don’ts”

 Do’s
   Use the LLC to further your downtown
    revitalization efforts
   Hire a lawyer or accountant familiar
    with federal and Ohio security law
   Monetize your historical tax credits early
    in the project as part of the capital
    formation
   Use an architect familiar with historic
    building renovations and historical tax
    credits
The “Do’s” and “Don’ts”

 Don’ts
   Don’t oversell the historical tax credits
    to your investors. Many cannot benefit
    due to income, passive loss, and AMT
    restrictions
   Don’t allow information to become
    public on the security offering if you do
    a private placement
   Don’t expect the sale of units to go
    quickly. Allow six months to a year.
   Downtown Urban Design Framework


                                     Industrial
                                     Revitalization
                                        Brownfield
                                         Reclamation
                                        Adaptive Reuse,
                                         Mixed Use
                                        Use Synergy with
                                         Ralph’s
                                        Potential “Under
                                         One Roof” –
                                         Chamber, CVB
                                         Location
Riverfront Gateway                      “Green” Initiatives
   Enhance View                         Start-Ups
    Corridors
   Public Realm,                    Courthouse Square
    Mixed Use
                                     Facility/Civic
   Waterfront/River
    Activity                            Courthouse &
                                         County Facilities
                                        Library Expansion
Corridor                                Transportation
                                         Hub & Parking
Enhancements                             Garage
   Upkeep and                          East High School
    Maintenance                          Renovation
   Build around                        Trail Connections
    Existing                             with Rock Creek
    “Anchors”
   Façade
    Improvement
   Streetscape
   Conceptual Design Ideas




Riverfront Gateway
   Enhance View Corridors
   Public Realm, Mixed Use
   Waterfront/River Activity




Corridor                              Courthouse Square
Enhancements                          Facility/Civic
   Upkeep and Maintenance               Courthouse & County Facilities
   Build around Existing “Anchors”      Library Expansion
   Façade Improvement                   Transportation Hub & Parking Garage
   Streetscape                          East High School Renovation
                                         Trail Connections with Rock Creek
Downtown Urban Design- Riverfront
Downtown Urban Design – Courthouse Square
Courthouse Square
Facility/Civic
   Courthouse & County Facilities
   Library Expansion
   Transportation Hub & Parking
    Garage
   East High School Renovation
   Trail Connections with Rock Creek
Downtown Urban Design - Courthouse Square
  Before         After
  Downtown Urban Design - Core
Downtown Core
 Washington Street Enhancement
 Adaptive Reuse, Mixed Use
 Synergy with Courthouse
  Downtown Urban Design - Riverfront
Riverfront Gateway
 Enhance View Corridors
 Public Realm, Mixed Use
 Waterfront/River Activity
Downtown   Urban          Design -   Riverfront




           Ritz Theatre

                                      Riverfront Gateway
                                       Enhance View Corridors
                                       Public Realm, Mixed Use
                                       Waterfront/River Activity
Gateways
Downtown Signage and Wayfinding
 Retail Strategy – Oxford, OH


Drive Time
Trade Area Analysis
- Primary / Secondary
Retail Strategy – Oxford, OH
“We normally tend to
highlight the negatives
but we should look into
the positives, send the
message loud and clear
and build on that!”
- Heidelberg College Student
A Guide to Town-Gown Master
Planning/Partnerships:
Case Study on Tiffin, Ohio
Grassroots Effort to Form a Redevelopment LLC


June 16, 2010                             Craig Gossman AIA, NCARB
Ohio University                           Ed Hartman

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:15
posted:7/26/2011
language:English
pages:52
Description: Revolving Credit Agreement Tiffin University document sample