Item3b_SCW CDC 101121 — original pdf

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South Central Waterfront Planning Initiative Community Development Commission October 12, 2021 Content Background Framework Plan Regulating Plan SCWAB Recent Development Next Steps Waterfront Planning Background  Town Lake Corridor Study (1985)  Established principles to protect and promote shoreline  Waterfront Overlay (1986)  Incorporated into code (LDC)  Determines what can or cannot be developed  Waterfront Planning Advisory Board (2012)  How to advance principles of TLCS  South Central Waterfront small area plan initiated (2013) 3 4 5 Framework Plan (2016) 6 7 8 9 Framework Plan (2016)  Affordable housing goal:  “…20 percent of future housing units developed in the area affordable to households at 60 to 80 percent of Area Median Income for rental and 100 to 120% AMI for ownership.” 1 0 Framework Plan (2016)  How does this all get paid for? Developer Provides: • On-site affordable housing • Fee-in-lieu affordable housing • Parks, open space, trails, infrastructure improvements Developer Gets: • Increased entitlements 11 Framework Plan (2016) $ Physical Framework Financial Framework City Leadership Green Streets, Pedestrian Connections & Open Space for a great & green public realm Value Capture & cost sharing, Strategic Capital Investments and Bonus Entitlements to fund public realm and 20% affordable housing Leverage City assets and establish agencies and rules to achieve Public-Private Partnerships to achieve community goals 12 Regulating Plan (In-Process)  Establishes requirements for development *if* a development opts into the regulating plan  Controls physical buildout  Includes requirements for affordable housing  Will be amended to the LDC  Does not speak to financing, funding sources, or public-private 20% Affordable Housing Gap Finance partnerships 13 South Central Waterfront Advisory Board (SCWAB)  Established in 2017:  The South Central Waterfront Advisory Board is established to provide continuity and communication among stakeholders and advocates as the South Central Waterfront Plan moves toward implementation and to provide recommendations to the city council regarding plan implementation.  The board shall: 20% Affordable Housing Gap Finance  serve as an advisory body to the city council and city manager regarding policies and projects in the South Central Waterfront district;  serve as stewards for the South Central Waterfront Vision Framework Plan;  maintain liaison relationships with city staff and other boards and commissions; and  perform additional functions as required by the city council. 14 SCW Recent Development  Recent development:  Snoopy PUD (2018)  $6/sq ft fee-in-lieu for non-residential  $50,000 one time fee  Statesman PUD (in-process)  Anticipated Council action end of 2021 20% Affordable Housing Gap Finance 1 5 Next Steps  Financial toolbox feasibility  Statesman PUD resolution  Regulating plan revisions and adoption 20% Affordable Housing Gap Finance 1 6 Contact Information Greg Dutton 512-974-3509 greg.dutton@austintexas.gov 1 7