Economic Development Department Presentation on Colony Park Sustainable Community — original pdf

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JOINT INCLUSION COMMITTEE City of Austin Kimberly Olivares, Deputy CFO Financial Services Department Martin Barrera, Project Manager Economic Development Department Colony Park Sustainable Community June 16, 2022 COLONY PARK OVERVIEW C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 2 COLONY PARK SUSTAINABLE COMMUNITY Project Overview q 208 acres of City-owned land in northeast Austin/Travis County q Council approved Master Plan/PUD in 2014 for mixed-use & mixed-income residential and commercial development q 10+ years of strong community stakeholder partnership for equitable development and improved services q City selected Catellus as our Master Development partner, executed Exclusive Negotiating Agreement, currently in planning and negotiations phase q City staff currently analyzing public finance options to prepare recommendations to City Manager, Mayor and Council C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 3 COLONY PARK SITE AND HISTORY: View from Colony Park Site towards Downtown Austin ü 1973: Annexed by the City of Austin ü 2001: Austin City Council purchased 258 acres with goal of providing affordable housing ü 50 acres dedicated to existing adjacent parkland to create the 93-acre Colony Park District Park; 208 acres remain undeveloped ü 2004-2007: Turner-Roberts Recreation Center & Volma Overton Elementary School built on 93- acre park ü 2012-2013: Turner-Roberts Recreation Center Multi-Purpose Building built while the original gym was closed for structural repairs. ü 2012-2014: Master Planning by Neighborhood Housing & Community Development ü 2015-2017: Transitioned to Economic Development Department ü 2018-2020: Colony Park District Park design and construction; opened March 2020 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 4 PLANNING & ENGAGEMENT PROCESS ü 2012: U.S. Department of Housing & Urban Development (HUD) awards $3 million Sustainable Communities Challenge grant to the City of Austin ü 2012-2014: Colony Park Team conducts robust community outreach & engagement in & around the Colony Park Neighborhood ü 2013-2014: Master Plan visioning & development through capacity building Robust community engagement throughout project. ü 2014: City Council adopts the Colony Park Master Plan & Design Guidelines, Planned Unit Development (PUD) Zoning District, & Amendments to Imagine Austin Plan ü 2017-2020: Following community engagement, City issues Request for Qualifications/Proposal ü 2020: May 2020 - City signs Exclusive Negotiating Agreement with Catellus and begins planning & development negotiations with Catellus C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 5 Core Team, Consultants, & City Staff celebrate selection of Colony Park Master Developer. COLONY PARK EXISTING DEMOGRAPHICS C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 6 COLONY PARK AREA DEMOGRAPHICS (78724) C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 7 COLONY PARK AREA DEMOGRAPHICS (78724) C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 8 COLONY PARK AREA DEMOGRAPHICS (78724) C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 9 COLONY PARK AREA DEMOGRAPHICS (78724) C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 10 COLONY PARK EXISTING DEVELOPMENT CONTEXT C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 11 REGIONAL CONTEXT 1 Mueller (3.7 miles) 2 University of Texas 3 (6 miles) State Capital Complex (6.5 miles) 4 Downtown (6.8 miles) 5 AUS Airport (6.5 miles) 6 Walter E. Long Park (1 mile) 7 Manor (5.3 miles) 8 Tesla Gigafactory (5 miles) 9 Applied Materials (3 miles) 10 Samsung (5 miles) 11 Clinical Pathology Labs (4 miles) 12 BAE Systems (3 miles) 10 9 11 7 2 3 4 1 CP 6 12 5 8 C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 12 RESOURCE GAPS 1University Hills Branch Library Car = 5 min, Walk = 39 min, Bus = 15 min 1Grocer at Springdale & 183 Car = 6 min, Walk = 44 min, Bus = 18 min 1Grocer at Mueller Car = 12 min, Walk = 75 min, Bus = 42 min D 1Urgent Care Car = 10 min, Walk = 90 min, Bus = 31 min A B C E F G 1Nearest Bank Car = 12 min, Walk = 75 min, Bus = 42 min H 1Nearest Pharmacy Car = 16 min, Bus = 60 min 1St. David’s Medical Center Car = 15 min, Bus = 54 min 1Rosewood Zaragosa Health Center Car = 16 min, Bus = 90 min H F E B A C G D CP C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 13 COLONY PARK COMMUNITY IDENTIFIED VISION C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 14 COLONY PARK: EIGHT PILLARS OF NEED C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 15 COLONY PARK REGIONAL DEVELOPMENT IMPACT C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 16 COLONY PARK SUSTAINABLE COMMUNITY C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 17 COLONY PARK SUSTAINABLE COMMUNITY C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 18 COLONY PARK PHASED DEVELOPMENT STRATEGY C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 19 PROPOSED COLONY PARK SUSTAINABLE COMMUNITY Planned MetroRail Station Future Potential Connections T PARKER STATION N4 N3 N2 EXISTING LAKESIDE COMMUNITY EXISTING COLONY PARK COMMUNITY Protected Bikeway Off-street Trails COLONY PARK DISTRICT PARK N1 LTC Proposed Central Health Loyola Lane Bikeway (By City of Austin) C I T Y O F A U S T I N PRELIMINARY CONCEPT Colony Park - Trails and Bikeways Prepared for Colony Park Holdings by McCann Adams Studio Draft September 30, 2020 E C O N O M I C D E V E L O P M E N T 20 0 100 200 400 Feet PROPOSED COLONY PARK SUSTAINABLE COMMUNITY C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 21 PROPOSED COLONY PARK SUSTAINABLE COMMUNITY C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 22 COLONY PARK PROJECT FINANCING TOOLS C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 23 PROPOSED PUBLIC FINANCE INVESTMENT Project Valuation Current Raw Land Value Future Value of Completed Project Project Investment Estimated Infrastructure Investment Required Less Estimated Land Sale Revenue Less Estimated Additional Land Sale Revenue w/ PUD Amendment Public Finance Investment Required ~$ 90 M ~$ 55 M ~$ 750 M ~$ 236 M ~$ 121 M ~$ 25 M C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 24 PUBLIC FINANCING TOOLS OPTIONS TOOL DEFINITION Tax Increment Financing/Tax Increment Reinvestment Zone (TIF/TIRZ) (TIF) - Public finance tool to fund public infrastructure investments to catalyze new development by leveraging future tax revenue to pay for upfront infrastructure investments. (TIRZ) - Geographic zone of real property providing incremental property tax revenue to fund the infrastructure investments. ENTITY City of Austin Public Improvement District (PID) Capital Improvement Project (CIP) Federal Grant Funding Development tool for a defined geographic area that finances the costs of infrastructure improvements or maintenance to future property owners according to the benefits received. Major investment in or improvement to City facilities or infrastructure including streets, water & wastewater lines, stormwater protection, parks, provision of power, etc. Federal government funding for local projects to provide public services and stimulate the economy. Fee Reduction or Waivers A full or partial waiver of cost of City development fees for S.M.A.R.T. Housing eligible projects. City of Austin Catellus City of Austin Federal Government City of Austin C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 25 ESTIMATED ECONOMIC & COMMUNITY BENEFITS EQUITABLE HOUSING Market Rate Housing Affordable Workforce Housing JOBS Construction Jobs Permanent Jobs ENVIRONMENT Parks, Open Space, Trails Green Building Standards City Tax Revenue Annual Property Taxes Annual Sales Taxes 1,520 380 2,900 1,200 53 acres 100% $3.5M $ .5M C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 26 COMMUNITY BENEFITS AND PUBLIC INFRASTRUCTURE INVESTMENT JUSTIFICATION C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 27 COLONY PARK SUSTAINABLE COMMUNITY Equity Justification for Infrastructure Investment q Alignment with Imagine Austin, and Austin’s Strategic Direction 2023 plans to create complete communities q Alignment with Travis County’s Comprehensive Economic Development Strategy q Development plan created with diverse neighborhood representatives for over a q Area was annexed by city in 1973 and still lacks services typical in other Austin q Opportunity to deliver banking, grocery & personal services, & to amplify investment decade neighborhoods in Eastern Crescent and Travis County q Development plan will provide housing and jobs in the northeast portion of Austin q Project provides 20% long-term affordable housing units in an area facing displacement concerns C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 28 COLONY PARK SUSTAINABLE COMMUNITY Economic Justification for Infrastructure Investment q Project estimated to add $750M+ to the tax base q Mixed-use plan will create additional sales tax revenue q Equitable Transit Oriented Development aligns with Capital Metro Green Line Rail and Purple Line Rapid Bus q Higher density development plan delivers 1900+/- new housing units to the tax base Environmental Justification Infrastructure Investment q Master Plan was developed under sustainable communities’ challenge grant q Promotes sustainable, compact, walkable/bikeable community development, safe q Embraces connectivity to encourage Rail and Rapid Bus transit ridership, reducing (HUD/DOT/EPA) routes to schools vehicle miles traveled q PUD and green building standards will ensure superior environmental sustainability C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 29 THANK YOU! K i m b e r l y O l i v a r e s k i m b e r l y . o l i v a r e s @ a u s t i n t e x a s . g o v M a r t i n B a r r e r a m a r t i n . b a r r e r a @ a u s t i n t e x a s . g o v C I T Y O F A U S T I N E C O N O M I C D E V E L O P M E N T 30