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Understanding Project-Based Redevelopment: Key Concepts in Opportunity Finance

Explore the essentials of project-based redevelopment, including Tax Increment Financing (TIF), Community Development Corporations (CDCs), and more. This guide emphasizes local responsibility, public/private partnerships, and flexible strategies to tackle redevelopment challenges. Stakeholders such as elected officials, financial advisors, and urban planners play crucial roles in the process. Learn how to define goals, assemble a team, investigate problems, and select appropriate financing tools while ensuring compliance with public policy. Celebrate the success of revitalizing communities through collaborative efforts!

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Understanding Project-Based Redevelopment: Key Concepts in Opportunity Finance

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  1. PROJECTBASED REDEVELOPMENT For the ABC’s of Opportunity Finance: Understanding TIFs, CDC’s, and More

  2. PROJECT BASED REDEVELOPMENTPrograms Today • Local responsibility and initiative • Local control and flexibility in application as needed to solve problem • Use public/private partnerships to leverage public dollars and implement redevelopment • Project based

  3. PROJECT BASED REDEVELOPMENTPrograms Today • Programs can be grouped by method of assistance • Tax Abatement • Value Added or “Capture” • Tax Assessment • Tax Credits

  4. Elected Officials Planning & Zoning Economic Dev. Comm. Property Owners Existing Tenants Lawyers State of Missouri DED/MODOT/DNR City/County Government Financial Advisors Underwriters Developers Future Tenants Bankers More Lawyers School District Affected Taxing Districts Urban Planners PROJECT BASED REDEVELOPMENTThe Players

  5. PROJECT BASED REDEVELOPMENTGetting Started • Define your goals • Identify the problem that is to be solved • Select Your Team • Planner • Attorney Specializing in Public Finance • Financial Advisor • Architects, Engineers • Investigate the Problem

  6. PROJECT BASED REDEVELOPMENTGetting Started • Clarify the problem that requires public financial assistance • Prepare preliminary plans and project pro formas • How large is the financial gap? • What redevelopment project costs are out-of-line? • Do you need eminent domain? • Are there political constraints?

  7. PROJECT BASED REDEVELOPMENTGetting Started • Meet with Appropriate City Staff • Work with Your Team to Define Your Public/Private Partnership Strategy • Choose Your Redevelopment Financing Tools • Is TIF the right tool for the job? • Are there other tools that should also be used?

  8. PROJECT BASED REDEVELOPMENTTax Increment Financing Projects • TIF is VERY complicated; use your Team for “The Rules of the Tools” • Work with your lending institution early • How will they treat TIF Notes? As equity? A loan? • What redevelopment agreement business points might be of concern or interest to your lender?

  9. PROJECT BASED REDEVELOPMENTTax Increment Financing Projects • The approval process is critical; stay on top of it • Recognize that a public/private partnership invokes numerous stakeholders; respect their interests & the public policy issues • Learn and understand what your responsibilities are during implementation and monitoring

  10. ECONOMIC DEVELOPMENT Celebrate Success!

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