Bridge Street Brief:
Establishing the Bridge Park New Community Authority
Bridge Street Brief:
City Council Approves Bridge Street District Community Reinvestment (CRA)
Bridge Street Brief:
Bridge Park Development Agreement
Bridge Park Development Agreement FAQs
What is a Development Agreement and what purpose does it serve?
The major purpose of a Development Agreement is to provide the financial framework by which the City’s and the Developer’s respective public and private improvement obligations are established. The Agreement does not substitute for, or supersede any of the City’s development review and approval processes.
Why is a Development Agreement necessary for Bridge Park?
For some projects, City Council may elect to provide certain roadways, parking areas, or other facilities that are needed to support a particular development that also benefit the general community. In these instances, Council may elect to enter into a formal Development Agreement that outlines the responsibilities for financing and construction of these improvements. This is a mutually agreed upon document between the City and the developer.
Bridge Park exemplifies this level of public/private partnership. It meets the Bridge Street District vision criteria established by City Council, and embodies the Scioto River Corridor development principals, including building scale, mix of uses, materials, structured parking and architecture.
What are the City’s financial responsibilities?
The City of Dublin will issue debt to fund approximately $43 million in public improvements within Phase 1. This includes:
$32 million toward two parking structures with approximately 1,700 parking spaces
- One in Block B and one in Block C.
- 1000+ spaces will be public
Finance the Phase 1 Roadway Improvements
- Phase 1A – $7.7 million
Bridge Park Avenue, Tuller Ridge Drive, and Mooney and Longshore Streets (between Tuller Ridge Drive and Bridge Park Avenue), North Riverview Street, portion of North High Street
- Phase 1B – $3.4 million
Mooney and Longshore Streets (between Bridge Park Avenue and Banker Drive), and Banker Drive (between Riverside Drive and Mooney Street)
How will the City pay for the Phase 1 public improvements?
Tax Increment Financing (TIF)* service payments made by the property owners of Blocks B and C, along with the hotel site at 5000 Upper Metro Place, will be funding Bridge Park Phase 1 parking garages and the new roads – not the taxpayers.
Like many other public improvements constructed in conjunction with a development, the City will issue debt and collect the service payments, paid by the property owner, to retire the debt. Service payments from Blocks B and C and service payments from the hotel/office space at 5000 Upper Metro Place are expected to fully fund the City’s debt on the $43.1 million in improvements.
City staff have estimated the projected debt service (principal and interest) on the two parking garages and the Phase 1 roadway network. Over a 30 year period, the aggregate minimum service payment obligation totals $72,327,436. The annual minimum service payments guaranteed by the developer are as follows:
- Calendar year 2018 – $1,887,978
- Calendar years 2019 through 2046 – $2,432,351
- Calendar year 2047 – $2,333,630.
Even absent any growth in property values (which the service payments are based upon), the minimum service payment guarantee for Blocks B and C alone, along with the TIF revenue from the hotel site at 5000 Upper Metro Place, are expected to fully fund Phase 1 public improvements (roads and parking garages).
*What is a TIF?
Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements and, in certain circumstances, residential rehabilitation. TIFs are implemented at the local level and may be created by a township, municipality or county.
Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.
TIFs are established through legislation passed by City Council that (a) designates the parcel(s) to be exempted from taxation, (b) declares improvements to private property within the specified area as serving a public purpose, (c) delineates the public infrastructure improvements to be made that will directly benefit the parcel and (d) specifies the equivalent funds to be created for those redirected monies. Only those public infrastructure improvements directly serving the increased demand arising from the real property improvements to the parcel(s) or an Incentive District are eligible for TIF financing.
How are Bridge Street District parks, roadways and public spaces financed?
Income taxes, paid for by the 70,000 people who work in Dublin, pay for City services, infrastructure and amenities. The City has budgeted $152.5 million to invest in capital improvement projects throughout our community over the next 5 years (2015-2019).
- The City pays for many capital improvement projects through a dedicated source of revenue – 25% of income tax revenue. The City’s Capital Improvements Tax Fund invests primarily in transportation, parks, utilities and facilities.
- Parks, paths and roadways in the Bridge Street District are designed for the safety and enjoyment of all residents, corporate citizens and visitors.
- Increased safety and less congestion will be achieved through a well-designed local grid network system and will be supported by efficiencies in our Citywide infrastructure including the recently completed Emerald Parkway as well as the Riverside Drive Roundabout and Realignment and 270/33 interchange.
- Dublin’s fiscally sound stewardship has earned the city the highest available bond ratings – Aaa from Moody’s Investors Service since 2004 and AAA from Fitch Ratings since 2001 – a distinction carried by less than 7 percent of Moody’s rated cities nationwide.
What is the impact to the School District?
In April 2014, the City and School District signed a cooperative agreement which allowed the City to establish future tax incentive districts in the Bridge Street District.
- After months of discussions, review of research and studies, the School District supported the cooperative agreement based on the research and data that the proposed housing is largely targeting residents without school age children – empty nesters and young professionals.
- The School District is receiving $1.5 million a year from 2014 – 2045 and $2 million in 2046 or $50 million over the next 33 years – from the City of Dublin – earmarked for technology in the classroom in exchange for the ability to set up different tax incentive districts within the Bridge Street District.
“This is an alternate revenue source for the district right now. It will ease the burden on taxpayers.” Steve Osborne, Dublin City Schools Treasurer
The City has been planning for the Bridge Street District since 2009. When will we start to see development?
Plans as transformative as the Bridge Street District require comprehensive study and analysis to understand their impacts on the City as a whole. The City has engaged in several planning phases for the Bridge Street District, beginning with visioning in 2009, followed by implementation studies in 2010, a closer look at the Scioto River corridor in 2012, public input and education forums since 2010. Visit the Development Projects page to learn about current development proposals and what’s under construction in the Bridge Street District.
Why focus on this part of the City?Historic Dublin is a natural starting point, given its traditional walkable character that combines a variety of shops and restaurants with housing, office and civic uses. Physical space constraints allows for modest development. There are, however, substantial areas on both sides of the Scioto River that are ripe for more comprehensively-planned mixed-use developments and walkable neighborhoods.
In October 2012, the City began to focus on the Scioto River Corridor given its location adjacent to Historic Dublin, opportunities to expand access to and engage the riverfront, and the potential for mixed-use development projects proposed by private development interests on both sides of the river. The newly planned transportation network system will offer safety and convenience.
What are the traffic impacts of the Bridge Street District, both internal to the District and on the regional transportation network -particularly Riverside Drive and access to I-270?Traffic management has always been a high priority for the City. In December, 2014 the final phase of Emerald Parkway opened, completing the City’s “east-west connector” which moves motorists through our community from Tuttle Crossing to Sawmill Road. The Riverside Drive Roundabout and Realignment project will began in Spring 2015 and is expected to be completed in Fall 2016. This project has been in the Capital Improvements Plan since 2009. The 270/33 Interchange Project will began in the Spring of 2015. This multi-phase, multi-year ODOT District 6 project was fast-tracked due to regional and federal financial support with safety, logistics and new jobs in mind. And new roads are being developed in the Scioto River Corridor including the new Dale-Tuller connector and John Shields Parkway. Visit the Transportation page.
Why are multifamily housing units planned for the Bridge Street District?Today’s housing market is dominated by the two largest generations in American history – the Baby Boomers and their adult children, the Millennials… and they demand choices in walkable, mixed-use settings with nearby services, restaurants, places to work, and places to socialize.
Living in condominiums and apartments is a preferred choice for these generations.
How much housing will be in the Scioto River Corridor?Private development plans include a mixture of apartment flats, townhomes and condominiums on both sides of the river in a variety of new mixed-use and residential buildings. The first phases of Bridge Park plans call for 70 condominiums and 720 apartments. The Grande, a luxury assisted living facility, has 132 beds. Tuller Flats is a 420 unit luxury apartment community and will feature one-bedroom garden apartments and two-bedroom townhomes. The recently approved Bridge Park West project includes 41 luxury condominiums proposed at the site currently occupied by office building at 94 and 100 North High Street. Market research continues to determine the size, type and number of units that could be introduced into the Scioto River Corridor.