{"id":523,"date":"2018-05-21T06:08:33","date_gmt":"2018-05-21T10:08:33","guid":{"rendered":"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/?page_id=523"},"modified":"2018-05-21T10:26:21","modified_gmt":"2018-05-21T14:26:21","slug":"get-the-facts","status":"publish","type":"page","link":"http:\/\/bridgestreet.dublinohiousa.gov\/get-the-facts\/","title":{"rendered":"Get the Facts"},"content":{"rendered":"<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2018\/05\/BSB-Residential-Property-Tax-Abatement.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-2167\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2018\/05\/bsb-property-tax-sm.jpg\" alt=\"\" width=\"150\" height=\"196\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2018\/05\/BSB-Residential-Property-Tax-Abatement.pdf\">Residential Propery Tax Abatement<\/a><br \/>\nMay 2018<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2016\/02\/BSB-North-High-Street.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1475\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2016\/02\/bsb-noth-high-sm.png\" alt=\"North High Street\" width=\"150\" height=\"195\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2016\/02\/BSB-North-High-Street.pdf\">Downtown Dublin Investment &amp; North High Street Impacts<\/a><br \/>\nJanuary 2017<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/CED-BSD-Brief-2016.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1475\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsb-ced.png\" alt=\"bsb-ced\" width=\"150\" height=\"197\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/CED-BSD-Brief-2016.pdf\" rel=\"\">Community Entertainment Districts<br \/>\n<\/a>April 2016<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-fiancial-ratings.pdf\"><img loading=\"lazy\" class=\"alignnone wp-image-1240 size-full\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-fiancial-ratings.png\" alt=\"BSD - Brief - Dublin Earns Top Credit Ratings\" width=\"150\" height=\"197\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-fiancial-ratings.pdf\" target=\"_blank\" rel=\"noopener\">Dublin Earns Top Credit Ratings<br \/>\n<\/a>October 2015<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-school-brief-schools.pdf\"><img loading=\"lazy\" class=\"alignnone wp-image-1240 size-full\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-school-brief-schools.png\" alt=\"BSD - Brief - Cooperative Agreement with Dublin City Schools\" width=\"150\" height=\"197\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/10\/bsd-brief-school-brief-schools.pdf\" target=\"_blank\" rel=\"noopener\">Cooperative Agreement with Dublin City Schools<br \/>\n<\/a>August 2015<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/07\/Bridge-Street-brief-Public-facilties-8.10.15.pdf\"><img loading=\"lazy\" class=\"alignnone wp-image-1240 size-full\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/07\/bsb-8-6-15.png\" alt=\"bsb-8-6-15\" width=\"150\" height=\"197\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/07\/Bridge-Street-brief-Public-facilties-8.10.15.pdf\" target=\"_blank\" rel=\"noopener\">Bridge Park Community Facilities<br \/>\n<\/a>August 2015<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/bbb-development-agreement.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1222\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/bbb-development-agreement.png\" alt=\"bbb--development-agreement\" width=\"150\" height=\"197\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/bbb-development-agreement.pdf\">Bridge Park Development Agreement<br \/>\n<\/a>July 2015<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/07\/Bridge-Street-Brief-CRA-8-6-15.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1109\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/02\/brief-5-12-15.png\" alt=\"brief-5-12-15\" width=\"150\" height=\"196\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/07\/Bridge-Street-Brief-CRA-8-6-15.pdf\">City Council Approves Bridge Street District Community Reinvestment (CRA)<br \/>\n<\/a>August 2015<\/p>\n<p><a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/Bridge-Street-NCA-Brief.pdf\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1186\" src=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/Bridge-Street-NCA-Brief.png\" alt=\"Bridge-Street-NCA-Brief\" width=\"150\" height=\"195\" \/><\/a><br \/>\n<strong>Bridge Street Brief:<\/strong><br \/>\n<a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/2015\/wp-content\/uploads\/2015\/05\/Bridge-Street-NCA-Brief.pdf\">Establishing the Bridge Park New Community Authority<br \/>\n<\/a>August 2015<\/p>\n<p>&nbsp;<\/p>\n<ul class='gdl-accordion'>\r\n\r\n<li class=\"active\"><h2 class='accordion-title'><span class='accordion-icon'><\/span>What is the impact to the School District?<\/h2><div class='accordion-content'><p>In April 2014, the City and School District signed a <a href=\"http:\/\/dublinohiousa.gov\/newsroom\/city-dublin-dublin-city-schools-announces-proposed-cooperative-agreement-financing-bridge-street-public-infrastructure-improvements\/\">cooperative agreement<\/a> which allowed the City to establish future tax incentive districts in the Bridge Street District.<\/p>\n<ul>\n<li>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 \u2013 empty nesters and young professionals.<\/li>\n<li>The School District is receiving $1.5 million a year from 2014 \u2013 2045 and $2 million in 2046 or $50 million over the next 33 years \u2013 from the City of Dublin &#8211; earmarked for technology in the classroom in exchange for the ability to set up different tax incentive districts within the Bridge Street District.<\/li>\n<\/ul>\n<p>&#8220;This is an alternate revenue source for the district right now. It will ease the burden on taxpayers.\u201d Steve Osborne, Dublin City Schools Treasurer<\/p>\n<p>The Dublin City School District is one of Dublin\u2019s great assets. Nothing is more important than our children and their education. Decisions made by the City take into account the impact on our partners at the schools. The Bridge Street District is no exception. Regional and national research on population demographics and real estate data shows more than 80 percent of future housing growth is projected to be one and two person households without kids.<\/p>\n<p>While the housing options within the Bridge Street District will vary from one to three bedroom apartments as well as condominiums, the target market for these housing options will be empty nesters and young professionals without children who want a walkable community close to work, restaurants and shopping.<\/p>\n<p>A good comparable example of this is The Lane in Upper Arlington and The Heights in Worthington. Both UA and Worthington have excellent school districts. The developers of The Lane and The Heights have reported the majority of occupants of both properties are empty nesters, divorced singles and young professionals \u2013 without kids.<\/p>\n<p>We must remain competitive by providing housing choices for the talented young professionals who work in Dublin. We want to provide these young people the last apartments they live in, so when they are ready to buy, there are vested in Dublin and will buy a home here.<\/p>\n<\/div><\/li>\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>Bridge Park Development Agreement FAQs<\/h2><div class='accordion-content'><p><strong>What is a Development Agreement and what purpose does it serve?<br \/>\n<\/strong>The major purpose of a Development Agreement is to provide the financial framework by which the City\u2019s and the Developer\u2019s respective public and private improvement obligations are established. The Agreement does not substitute for, or supersede any of the City\u2019s development review and approval processes.<\/p>\n<p><strong>Why is a Development Agreement necessary for Bridge Park?<\/strong><br \/>\nFor 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.<\/p>\n<p>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.<\/p>\n<p><strong>What are the City\u2019s financial responsibilities?<\/strong><br \/>\nThe City of Dublin will issue debt to fund approximately $43 million in public improvements within Phase 1. This includes:<br \/>\n$32 million toward two parking structures with approximately 1,700 parking spaces<\/p>\n<ul>\n<li>One in Block B and one in Block C.<\/li>\n<li>1000+ spaces will be public<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>Finance the Phase 1 Roadway Improvements<\/strong><\/p>\n<ul>\n<li><strong>Phase 1A &#8211; $7.7 million<\/strong><br \/>\nBridge 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<\/li>\n<li><strong>Phase 1B &#8211; $3.4 million<\/strong><br \/>\nMooney and Longshore Streets (between Bridge Park Avenue and Banker Drive), and Banker Drive (between Riverside Drive and Mooney Street)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong> How will the City pay for the Phase 1 public improvements?<\/strong><br \/>\nTax 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 \u2013 not the taxpayers.<\/p>\n<p>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\u2019s debt on the $43.1 million in improvements.<\/p>\n<p>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:<\/p>\n<ul>\n<li>Calendar year 2018 &#8211; $1,887,978<\/li>\n<li>Calendar years 2019 through 2046 &#8211; $2,432,351<\/li>\n<li>Calendar year 2047 &#8211; $2,333,630.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>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).<\/p>\n<p><strong>*What is a TIF?<\/strong><br \/>\nTax 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<\/div><\/li>\r\n\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>How are Bridge Street District parks, roadways and public spaces financed?<\/h2><div class='accordion-content'><p>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).<\/p>\n<ul>\n<li>The City pays for many capital improvement projects through a dedicated source of revenue \u2013 25% of income tax revenue. The City\u2019s Capital Improvements Tax Fund invests primarily in transportation, parks, utilities and facilities.<\/li>\n<li>Parks, paths and roadways in the Bridge Street District are designed for the safety and enjoyment of all residents, corporate citizens and visitors.<\/li>\n<li>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.<\/li>\n<li>Dublin\u2019s fiscally sound stewardship has earned the city the highest available bond ratings \u2013 Aaa from Moody\u2019s Investors Service since 2004 and AAA from Fitch Ratings since 2001 \u2013 a distinction carried by less than 7 percent of Moody\u2019s rated cities nationwide.<\/li>\n<\/ul>\n<\/div><\/li>\r\n\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>The City has been planning for the Bridge Street District since 2009. When will we start to see development?<\/h2><div class='accordion-content'><p>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. <a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/projects\/\">Visit the Development Projects page<\/a> to learn about current development proposals and what\u2019s under construction in the Bridge Street District.<\/p>\n<\/div><\/li>\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>Why focus on this part of the City?<\/h2><div class='accordion-content'><p>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.<\/p>\n<p>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.<\/p>\n<\/div><\/li>\r\n\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>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?<\/h2><div class='accordion-content'><p>Traffic management has always been a high priority for the City. In December, 2014 the final phase\u00a0of Emerald Parkway opened, completing the City\u2019s &#8220;east-west connector&#8221;\u00a0which moves motorists through our community from Tuttle Crossing to Sawmill Road. The Riverside Drive Roundabout and Realignment project was completed in Fall 2016. This project has been in the Capital Improvements Plan since 2009. The 270\/33 Interchange Project began in the Spring of 2015 and is expected to be completed in the Fall of 2017. 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, with many now open, including John Shields Parkway. <a href=\"http:\/\/bridgestreet.dublinohiousa.gov\/transportation\/\">Visit the Transportation page<\/a>.<\/p>\n<\/div><\/li>\r\n\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>Why are multifamily housing units planned for the Bridge Street District?<\/h2><div class='accordion-content'><p>Today\u2019s housing market is dominated by the two largest generations in American history \u2013 the Baby Boomers and their adult children, the Millennials\u2026 and they demand choices in walkable, mixed-use settings with nearby services, restaurants, places to work, and places to socialize.<\/p>\n<p><a href=\"http:\/\/www.dispatch.com\/content\/stories\/local\/2015\/03\/29\/rental-boom.html\" target=\"_blank\" rel=\"noopener\">Living in condominiums and apartments is a preferred choice<\/a> for these generations.<\/p>\n<\/div><\/li>\r\n\r\n<li ><h2 class='accordion-title'><span class='accordion-icon'><\/span>How much housing will be in the Scioto River Corridor?<\/h2><div class='accordion-content'><p>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\u00a0apartments. 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.\u00a0The 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.\u00a0Market research continues to determine the size, type and number of units that could be introduced into the Scioto River Corridor.<\/p>\n<\/div><\/li>\r\n\r\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Bridge Street Brief: Residential Propery Tax Abatement May 2018 Bridge Street Brief: Downtown Dublin Investment &amp; North High Street Impacts January 2017 Bridge Street Brief: Community Entertainment Districts April 2016 Bridge Street Brief: Dublin Earns Top Credit Ratings October 2015 Bridge Street Brief: Cooperative Agreement with Dublin City Schools August 2015 Bridge Street Brief: Bridge Park Community Facilities August 2015 Bridge Street Brief: Bridge Park Development Agreement July 2015 Bridge Street Brief: City Council Approves Bridge Street District Community Reinvestment (CRA) August 2015 Bridge Street Brief: Establishing the Bridge Park New Community Authority August 2015 &nbsp;<\/p>\n","protected":false},"author":9,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"_links_to":"","_links_to_target":""},"_links":{"self":[{"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/pages\/523"}],"collection":[{"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/comments?post=523"}],"version-history":[{"count":90,"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/pages\/523\/revisions"}],"predecessor-version":[{"id":2168,"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/pages\/523\/revisions\/2168"}],"wp:attachment":[{"href":"http:\/\/bridgestreet.dublinohiousa.gov\/wp-json\/wp\/v2\/media?parent=523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}