downtown dover development iititiinitiative
TRANSCRIPT
![Page 1: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/1.jpg)
Downtown Dover DevelopmentDevelopment I iti tiInitiativeBill Simons Parking ManagerBill Simons ‐ Parking Manager
![Page 2: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/2.jpg)
How to Support Growth for aHow to Support Growth for a Vibrant Downtown?
![Page 3: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/3.jpg)
![Page 4: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/4.jpg)
Potential Development Lots:First StreetThi d St tThird Street
Orchard StreetOrchard StreetSchool Street
Belknap
![Page 5: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/5.jpg)
Development Plans
![Page 6: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/6.jpg)
Third Street LotThird Street Lot
![Page 7: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/7.jpg)
Belknap LotLotBelknap LotLot
![Page 8: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/8.jpg)
![Page 9: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/9.jpg)
![Page 10: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/10.jpg)
![Page 11: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/11.jpg)
BuildMarket
Prep
![Page 12: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/12.jpg)
BuildMarket
Prep•Legal Review•Legal Review•Concept Development•Laying out the lots
![Page 13: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/13.jpg)
BuildMarket•Retain commercial broker
Prep•Determine market values•Market lots
![Page 14: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/14.jpg)
BuildMarket •Council approval of sales
•Permitting •Building construction
Prep
![Page 15: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/15.jpg)
Prep
Legal Concept Layout
Deeds Regulatory Review Rendering Street layout
A hit t l Land Use E i i St tArchitecturals Land Use Regulations Engineering Streetscapes
![Page 16: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/16.jpg)
Tax Increment FinancingTax Increment Financing
![Page 17: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/17.jpg)
Financing/Investment toolFinancing/Investment tool •funding for public improvements•funding for public improvements
•stimulate positive growthp g•that would not otherwise occur
![Page 18: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/18.jpg)
H t F TIF Di t i tHow to Form a TIF DistrictAdopt: the provisions of RSA 162‐KEstablish:
• TIF District and its boundaries• Administration of district• Advisory board• Development planDevelopment plan• Financing plan
![Page 19: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/19.jpg)
![Page 20: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/20.jpg)
C t?Cost?Garage: $11.8m
O ti / t id $2 3Operations/set aside: $2.3m
Total = $14.1m
![Page 21: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/21.jpg)
Projected Sale IncomeFirst $350‐$500kThird $185 $350kThird $185‐$350kOrchard 1‐6 $600‐$900kBelknap $125‐$150kOrchard 7 $125‐$150kOrchard 7 $125 $150kSchool $150‐$180k
![Page 22: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/22.jpg)
E ti t d T IEstimated Tax IncomeFirst $226,000/yrThird $ 59,000/yrOrchard 1‐6 $ 75 000/yrOrchard 1 6 $ 75,000/yrBelknap $ 20,000/yrO h d 7 $ 18 000/Orchard 7 $ 18,000/yrSchool Street $ 20,000/yr$ , /y
![Page 23: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/23.jpg)
Projected Sale Income $1.4m ‐ $2.1m
Tax income $400k/yr = $9.2m
Parking Capital Reserve Fund = $3.4m
$14m‐$14.7m
![Page 24: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/24.jpg)
Net parking spaces 1st Street (‐44)3rd Street (‐34)
Garage 452 ‐ 74 = +378Net = 300
Orchard Street (‐75)Total net = + 225
![Page 25: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/25.jpg)
Time Line:Adopt Development Package……………………… Early Fall 2012
Marketing and sale of initial sites Fall/Winter 2012
Time Line:Marketing and sale of initial sites……………….. Fall/Winter 2012
Start of construction of initial sites………………. Summer 2013
Tax Income from initial sites realized December 2014Tax Income from initial sites realized…………… December 2014
Garage build start……………………………………….. Spring 2015
Marketing and sale of remaining sites........... Spring 2015 Garage open/income realized…………………….. Summer 2016Start of remaining sites development.............Tax Income from remaining sites realized
Summer 2016December 2017Tax Income from remaining sites realized....... December 2017
![Page 26: Downtown Dover Development IititiInitiative](https://reader034.vdocuments.site/reader034/viewer/2022042305/625aebe6a8efb10c5d70025a/html5/thumbnails/26.jpg)
Going Forward:l i h i h i
Going Forward:• Resolutions to authorize the in‐fill and parking facility financefill and parking facility finance plan.
• Proceed with appraisal and RFPs for initial sitesfor initial sites.