Managing Economic Development Organizations
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1 Managing Economic Development Organizations
2 Jobs and Competitiveness Technology, Innovation Balanced Growth Investment 300,000 GDP Atlanta MSA Dynamic Growing Economy 290, , , ,000 Education Housing 250,000 Infrastructure, Transportation 240,000 Source: BEA
3 Reality Check: Economic Cycle Business-cycle-graph better.jpgimagesndibeconomics.wikispaces.com. 3
4 Reality Check: Business Life Cycle SBA estimates that the average life cycle of a business is 7 years 4
5 Cycle of Economic Development 5
6 Reality Check: Economic Development Efforts According to the US Census Bureau, this is the number of Cities in
7 Economic Development Strategies/ Organization R e t e n ti o n E x p a n s i o n A tt r a c ti o n C r e a ti o n Economic Development 7
8 Organizational Structure Housing Finance Business Development Redevelopment Legal Finance 8
9 Business Development
10 Business Development Goals Clusters of Focus Attraction Efforts Retention/Expansion Programs Entrepreneurship Programs Results
11 Atlanta is particularly attractive to firms in six key sectors Economic development efforts should focus on growing: 1. Digital arts and new media production 2. Life sciences 3. Applied computational processing and engineering 4. Corporate headquarters and professional and management services 5. Advanced logistics 6. Conventions and tourism
12 Digital arts and new media production Motion picture production Software and computer programming Audio production Broadcasting Life sciences Medical devices Biological products Medical laboratories Biotechnology R&D Pharmaceuticals Conventions and tourism Hospitality Attractions and conferences Food and beverage Transportation
13 Corporate headquarters and professional and management services Headquarters and back office Management consulting Advanced logistics Freight air transportation Distribution and logistics consulting services Applied computational processing and engineering Engineering services Computer systems design services Scientific R&D Advanced manufacturing Financial technology Health information technology
14 PROGRAMS FOR BUSINESS ATTRACTION Site Selection Assistance Foreign Direct Investment Economic Opportunity Fund Lease Purchase Bonds 501c3 Revenue Bonds Small Business Loans 14
15 BUSINESS RETENTION & EXPANSION PROGRAM OVERVIEW Operates as IA s Business Customer Service Program Business Outreach & Contact Interview, Survey & Assessment Recommendations and Referrals Action Planning Follow up and Review Assess and Report Economic Impact 15
16 Objectives Educate Entrepreneur Measure Advocate
17 3 Phases of a Simplified Innovation Process Conception Implementation Marketing * Requirement Analysis * Idea Generation * Idea Evaluation * Project Planning * Construction * Prototype Development * Pilot Application * Testing * Production * Market Launch and Penetration (national/international) 17
18 City of Atlanta Innovation Center: Demonstration Project Goals: Create new markets and new jobs Support existing local innovators and Entrepreneurs Improve quality and efficiency of City services and operations Advance the City s Sustainable Initiatives and economic development strategy Position Atlanta as a location for cutting edge innovation Retain entrepreneurs in the City of Atlanta Attract and maintain investments as a result of new innovations Create a collaborative community of relationships between government and entrepreneurs 18
19 City of Atlanta Innovation Center: Startup Atlanta Ordinance DESCRIPTION: An ordinance to amend the Occupation Tax Ordinance to provide a tax exemption for new and emerging technology businesses. GOALS: 1. Job Creation 2. Retention of entrepreneurs 3. Encourage investment in certain types of businesses in fields related to high technology, life sciences, information technology and intellectual property 4. Catalyze Atlanta s entrepreneurial ecosystem 5. Position Atlanta as a location for cutting edge innovative companies 19
20 $2,000,000,000 Business Development Economic Impact $1,800,000,000 $1,775,431,503 $1,600,000,000 $1,400,000,000 $1,200,000,000 $1,000,000,000 $800,000,000 $738,593,674 $600,000,000 $400,000,000 $200,000,000 $
21 Return on an Economic Development Services Investment For this 3 year period, for every $1 invested the City received over $9 in local taxes
22 Advanced Manufacturing 7% Wins Per Industry Other 10% Digital Arts and Media Production 10% Conventions and Tourism, 347 Advanced Manufacturing, Jobs Per Industry Other, 352 Digital Arts and Media Production, 580 Conventions and Tourism 9% Advanced Logistics 2% Corporate Headquarters and Professional Services 26% $500,000,000 $450,000,000 $400,000,000 $350,000,000 $300,000,000 $250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000 $0 $6,750,000 Digital Arts and Media Production $260,800,000 Life Sciences Life Sciences 7% Applied Computational Processing and Engineering 29% Investment Per Industry $65,800,000 Applied Computational Processing and Engineering $141,550,000 Corporate Headquarters and Professional Services Advanced Logistics, 25 Corporate Headquarters and Professional Services, 1237 $2,000,000 Advanced Logistics $25,000,000 $15,500,000 Conventions and Tourism Advanced Manufacturing $473,280,000 Other Life Sciences, 1060 Applied Computational Processing and Engineering, 2521
23 Business Attraction 60 companies have relocated to the City of Atlanta occupying over 8.6M square feet of real estate space 4
24 EOF GRANT Carter s/oshkosh Phipps Tower-3438 Peachtree Road The City of Atlanta offered $350,000 from the economic opportunity fund (EOF Grant) for this competitive project to expand in the City of Atlanta. The company agreed to hire 200 jobs at an average annual wage of $88,000. The project s capital investment was $30M. The company absorbed 80K sf of class A office space.
25 LEASE PROJECT Novare Project SkyHouse th Street $63,280,000 Lease Purchase Revenue Bond to Finance a Proposed Residential and Retail Project Approximately $500,000 increase in property tax Workforce Housing Component 100 construction jobs and permanent jobs Estimated Tax Savings is $3,093,031 within 10 years
26 SMALL BUSINESS LOAN PROGRAM From , Invest Atlanta has closed 117 loans representing $8,194,069 and leveraging $32,582,163 Businesses in many sectors have been financed Companies Include: Pencil Factory, White Oak Kitchen, Integrated Capital Partners, Like A River Salon and Spa, Utopia Trading Inc.
27 Redevelopment Department Programs for Revitalizing Specific Atlanta Areas
28 Programs and Initiatives Tax Allocation Districts (TADs) Community Improvement Fund Downtown Façade Improvement Grant Program New Markets Tax Credits (NMTC) Atlanta Seed Equity Initiative EB-5 Foreign Direct Investment Program (currently in the application process)
29 City of Atlanta TADs 10 Tax Allocation Districts To date, approximately $560 million in TAD bonds have provided gap financing for over $3.4 billion in private development Assessed property values in TADs have grown 20% since 1998 while City of Atlanta has grown at 5% Incentivize development in blighted and underdeveloped areas of City
30 Westside TAD Established in 1992, expanded in 1998 to leverage momentum from 1996 Olympics to redevelop Downtown Connect neighborhood assets Create live-work-play community surrounding Centennial Olympic Park Redevelop blighted residential neighborhoods west of Downtown 3 bond issues totaling: $161.3 million Allocations to Neighborhood Fund and Public Purpose Project Fund Base Assessed Value: $270,693, Assessed Value: $705,000,000 After: Before: The Ellis Hotel
31 Downtown Façade Improvement Grant Program Program Goals: Enhance the appearance of commercial areas while building safer, more attractive and stable neighborhoods Help new and established businesses attract customers and generate increased revenues Support the Atlanta Streetcar and generate ridership Leverage private investment Complement other community revitalization efforts
32 NMTC: Overview Federal program enacted by Congress in 2000 to drive private sector investment to urban and rural communities with high rates of poverty and unemployment NMTC Program attracts private investment to finance commercial, industrial, manufacturing and mixed use projects in low income neighborhoods Federal priorities for NMTC investments: Job Creation Jobs Accessible to Low Income Persons Goods and Services to Low Income Communities Flexible Lease Rates for Locally Owned Businesses Improved Access to Healthy Foods 32
33 New Markets Tax Credits Program Atlanta Emerging Markets, Inc. (AEMI), a Community Development Entity 100% owned by Invest Atlanta, has been awarded $110 Million in New Markets Tax Credit allocation since 2007 Eligible Areas for Investment The NMTC program provides real estate developers and operating businesses with below market rate debt products with favorable terms
34 NMTC Previous Transactions $25 million mezzanine loan to finance the expansion and renovation of aquarium exhibits in December Over 478 annual permanent jobs created. Aerotropolis Atlanta Georgia Aquarium $30 million mezzanine loan to finance the acquisition, demolition and remediation of the 122 acre Ford auto plant in May Over 400 annual permanent jobs created. 200 Peachtree $12 million mezzanine loan to convert the historic Macy s building into a special event center that includes a jazz club, banquet hall, meeting rooms and offices. Over 623 annual permanent jobs were created. National Center for Civil & Human Rights $13 million NMTC loan to finance the construction of the NCCHR in January Over 300 annual permanent jobs created.
35 Invest Atlanta Supports Atlanta Better Buildings Challenge Invest Atlanta s goals for energy savings projects: Upgrade older buildings with new technology Attract tenants to decrease vacancy Create jobs Four diverse buildings selected as priorities for TAD funding: 1. Walton Building historic building being converted to hotel Peachtree 35 story office building 3. English Avenue Yards warehouse and industrial loft campus 4. American Cancer Center office building with interior atrium
36 Housing Finance Department Programs for City Living
37 PROGRAMS FOR HOMEOWNERSHIP HOME ATLANTA 4.0 NEIGHBORHOOD LIFT AAHOP HOAP $60M available $500K available $800K available $400K available 1 st mortgage program FHA loans only Up to 5% grant 120% 140% AMI $374,268 max purchase price 2 nd mortgage program Up to $15K 5 year deferred loan 115% 120% AMI 203K loans eligible No purchase price limit 2 nd mortgage program Up to $10K 5 year deferred loan 80% AMI First time homebuyer $252,890 max purchase price 10% of sales price up to $15K 5 year deferred loan 115% 120% AMI Vine City/English Ave. area only No purchase price limit 37
38 PROGRAMS FOR DEVELOPERS TAX EXEMPT BONDS HOUSING OPPORTUNITY BELTLINE TRUST FUND VINE CITY TRUST FUND $75M+ available annually Below market interest Up to 100% financing Leverage 4% LIHTC year affordability 20/50 or 40/60 15% market rate units 2 nd mortgage loans Low interest rate (1% 3%) Up to 20% of project cost 15 year affordability 15% market rate units 20% of units at 60% AMI Grant dollars Must be in Beltline TAD Adherence to design guidelines Up to 30% of project cost 15 year affordability 15% of units at 60% AMI 2 nd mortgage loans Low interest rate (1% 4%) Must be in Vine City or English Ave Communities Up to 50% of project cost 38
39 TAX EXEMPT BONDS M-Street Apartments $28M in TEB financing for $31M project (80% Market; 20% Affordable) New construction of 308 apartment units in West Midtown Includes 8,500 sq.ft. of commercial space, leasing center, clubroom, fitness center, parking deck, swimming pool, limited access features Rated, lower floater bonds with Region LOC Developer: Julian LeCraw & Company
40 BELTLINE AFFORDABLE HOUSING TRUST FUND Lofts at Reynoldstown Crossing $1.1M grant for $5.1M project Conversion and adaptive reuse of warehouse to 30 condominiums Avg. purchase price $150K Includes sales office with clubhouse, business/computer center, fitness center, community room, gazebo, picnic area Developer: Atlanta Beltline, Inc. and Urban Realty Partners
41 BELTLINE AFFORDABLE HOUSING TRUST FUND Ponce City Market $2M grant for a $37M housing component project creating 52 workforce housing units located in higher cost area Adaptive Reuse of 2M sq ft into 450K sq ft of office, 330K sq ft of retail & restaurant, 259 residential units Athena Healthcare will occupy 80K sq ft of office space, providing 500 jobs Total project investment of $200M Developer: Jamestown Properties
42 Results Deployed $135 million in incentives and leveraged an additional $1.38 billion of real estate investment and business activity Created and/or retained 9,051 jobs occupying 8,680,196 square feet of real estate space Stabilized and transformed neighborhoods by financing 2,500 units of housing and making the dream of homeownership a reality for 520 families Funded 12 Tax Allocation District (TAD) projects spurring $80M in capital investment to assist in revitalizing and redeveloping five (5) neighborhoods in the City of Atlanta 1
43 Neighborhood Revitalization $80M of capital has been invested in Vine City, English Avenue, Lakewood, Greenbriar and Downtown Atlanta to fund 12 catalytic projects and assist in the revitalization of these neighborhoods Historic Westside Village Mims Park Quest Resource Center Trestletree Apartments Villas at the Dome 7
44 Catalytic Projects Invest Atlanta has incentivized several catalytic projects to advance the city s economic recovery 200 Peachtree National Center for Civil & Human Rights Dolphin Exhibit New Stadium Project Ponce City Market Wal-Mart Grand Opening Historic Westside Village 10
45 Thank you! 133 Peachtree Street NE Suite 2900 Atlanta, GA (404)
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