Economic Development. Tools and Programs. Michael Lengyel, Assistant Vice President
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1 Economic Development Tools and Programs 1 Michael Lengyel, Assistant Vice President Economic Development Lengyel@civicsd.com
2 2 Economic Development Strategy Investment Programs New Markets Tax Credit Program Transit-Oriented Development Fund EB-5 Program CivicSD Sponsored Loan Fund Community Investment Fund/Smart Growth Fund Business Attraction/Retention/Marketing Reuse of Former Central Library Business Improvement District (BID) Access to Capital Council District Four Business Attraction Initiative (Pilot) Community Revitalization and Workforce Development Community Kitchen Activation Edukitchens Supplier Diversity Building Business Connections Community Engagement and Outreach Community and Stakeholder Engagement Civic San Diego Roundtables and/or Community Tours Fiscal Sponsorship Service
3 New Markets Tax Credit Program 3
4 New Markets Tax Credit Program 4 In 2012, Civic San Diego formed the Civic San Diego Economic Growth and Neighborhood Investment Fund (the Fund ) to qualify and serve as a Community Development Entity (CDE) As a CDE, we apply annually for New Markets Tax Credit (NMTC) allocation from the United States Department of the Treasury s Community Development Financial Institutions Fund ( CDFI Fund ) CDE Application for Allocation NMTC Allocation $10 Mil CDFI Fund
5 New Markets Tax Credit Program 5 The Fund uses the tax credits to attract Qualified Equity Investments (QEIs) from investors which are used to provide financing for high-impact projects in low-income communities Flexible underwriting No origination fees Low annual interest rate and interest only for seven years Investor generated loan typically forgiven at end of seven years (Net benefit = ~20% of project cost) $10 Mil QEI Investor CDE Business $3.9 Mil Tax Credits $9 Mil Loan to Business Application for Allocation NMTC Allocation $10 Mil Fees and Reserves held by CDE $1 Mill CDFI Fund
6 New Markets Tax Credit Program 6 Borrower can be for-profit or non-profit Funds can be for real estate development or to support ongoing operations Total project costs in the $8 - $25 million range The balance of project financing has been identified Site control and entitlements in place Project located in a high distress area and provides strong community benefit
7 New Markets Tax Credit Program 7 A red census tract indicates that the area is Severely Distressed" under the NMTC program based on meeting at least one of the following three criteria: Poverty rate of at least 30 percent or Median family income of 60 percent or less of that area s median family income or Unemployment 1.5 times the national average (average is 7.9%) Closed Investments Under Review 1 Round 10 Allocation $ 35,000,000 Round 11 Allocation $ 23,000,000 Round 12 Allocation $ 25,000,000 Round 13 Allocation $ 50,000,000 Total NMTC Allocation Authority $ 133,000,000 Copley-Price Family YMCA facility (City Heights) $ 23,000,000 Family Health Centers HITEC facility (Oak Park) $ 16,450,000 Urban Corps of San Diego County (North Bay) $ 8,000,000 Jackie Robinson Family YMCA (Mountain View) $ 23,000,000 37ECB - Momentum Learning (Normal Heights) $ 7,100,000 Thrive Public School (Linda Vista) $ 6,700,000 Goodwill Industries (San Ysidro) $ 12,600,000 Ajinomoto Foods (Otay Mesa) $ 10,000,000 Living Rooms at the Border (San Ysidro)* $ 9,325,000 KIPP Adelante Charter School (Encanto)* $ 12,800,000 Minority Business Loan Fund* $ 4,025,000 $ 133,000,000 Net Available NMTCS $ - * Estimate pending final board approval
8 Civic San Diego Sponsored Loan Fund 8 $450,000 investment with Accion San Diego to increase lending to small businesses in low- and moderate income zip codes citywide (Median Household Income $60,000 or below) Lending targeted to certain businesses Women, minority, or veteran-owned Certified by the State of California as Disadvantaged Business Enterprises Located in the San Diego Promise Zone
9 Community Development Financial Institution 9 CivicSD is forming a CDFI to provide loans for projects that provide community benefits A CDFI is a designation given by the federal treasury to specialized organizations that provide financial services in low-income communities Loans will range from $50,000 to $1M Terms will be 2 to 5 years and interest rates will range from approximately 4% to 8% with fixed rates
10 Smart Growth Fund 10 The San Diego region is in the midst of a burgeoning housing crisis and there is a lack of supply of affordable housing for middle-income families To address this disparity, Civic San Diego is establishing a $30-50 million double bottom line private capital real estate equity fund to invest in urban infill residential and select mixed income and mixed use projects throughout San Diego County
11 Community Development Tours 11 As means to empower our communities and spot-light potential new development opportunities, Civic SD in collaboration with community Stakeholders has hosted numerous neighborhood tours highlighting the College Area, San Ysidro, Linda Vista, and the San Diego s Promise Zone. Each of the economic & community development tours have been successful in identifying each communities assets and new opportunities for housing and business attraction.
12 BID Access to Capital Program 12 An innovative public/private/nonprofit Access to Capital collaboration targeting small businesses within the El Cajon Blvd Business Improvement Area and the Southeastern Diamond Business District Assess the capital needs among both business corridors and be responsive to the distinct capital needs by creating a robust delivery of various lending products and business capital training
13 Fiscal Sponsorship Program 13 Civic San Diego leverages its 501(c)3) status to accept grants and steward funds on behalf of organizations that support community reinvestment activities, but do not have nonprofit status or nonprofit capacity Interested organizations must complete a Fiscal Sponsorship Application along with a Term Sheet
14 Community Kitchen Activations 14 Activating community kitchens within emerging neighborhoods can stimulate economic growth while encouraging a healthier lifestyle for all residents. Civic San Diego received a grant from the County of San Diego to help design community kitchens in Sherman Heights and San Ysidro.
15 Connect with us Connect with us Michael Lengyel, Assistant VP, Economic Development 401 B Street, Ste. 400 San Diego, CA info@civicsd.com 15
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