REAL ESTATE, HOUSING, AND ECONOMIC DEVELOPMENT DRAFT 5 YEAR ACTION PLAN BOARD BRIEFING

Transcription

1 REAL ESTATE, HOUSING, AND ECONOMIC DEVELOPMENT DRAFT 5 YEAR ACTION PLAN BOARD BRIEFING

2 BACKGROUND 2

3 BACKGROUND Strategic Implementation Plan Approved 2013 Focused on work plan for transit, parks, trails, and streetscapes Called for Action Plans for housing and economic development Invest Atlanta Economic Development and Housing Strategies Integrated Action Plan Initiated in 2014 Details an action plan for meeting redevelopment plan goals 28,000 housing units, 5,600 affordable workforce housing units, 48,000 one-year construction jobs, 30,000 permanent jobs Forward a plan for real estate to help achieve these goals Why Is This Important? Redevelopment goals outlined for Atlanta BeltLine program Key for Federal transit funding and ridership Drives TAD revenue Promotes an inclusive Atlanta BeltLine

4 SCORECARD 4

5 HOUSING SCORECARD New Units Created since 2006 Affordable Housing Units Created since ,000 6,000 25,000 28,000 5,000 4,000 3,000 5,600 20,000 15,000 2,000 1, ABI/IA Supported Affordable 2,239 All Affordable 2,016 Goal Affordable (through 2014) Goal Affordable (through 2030)* 13,369 % of New Units That Are Affordable 10,000 10, , % 20 % 10 - Created in BPA Target (through 2014) Target (through 2030) % % of New Units Affordable and Supported by ABI/IA % of New Units Affordable Goal 5

6 JOB CREATION SCORECARD Permanent Job Creation One Year Construction Jobs, ,000 60,000 30,000 30,000 50,000 48,000 25,000 40,000 20,000 30,000 15,000 10,000 9,600 20,000 20,100 15,360 5,000 4,617 10,000 0 Jobs Added through Jobs Added (Based 2011 (On the Map) on Commercial SF) Goal (through 2014) Goal (through 2030) Goal through 2014 Goal through Planning Area Goal (through 2014) Goal (through 2030) Note: 1,960,000 new commercial, industrial and retail square feet of job capacity 6

7 KEY EXISTING CONDITIONS FINDINGS 7

8 KEY HOUSING FINDINGS Project expected to exceed 30,000 units by Development hot spots geographically diverse Housing development activity

9 KEY HOUSING FINDINGS Project expected to exceed 30,000 units by Development hot spots geographically diverse Value Shift Homes Above $300k Some neighborhoods have not recovered from the recession Affordable workforce housing needed more in some areas than others Value Shift Homes Below $100k Source: NCG, Zillow Analytics 9

10 KEY HOUSING FINDINGS Project expected to exceed 30,000 units by Development hot spots geographically diverse Some neighborhoods have not recovered from the recession Affordable workforce housing needed more in some areas than others Some existing subsidized housing is at-risk Land acquisition is key. Gap financing is insufficient. Subsidy is necessary for affordable workforce housing 10

11 KEY ECONOMIC DEVELOPMENT FINDINGS Job capture rate needs to be increased Cluster strategies are needed for job creation 11

12 KEY ECONOMIC DEVELOPMENT FINDINGS Job capture rate needs to be increased Cluster strategies are needed for job creation Inefficient land use hinders job growth and TAD revenue along Atlanta BeltLine Population and job growth is increasing in the City of Atlanta and Fulton County faster than the rest of the Metro 12

13 KEY ECONOMIC DEVELOPMENT FINDINGS Job capture rate needs to be increased Cluster strategies are needed for job creation Inefficient land use hinders job growth and TAD revenue along Atlanta BeltLine Population and job growth is increasing in the City of Atlanta and Fulton County faster than the rest of the Metro Employment density in all areas will increase with land optimization 13

14 TAD REVENUE 2005 Redevelopment Plan $240M of TAD anticipated for affordable workforce housing $100M of TAD anticipated for economic development incentives Redevelopment Plan and SIP TAD Projections $2.9B Annual TAD revenue projections reduced over 25% from original 2005 Redevelopment Plan Housing and jobs goals remain the same 2005 Redevelopment Plan Anticipated TAD Bond Revenues $1.4B 2013 SIP Anticipated TAD Revenues New revenue sources, partnerships, and approached will be critical Non-corridor real estate, economic development, and housing TAD investments need leverage

15 RECOMMENDATION COMMON THEMES 15

16 RECOMMENDATION THEMES Pursue new revenue sources Forge new partnerships Utilize land acquisition more to deliver goals and target results Deliver projects in the pipeline Foundational work needed (new revenue sources, acquisition fund, land acquisitions) before incentive funds can be deployed Create tangible progress annually Increase Atlanta BeltLine job capture rate Place equal emphasis on job creation in areas not contiguous to existing trail

17 NEXT STEPS 17

18 NEXT STEPS Mid May: Complete board briefings Late May: Touch base with partners and stakeholders June: Draft report and executive summary August: Final report to board

19 END OF PRESENTATION 19