Bull Street Development Agreement. A historic partnership for a historic project

Transcription

1 Bull Street Development Agreement A historic partnership for a historic project

2 A project 10 years in the making May 17-23, 2005 State of South Carolina, City of Columbia and Central Carolina Community Foundation sponsors weeklong Bull Street Charette conducted led by Andreas Duany February 20, 2007 SC Supreme Court rules that SC Department of Mental Health can sell property January 2009 NAI Avant begins marketing property for sale December 09, 2009 City Council appoints Bull Street Property Advisory Committee December 16, 2010 Hughes places the property under contract June 14, 2011 SC Budget and Control Board approves the sale to Hughes February 6, 2012 First presentation of Bull Street PUD to Planning Commission at informational session March 5, 2012 Planning Commission review of Bull Street PUD March 27, 2012 City Council Public Hearing of Bull Street PUD September 10, 2012 Planning Commission review of revised Bull Street PUD October 2, 2012 City Council Zoning Public Hearing of Revised PUD with a vote of 5-1 Council gave 2nd and final reading approval June 24, 2013 City of Columbia releases the Bull Street Development Agreement to the public

3 Benefits: What does this project bring to the City of Columbia? 11,020 permanent, high-wage jobs $1.2 billion annual economic impact $581 million in new labor income per year $20 million in new revenue for schools and local government 74% historic building square footage re-used 181 acres of back on the tax rolls

4 Let s Compare: How does Bull Street stack up? BMW Creates 2,300 jobs Costs $341 million Boeing: Creates 5,800 jobs Costs $1.02 billion Bull Street: Creates 6,142 jobs Costs $31.25 million Public Investment Jobs Created Public Investment Jobs Created Public Investment Jobs Created

5 The Plan: What does this project bring to the City of Columbia? Thanks to 10 years of community input and nearly three years of intense negotiation, this Development Agreement strikes a balance that gives the developer the latitude he needs while providing clear expectations and benchmarks that protect the city s investment, the public interest and ensure a quality project

6 Infrastructure The City agrees to provide $31.25 million in total infrastructure investment over four phases. First $15.4 million invested over Phase One, Two and Three. Second $15.8 million invested in Phase Four with Benchmarks Hughes Development Corp. has committed to provide $5 in economic development for every $1 the City invests in Phase Four Public funds are only used for public projects. NO TAX BREAKS! NO SWEETHEART DEALS!

7 Other Benchmark Examples The City is committing to providing two parking decks totaling 1,600 spaces. But there are conditions that apply. For the 1 st facility, the developer must: Develop 120,000 square feet Rehabilitate the Babcock Building or Build a baseball stadium. For the 2 nd facility the developer must: Have purchased half of the total property or Secured $75 million in private investment.

8 Historic Preservation The Development Agreement directly protects 74% of the property s historic building square footage. This includes: The Babcock Building (North and South wings) Male and Female dining halls The Williams Building The Chapel of Hope Tree Allee

9 Historic Preservation (Continued) The Development Agreement also protects: The Ensor Building The bakery The laundry The developer can not demolish these buildings without first giving City Council the opportunity to relocate and preserve them.

10 Environmental Protection The Development Agreement protects the city s waterways and wetlands by requiring that all development on the property comply with the city s new and stronger stormwater ordinance. Also included: Stream Restoration Daylighting of Smith Branch Storm Water Master Plan incentives Grand Tree Protection (12-inch caliper) Tree Survey Requirement

11 Additional Concessions/Donations Hughes Development has also agreed to: Donate Land for a Pump Station Donate a Police Substation These public improvements, made at no cost to city taxpayers, will benefit the entire community and demonstrate the developer s commitment to the people of Columbia.