Carrying Out Smart Growth Projects in the Current Economic Climate Opportunities in Adversity
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1 Carrying Out Smart Growth Projects in the Current Economic Climate Opportunities in Adversity Charlie Bartsch Senior Fellow/Vice President, ICF International 9 th Annual New Partners for Smart Growth Conference Seattle, WA February 5,
2 Current economic and investment climate what impact on local smart growth strategies? Opportunities in fiscal 2011 budget Obama request, possible Congressional action (or reaction) Moderated audience discussion your examples of challenges and opportunities
3 What is the impact on contaminated property/sustainable development transactions? What are the practitioners saying now? Interviews conducted in Jan-Feb 2009 with 50 leaders -- spanning all sectors in the brownfields/ infill/sustainable reuse markets Lenders, investors, insurers, developers Transaction support legal, engineering, planning, environmental State and local officials, CDCs, dev. authorities
4 Dysfunctional, challenged credit markets Tighter underwriting -- lower LTVs, lower collateral values, more conservative pro-forma assumptions More gaps, bigger gaps for public sector to plug Scarce capital harder to get Lenders, investors less risk-averse, playing it safe Looming commercial loan re-financings/extensions Between $700 billion and $1 trillion by 2013 potential for defaults and foreclosures Distressed lending industry impacts 416 banks on FDIC s problem list 5% of total 98 banks failed in may fail by 2011, mostly small regional and community banks
5 Investment and resource issues Traditional redevelopment leaders taking a time out Innovators, risk-takers on the sidelines Growing gap between what sellers will take/buyers will pay new mothballing More properties now upside down values dropping, while cleanup, site prep costs don t Revenue, income declines undermine tax incentive value key tool of sophisticated deal-makers Impact of lender/investor upheavals on financing
6 Investment and resource issues Impacts of bank staffing churn Learning curve impacts of new entrants to market investors, insurers, bankers Significant numbers of business failures 100,000 plus in 2009, more in 2010 Chains and independents Decline in in types of traditional infill/reuse Retail chain outlets, small business start-ups Office/commercial retrofits/renovations
7 Public revenue, local development catalyst issues State/local deficits, spending pressures limit investment in smart growth/sustainable reuse projects Cumulative state deficits of $131 billion in 09, $220 billion in 10; dozen states on verge of financial implosion 89% of cities project difficulty in meeting financial needs in 10 Declining property values, state/local tax revenues -- $4.3 billion drop in 2009 Deterring use of TIF, abatements, other tools pegged to anticipated growth Municipal bond issue rates rising, issuances dropping
8 More data on shrinking green construction cost margin Increasing marketing advantages, marketability of green development Stimulus influencing longer-term behavior Energy efficiency incentives Green infrastructure priorities for EPA/RLF funding Further integration of Green R s into real estate/ investment decisions Recycling, renovating, restoring, retrofitting, reusing
9 Experts foresee infill first as development starts to come back Prime opportunity for communities to prepare, position properties Growing demand for sustainable end-uses Green with reduced O&M, market appeal fits well with smart growth strategies
10 Evolving role of incentives and partnerships Silver lining in down time preparing, positioning properties Public sector incentives poised to play an even more important role as catalyst, gap funder, partnership foundation Traditional programs can be better adapted to current situation New opportunities to be tapped Alternative packaging strategies more important
11 Appropriations and budget proposals building blocks of financing partnerships What Impact of FY 2011 Funding on Smart Growth/ Sustainable Development Efforts?
12 HUD/Community Development Block Grant appropriations FY $4.45 billion appropriated includes $3.99 billion in CDBG formula grants additional $173 million in EDI grants included FY $4.38 billion requested includes $3.99 billion in CDBG formula grants no EDI grants projected allocation formula change being prepared
13 HUD/Sustainable Communities Initiative FY $150 million appropriated $100 million in planning grants, $40 million in implementation challenge grants FY 2011 $150 million requested HUD/Catalytic Investment Competition (new) FY $150 million requested for economic development, gap financing to implement place-based revitalization strategies
14 HUD/Section 108 loan guarantees FY $6 million appropriated supports $275 million in guarantees FY 2011 zero requested requests legislation to convert to fee-based program $500 million in guarantees proposed HUD/BEDI FY $10 million appropriated with rollover, $18 million FY zero requested
15 EPA FY 2010 appropriated Brownfield assessment/cleanup -- $100 LUST -- $113 million Superfund -- $1.31billion Drinking water/clean water RLFs $3.5 billion FY 2011 requested Brownfield assessment/cleanup $138 million LUST $113 million Superfund -- $1.29 billion Drinking water/clean water RLFs -- $3.3 billion
16 EDA FY 2010 $255 million appropriated (key programs) planning grants -- $32 million public works -- $154 million economic adjustment -- $53 million climate change initiative -- $25 million FY 2011 $245 million requested (key programs) planning grants -- $31 million public works $68 million economic adjustment $130 million climate change initiative -- $16 million
17 SBA FY 2010 guarantee levels authorized (key programs) Section 7(a) loan guarantees -- $9.4 billion Section 504 Dev. Cos. -- $5.5 billion secondary market guarantees -- $12 billion FY 2011 guarantee levels req uested (key programs) Section 7(a) loan guarantees $16 billion Section 504 Dev. Cos. $7.5 billion Secondary market guarantees $12 billion
18 USDA FY 2010 rural development program appropriation B&I guarantee authority -- $2.7 billion intermediary re-lending program -- $34 million community facility loans -- $882 million community facility guarantees -- $266 million FY 2011 rural development program requests B&I guarantee authority -- $942 million intermediary re-lending program $36 million community facility loans -- $295 million community facility guarantees -- $206 million
19 But remember appropriations is a long and winding road Obama budget request submission on Feb. 1 just the first step in a long process House and Senate hearings House and Senate budget resolutions Considerable debate and negotiation Deficit considerations Impact of looming mid-term elections Nothing likely to be passed, signed, and appropriated until end of fiscal year September 30
20 So What s next in this volatile climate for smart growth transactions? Fasten your seatbelts it s going to be a bumpy ride 5 projects showing the resilience of redevelopment and role of public-private partnerships Montgomery Plaza, Ft. Worth West Side Business Park, Kansas City Bio-fuel station, Eugene (OR) Potosi Brewery, Potosi (WI) Banner Bank, Boise (ID)
21 Challenges 1928-vintage white elephant on a 45-acre site adjoining the CBD Historic, 800,000 square-foot building Damaged in March, 2000 tornado; structural, environmental conditions worsened Required a mix of public tools to prepare the property and set the stage for reuse
22 Leverage -- HUD financing tools include: $13 million Section 108 loan $2 million BEDI grant Other federal financing tools used Historic rehab tax credits DOT (CMAQ) for related road and sidewalk infrastructure State incentives tax abatements, fee waivers Results -- $60 million mixed use commercial/ retail/office complex adjoining CBD
23 Challenges 22-acre former Kansas City Terminal Railway rail yard and maintenance facility, in use from 1914 to mid-1960s Design challenge -- carrying out cleanup while preserving brick buildings to serve as distinctive office complex in a distressed part of downtown Surprise! buried rail car with petroleum; required public sector leadership to overcome
24 Leverage Funding sources included: $7.1 million in CDBG $7.1 million HUD Section 108 loan $100,000 MO DOD grant $640,000 MO DOD loan $4 million in state and federal historic tax credits Environmental insurance Private funding Results -- former rail roundhouses transformed to office space, 600 new jobs
25 Challenges acre abandoned (since 1991) gas station, with leaking UST systems, contaminated soil and ground water on and off-site Focus of neighborhood blight and crime Leverage/process/cash off-sets County help with tire and drum removal Health dept help with needle removal lease-purchase agreement between county and fuel company prospective purchaser agreement between fuel company and Oregon DEQ
26 Leverage: $1.2 million low-interest, redevelopment loan through Oregon Sustainable Energy Loan Program $250,000 in state energy tax credits $200,000 EPA cleanup Results -- mixed-use biobio-diesel fueling station 15 jobs, $4,000 in property tax revenues incorporates state-of-the art E2/P2/renewable energy techniques, including a green roof and bioswales to contain runoff
27 Potosi Brewery -- Potosi, WI Challenges Brewery built 1852 in Potosi (pop. 700), abandoned 1972 Asbestos, lead paint, other contaminants Severe fire damage early 1990s No staff capacity, knowledge of brownfield/redevelopment processes New owner began restoration in 1997 Potosi Brewery Foundation formed in 2000
28 Potosi Brewery -- Potosi, WI Leverage $3.3 million USDA Business & Industry guaranteed loan key to securing additional $4.2 million in financing $400,000 foundation historic preservation challenge grant National trust Main Street Program TA Community involvement key Results -- Refurbished as micro-brewery, brewing museum and library; opened June ,000 visitors in first year, transformed Potosi s main street; 50 new jobs, 4 new beers
29 Challenges Deteriorating parking garage near expanding edge of downtown Boise Built 1963, partially closed in 2000; significant structural concerns Leverage $50,000 Idaho DEQ for water reclamation $60,000 from Capital City CDC for demolition $324,000 in highway district impact fees $100,000 from Idaho Power to offset up-front e2 costs Banner Bank Boise, ID
30 Results $25 million private investment, $370,000 annual tax revenues 650 new downtown jobs Significant environmental benefits 92% construction waste recycled LEED platinum certified All rainwater, graywater reused 65% e2 achieved 95% reuse efficiency Banner Bank Boise, ID
31 Bethel New Life, a faith-based CDC, used $1.5 million in New Markets Tax Credits to develop 23,000 sq.ft. Bethel Center on brownfield site Reflects all 3 partner agency missions in promoting sustainable development/smart growth Economic development 6 storefront businesses Job creation Social services (day care, training) TOD, environmental cleanup LEED gold certified After
32 Broaden sustainability context for on the ground efforts, to make it more routine i.e., framing jobs, business and community development, remedial strategies, etc. within sustainability construct Work towards greater acceptance of sustainability approaches by mainstream Economic/business context Social/community context What is the long term role of smart growth strategies in all this?
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34 What potential green jobs/green business opportunities are on the horizon, how can they be achieved while promoting smart growth and what investments do we need to make to realize them? How should federal sustainable development investment policies be shaped so that states and localities can best take advantage of the emerging green economy? What are the unique sustainable development challenges facing small towns and rural areas and how can they be addressed? New sustainable approaches = new risk/reward calculations = new real/perceived uncertainties; how can we come to grips with the new realities or risk in the current tight market? What is the link between community right-sizing or re-sizing and sustainable development/smart growth, and how can public programs make this connection? Overall -- What is the place, and the role, of smart growth in a sustainable future?
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