finding common ground - cclr me the money- j pacatt… · [email protected]....
TRANSCRIPT
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JULIE PACATTEBATAVIA DEVELOPMENT CORPORATION
CITY OF BATAVIA, GENESEE COUNTY, NY
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BATAVIA OPPORTUNITY AREA
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STRATEGIC RECOMMENDATIONS
•UTILIZE LOCAL DEVELOPMENT CORP (LDC)
• SITE IDENTIFICATION, ESTABLISH SOLE MEMBER LLC
•ACCESS BROWNFIELD CLEAN-UP PROGRAM (BCP)
•CREATE PILOT INCREMENT FINANCING DISTRICT (PIF)
• LEVERAGE IDA LAW - HIGHLY DISTRESSED AREA
• EXECUTE DEVELOPMENT AGREEMENT – MEMBERSHIP PURCHASE/SALE
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BOA: STRATEGIC SITE, ELLICOTT STATION
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BOA: ELLICOTT STATION CONCEPT
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BOA IMPLEMENTATION: ELLICOTT STATION • NEXUS TO PROPERTY CITY RESOLUTION TO PROCEED WITH FORECLOSURE, MAY 2014
• BCP APPLICATION ACCEPTANCE, JUNE 2015
• DEVELOPER REQUEST FOR PROPOSAL (RFP), JULY 2015
• PREFERRED DEVELOPER SELECTION, SEPTEMBER 2015
• CITY IN REM FORECLOSE PROPERTY TRANSFER, SPRING 2016
• SECURE GAP FUNDING, 2016
• BATAVIA PATHWAY TO PROSPERITY ANNOUNCEMENT, MARCH 2016
• EMPIRE STATE DEVELOPMENT CAPITAL GRANT, DECEMBER 2016
• NATIONAL GRID GRANTS, 2016-2017
• NEW MARKET TAX CREDITS, 2017
• LOCAL APPROVALS, 2017
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ELLICOTT STATION: CAPITAL STACK
PROFORMA
TOTAL PROJECT ESTIMATE $18,298,675
• DEVELOPER EQUITY/DEFRD FEES $ 2,494,615
• NMTC EQUITY $ 2,329,060
• INCENTIVES $ 4,500,000
• LEVERAGED LOANS & $ 8,975,000
CONVENTIONAL FINANCING
13+ ENTITIES INVOLVED
• NMTC – SAVARINO COMPANIES,
CONSULTANT
• CITY OF BATAVIA, BATAVIA DEVELOPMENT
CORPORATION, GENESEE COUNTY
GOVERNMENT, BATAVIA CITY SCHOOL
DISTRICT, GCEDC, NYSDOS, NYSDEC,
FINGER LAKES REGIONAL ECONOMIC
DEVELOPMENT COUNCIL, EMPIRE STATE
DEVELOPMENT & NATIONAL GRID
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ELLICOTT STATION: INCENTIVES
$1,900,000Batavia
Dev CorpCFA: FL Regional Economic Development Council & Empire State Development
$750,000Batavia
Dev CorpNYS DEC Brownfield Clean-Up Program, tax credit estimate
$700,000 ATJ-EDO Batavia Pathway to Prosperity PIF: Genesee County Govt, City Govt, School District, GCEDC & BDC
$650,000BDC-City-Savarino
National Grid: Brownfield, Urban Center & Main Street
$500,000City of Batavia
Empire State Development Restore NY
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IMPACTS
• RENEWED HOPE & PROSPERITY FOR OUR COMMUNITY
• REVERSE DEVASTATION OF URBAN RENEWAL & MANUFACTURING LEGACY
• STRENGTHENED STRATEGIC ALLIANCES
•NEW INVESTOR RELATIONSHIPS FORMED
•MORE JOBS & PEOPLE LIVING DOWNTOWN
• TAX BASE AT ELLICOTT STATION TO INCREASE 30 TIMES
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THANK YOUJULIE PACATTE, BATAVIA DEVELOPMENT CORPORATION
585-345-6380