local improvement district overview · •waterfront seattle overview •design •operations &...
TRANSCRIPT
LOCAL IMPROVEMENT DISTRICT OVERVIEW
January 2018
• Waterfront Seattle Overview• Design
• Operations & Management
• Schedule
• Budget
• LID Timeline and Legislative Process
• Waterfront Seattle Local Improvement District• Economic Value from Parks
• What is an LID?
• How Special Benefit Works
• Feasibility Study
• LID formation process
AGENDA
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WATERFRONT SEATTLE PROGRAM
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MARKETFRONT
Source: Barbie Hull, courtesy of Pike Place Market PDA
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SEAWALL AND PROMENADE
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URBAN HABITAT
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GREAT PUBLIC SPACES
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EAST-WEST CONNECTIONS
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MOBILITY AND ACCESS
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ACTIVE RECREATION
PIKE AND PINE STREETS
• Pike and Pine streets, between First Avenue and Melrose Avenue
• Pedestrian and streetscape improvements
• Budget: $20 million (all costs including design, construction, City costs)
• Funding Source: Waterfront Local Improvement District, partner projects
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PIKE AND PINE STREETSExisting
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PIKE AND PINE STREETSProposed
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OPERATIONS AND MANAGEMENT
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Maintenance approach
• Baseline: City departments
• Enhanced: Parks/Friends agreement
Programming and activation
Budget
• Seattle Parks District: $3.5M/year for Parks staff
• Friends of Waterfront Seattle: anticipated $1M+/year
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CONSTRUCTION SCHEDULE
OVERALL WATERFRONT INVESTMENTS (INCLUDING UTILITIES AND SEAWALL)
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WATERFRONT SEATTLE FUNDING
• Waterfront Seattle Overview• Design
• Operations & Management
• Schedule
• Budget
• LID Timeline and Legislative Process
• Waterfront Seattle Local Improvement District• Economic Value from Parks
• What is an LID?
• How Special Benefit Works
• Feasibility Study
• LID formation process
AGENDA
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PROJECT PUBLIC BENEFITS
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“PROXIMATE PRINCIPLE”
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CASE STUDY:HUDSON RIVER PARK (NYC)
Park represents 20% of increased property value
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CASE STUDY:MILLENIUM PARK (CHICAGO)
$1.4B of direct spending generated in park vicinity
• Doubles near streetscape improvements
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15%
7%
48%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Improved Not Improved
Year 1 Year 2
INCREASE IN LOCAL BUSINESS SALES
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CLOSER TO HOME…
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CASE STUDY:WATERFRONT REDEVELOPMENT(VANCOUVER, BC)
Stanley Park and Coal Harbour responsible for as much as 16% of new property value (<6 blocks)
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CASE STUDY:TOM MCCALL WATERFRONT PARK(PORTLAND)
Quality of life improves
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THIS WILL HAPPEN HERE, TOO
Source: Downtown Seattle Association
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HR&A VISITATION STUDY
950,000 net new visitors: $65-100 million annual direct spending
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LID PROCESS
• Funding tool by which property owners financially contribute to a project that will increase the value of their property
• Used to fund public projects in State of Washington
• Governed by specific state and local laws (including special benefit study)
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LOCAL IMPROVEMENT DISTRICT
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SPECIAL BENEFIT
• Special benefit: Estimated increase in a property’s fair market value as a result of public improvements.
• Special benefit study: Conducted by an independent appraisal firm to determine the LID boundary and the difference between the fair market value of each property before and immediately after the improvement.
• Assessment: Portion of the special benefit each property owner will pay. Cannot exceed the amount of the special benefit.
• Assessment ratio: Portion of the special benefit each property will pay. Same ratio will apply to all assessed properties. (Determined by City Council)
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TERMINOLOGY
• Total assessments not more than special benefits
• Total assessments not more than total cost
• Assessments are roughly proportionate to each other
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LEGAL PROTECTIONS AND GUIDELINES
• Initial estimate of overall range of total special benefit to determine feasibility
• Does not include parcel-by-parcel analysis and is not used to determine assessments.
• Total estimated range in study area: $300-420 million
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FEASIBILITY STUDY
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A
B C D
E
LID ANALYSIS AREAS
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SPECIAL BENEFIT STUDY AREA
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LID FORMATION PROCESS
