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RiverFirst riverfront parks development proposal implementation plan slideshow, presented by HRA finance consultants and TLS/KVA, September 2011 in Minneapolis.
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A 21st Century Riverfront Above the Falls
September, 2011
2
MR|DI – Enhancing the Minneapolis brand
3
MR|DI – Extending success above the falls
3 Decades of Downtown Investment:
6:1Private/Public Investment
4
MR|DI – Parks framework underpins larger ATF land use update
5
Strategy: Opportunistic vision for next generation public investment; plan for short term success
6
Phase I is critical to success
1. Bring all Minneapolitans to the river2. Foster advocacy for plan completion3. Secure media attention4. Demonstrate ability to complete
transactions
7Meadow/Emergent Riparian/Upland
Watershed/Habitat Corridors
ECOSYSTEMS
8Loops
MOBILITY NETWORK
9x
River Talk
INFORMATION/ENERGY NETWORKS
10
PRIORITY PLAN2-5 YEARS
PHASING PLANS
VISION PLAN10-20 YEARS
11
Plymouth Knot Bridge
BNSF Garden Café Bridge
TRAILS & BRIDGES
12
Design Team Slides go here
BIOHAVENS
1326th AVE/FARVIEW EXTENSION
14
Design Team Slides go here
26th AVE/FARVIEW EXTENSION
15SCHERER PARK DISTRICT
16
Design Team Slides go here
SCHERER PARK DISTRICT
17NORTHSIDE WETLAND PARK
18
Design Team Slides go here
NORTHSIDE WETLAND PARK
19DOWNTOWN GATEWAY PARK
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 20
Phase I Capital Costs
* Excludes easement/land acquisition for trails** Costs developed by Mortenson Construction
Phase I ProjectConceptual
Development Cost
($ Millions)Riverfront Trails System $52Knot Bridges $15Biohavens $10Scherer Park District $23Northside Wetland Park $45
Projected Conceptual Development Cost $145Contingency (20%) $30
Potential Conceptual Development Cost $175
Downtown Gateway Initiative $20 (TPL Estimate)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 21
Great ideas, great designs, and strong leadership attract capital.
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 22
Make the first phase real: match third-party sources to priority projects
1. Legacy Amendment Funding2. Transportation Enhancement
Funds3. Elwell Law4. EPA Brownfield Funds5. Private Sponsorships &
Philanthropy6. Other local & federal sources
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 23
Match third-party sources to appropriate priority projects
1. Legacy Amendment Funding2. Transportation Enhancement
Funds3. Elwell Law4. EPA Brownfield Funds5. Private Sponsorships &
Philanthropy6. Other local & federal sources
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 24
Typically, a wide range of operations & maintenance sources.
Public
Private
Earned Income
General Fund
Special Levy
BID Charge
Parking Fees
Food &Beverage
Events & Promotions
Corporate Sponsorsh
ipPhilanthro
py
Real EstateProceeds501(c)(3)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 25
Securing non-MPRB operating resources will be challenging
NOT Downtown
NOT affluent neighborhoods
NOT a city projected for significant near-
term growth
LIMITED real estate value creation (total $)
LIMITED corporate interest
LIMITED philanthropy
+
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 26
MPRB funding will be critical, particularly in early years.
Public
Private
Earned Income
General Funds
Special Levy
Special Assessm
ents
Parking Fees
Food &Beverage
Events & Promotions
Corporate Sponsorsh
ipPhilanthro
py
Real EstateProceeds501(c)(3)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 27
Real estate-related sources will most likely provide the greatest magnitude of private funding.
Public
Private
Earned Income
General Fund
Special Levy
Special Assessm
ents
Parking Fees
Food &Beverage
Events & Promotions
Corporate Sponsorsh
ipPhilanthro
py
Real EstateProceeds501(c)(3)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 28
Target 2 primary sources: ground lease payments & Housing Improvement Areas / Special Assessment Districts
Low-Rise Residential
Owner-Operator
Sources: Bay Area Economics; site appraisals
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 29
Stormwater management fee savings may be repurposed for parkland O&M.
Public
Private
Earned Income
General Fund
Special Levy
Special Assessm
ents
Parking Fees
Food &Beverage
Events & Promotions
Corporate Sponsorsh
ipPhilanthro
py
Real EstateProceeds501(c)(3)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 30
Recapture existing stormwater management fees
Impervious Lot Area
E.S.U. Stormwater FeeX =
Impervious Lot Area
Reduction
E.S.U.
Additional
Stormwater
Cleaning
$$$ Available for Park
O&MX + =
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 31
Other sources should continually be pursued by park stewards.
Public
Private
Earned Income
General Fund
Special Levy
Special Assessm
ents
Parking Fees
Food &Beverage
Events & Promotions
Corporate Sponsorsh
ipPhilanthro
py
Real EstateProceeds501(c)(3)
HR&A Advisors, Inc. Minneapolis Riverfront Development Initiative | 32
Implementation and governance must be coordinated by multiple parties.Project Lead Support
Trail System MPRB County, City, CP, BNSF, Land Owners, MWMO, Neighborhood Constituents
Biohavens Midwest Floating Islands
MPRB, Army Corps, MWMO, National Park Service, Sustology
Scherer Park District
MPRB City, State, Army Corps., NPS, MWMO
Northside Wetlands Park
City MPRB, MWMO, NPS, Institutional Partners
Downtown Gateway
Trust for Public Land
Downtown Stakeholders, City, MWMO, NPS, MPRB
A 21st Century Riverfront Above the Falls
September, 2011