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+6>5;6>5 40(40»: /0:;690* 7967,9;@ ;66320; +,=,3674,5; LEVERAGING HISTORIC PRESERVATION INCENTIVES IN THE DEVELOPMENT OF HISTORICALLY SIGNIFICANT REAL ESTATE IN MIAMI AUGUST 2013 Commissioned by the Miami Downtown Development Authority Authored by Goldman Properties Company

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Page 1: +6>5;6>5 40(40»: +,=,3674,5;

1 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

+6>5;6>5�40(40»:

/0:;690*�7967,9;@�

; 6 6 3 2 0 ;

+,=,3674,5;�LEVERAGING HISTORIC PRESERVATION INCENTIVES IN THE DEVELOPMENT OF

HISTORICALLY SIGNIFICANT REAL ESTATE IN MIAMI

AUGUST 2013

Commissioned by the Miami Downtown Development Authority Authored by Goldman Properties Company

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

1

Miami Downtown Development Authority

The Miami Downtown Development Authority (DDA) is a leading public agency in the efforts to care for and help guide the improvement of Miami’s Downtown neighborhood’s market and livability characteristics. The ''$�KDV�VSHFLÀFDOO\�VHUYHG�DV�D�JXLGLQJ�IRUFH�LQ�WKH�UHDOP�RI�H[SORULQJ�DQG�VXSSRUWLQJ�KLVWRULF�SUHVHUYDWLRQ�development through many of its incentive programs and campaigns. The DDA’s efforts have not only ensured DQ�HIIHFWLYH�KLVWRULF�SUHVHUYDWLRQ�HIIRUW��EXW�KDYH�DOVR�IRFXVHG�RQ�LQFUHDVLQJ�WKH�VXFFHVV�DQG�SURÀWDELOLW\�RI�Downtown building and business owners through historic preservation processes. The DDA has leveraged its historic preservation efforts to create a more informed and actively involved business community and has found ways to target easy-to-achieve aesthetic goals that provide immediate boosts to the historic character of the Downtown.

Goldman Properties Company

*ROGPDQ�3URSHUWLHV�LV�RQH�RI�WKH�QDWLRQҋV�OHDGLQJ�H[SHUWV�LQ�WKH�DUW�DQG�EXVLQHVV�RI�KLVWRULF�SUHVHUYDWLRQ�GHYHORSPHQW��DV�LWV�IRXQGHU��WKH�ODWH�7RQ\�*ROGPDQ��ZDV�D�YLVLRQDU\�WKDW�XQGHUVWRRG�WKH�TXDOLW\�RI�OLIH�EHQHÀWV�of older historic properties and neighborhoods, their basic market characteristics, and how they can be UHWURÀWWHG�WR�EHFRPH�VXFFHVVIXO�OLIHVW\OH�FHQWHUV�DQG�UHYHQXH�JHQHUDWRUV��7KURXJK�LWV�\HDUV�RI�H[SHULHQFH�*ROGPDQ�3URSHUWLHV�KDV�JDLQHG�H[WHQVLYH�H[SHULHQFH�DQG�QRWRULHW\�LQ�ZRUNLQJ�ZLWK�KLVWRULF�SURSHUWLHV��partnering with local governments, leveraging development incentives, and serving as a private sector leader in these efforts. Most recently Goldman Properties has capitalized on the creation of market success through the reuse of older properties in the Wynwood neighborhood of Miami. Although many of these properties are not preserved for their historic value, they are representative of the successful market impact that the UHXVH�RI�ROGHU�EXLOGLQJV�FDQ�KDYH�ZLWKLQ�D�FRQFHQWUDWHG�QHLJKERUKRRG��ZKLOH�DOVR�KHOSLQJ�GHÀQH�D�YDOXDEOH�neighborhood identity.

Goldman Properties and the Miami DDA worked together to create this toolkit so that many Downtown building and property owners could learn how to make Downtown Miami a neighborhood with a unique historic character and a strong market foundation.

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2 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

30 / Historic Preservation Grant Programs 32 / National Trust for Historic Preservation Grants33 / City of Miami Community Development Block Grants (CDBG)34 / Environmental Protection Agency �(3$��%URZQÀHOG�5HGHYHORSPHQW�*UDQWV35 / State of Florida Historic Preservation Grants36 / Miami Downtown Development Authority’s Façade Improvement Grant Program 37 / Transfer of Development Rights

3 CASE STUDIES 42 / Introduction to Historic Preservation Development Case Studies 45 / The Royalton 53 / 101 SE 1st Street Building 63 / The Shoreland Arcade

4 INDEXES 75 / Historic Preservation Development Incentives Project Applicability Index77 / Historic Preservation Development Incentives Comparison Matrix

Table of Contents

1 EXECUTIVE SUMMARY 04 / 7KH�6LJQLÀFDQFH�RI�+LVWRULF�5HDO�Estate Development in Downtown Miami 05 / The Toolkit’s Structure06 / Conclusions

2 INCENTIVES10 / Federal Historic Rehabilitation Tax Credits 11 / Introduction to Federal Historic Rehab 7D[�&UHGLWV�13 / ����+LVWRULF�7D[�&UHGLW��+7&��17 / ����+LVWRULF�7D[�&UHGLW��+7&� 18 / National Trust for Historic 3UHVHUYDWLRQ�7D[�&UHGLW�)XQGV 19/ New Markets Tax Credits

21 / Low Income Housing Tax Credits

23 / Other Tax Based Historic Preservation Incentives 25 / &RQVHUYDWLRQ�(DVHPHQWV��7D[�Deductions 26 / )HGHUDO��6WDWH�%URZQÀHOGV�7D[�Incentives 27 / (QWHUSULVH�=RQH�7D[�&UHGLWV��Refunds 28 / /RFDO�3URSHUW\�7D[�,QFHQWLYHV�

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

3

EXECUTIVE SUMMARY

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4 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

+LVWRULF�EXLOGLQJV�FDQ�SOD\�D�VLJQLÀFDQW�UROH�in strengthening the value of Downtown’s real estate market by garnering premium rents. The historic character of older buildings brings an authentic appeal to Downtown’s architectural repertoire, a character that helps IXUWKHU�GHÀQH�'RZQWRZQҋV�VHQVH�RI�SODFH��The character that historic buildings bring to Downtown balance out the modernity that its new glass towers have instilled, informing pedestrians and residents that the area is a stable neighborhood with a history serving as its foundation. This sense of stability and history provide a basis for allowing these buildings to EULQJ�LQ�SUHPLXP�RIÀFH�DQG�UHVLGHQWLDO�UHQWV�LQ��as a result of the unique spaces, architecture, SURSRUWLRQV��DQG�PL[�RI�XVHV�WKDW�WKHVH�buildings provide their users.

However, the cost of preserving these EXLOGLQJV�DQG�WKHLU�KLVWRULF�ÀQLVKHV�LV�KLJK��versus rehabbing them to a vanilla shell or razing and redeveloping their land with newer, modern structures, is an important variable to take into consideration when deciding what to do with this historic

building stock.�,W�LV�LPSRUWDQW�WR�H[SORUH�WKH�ÀQDQFLDO�YDOXH�WKDW�D�KLVWRULF�SURSHUW\�KDV�within an owner’s portfolio, and to understand DQG�H[SORUH�ZKDW�LQFHQWLYHV��VXEVLGLHV�DQG�partnerships are available to support a building owner in the process of preserving a structure as an income-generating asset. Also important is H[SORULQJ�ZKDW�ULVNV�DQG�UHWXUQV�D�SULYDWH�EXLOGLQJ�owner is willing to take in regards to redeveloping WKHLU�KLVWRULFDOO\�VLJQLÀFDQW�SURSHUWLHV�IURP�D�SURÀW�PD[LPL]LQJ�SHUVSHFWLYH�

To assist property owners in deciding how EHVW�WR�UHGHYHORS�WKHLU�KLVWRULFDOO\�VLJQLÀFDQW�property this toolkit provides an inventory of historic preservation development incentives. To highlight the actual real estate development process, and how these incentives play into a building’s development, this toolkit also provides a series of case studies focusing on actual Downtown Miami properties. We hope that this information will serve property owners well in deciding how to make the best use of their historic properties.

([HFXWLYH�6XPPDU\�

<PM�;QOVQÅKIVKM�WN �0Q[\WZQK�Real Estate Development in Downtown Miami

Downtown Miami is a rejuvenating district within the rapidly growing and evolving City of Miami. It is D�QHLJKERUKRRG�WKDW�LV�H[SHULHQFLQJ�ERWK�HFRQRPLF�PDUNHW�JURZWK�DQG�UHVXUJHQFH�DV�D�SODFH�ZLWK�an irreplaceable character and identity. A lot of Downtown’s recent growth and success has come LQ�WKH�IRUP�RI�WKH�QHZ�FRQVWUXFWLRQ�RI�PRGHUQ��OX[XU\�EXLOGLQJV��EXW�WKHUH�LV�DOVR�D�VLJQLÀFDQW�VWRFN�RI�H[LVWLQJ�KLVWRULF�EXLOGLQJV�WKDW�FDQ�EHJLQ�WR�SOD\�DQ�LPSRUWDQW�UROH�LQ�WKH�UHGHYHORSPHQW�RI�WKH�area. These older buildings are a vital component of Downtown’s character and identity. Although WKH\�GR�QRW�KDYH�WKH�DPHQLWLHV�DQG�OX[XU\�RI�QHZ�EXLOGLQJV�DQG�WKH\�DUH�QRW�DVVRFLDWHG�ZLWK�WKH�Downtown district’s real estate development boom, they present an important opportunity for growing Downtown’s character and identity and also contributing to its economic growth.

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

5

([HFXWLYH�6XPPDU\�

The Toolkit’s ;\Z]K\]ZM

Incentives Catalogue

The detailed incentives catalogue highlights the EHQHÀWV�DQG�UHVWULFWLRQV�WKDW�HDFK�EULQJV�WR�D�real estate development project. An overview page outlines an incentive summary, basic characteristics, a “Pros and Cons” or Usefulness 5DWLR�ZKHUH�D�VFRUH�RI�´�µ�LQGLFDWHV�DQ�H[FHOOHQW�incentive and a score of “3” is indicative of an incentive that, all things considered, has considerable rules and restrictions relative to its applicability and or funding that it brings to a project. The overview page also includes H[DPSOHV�RI�KRZ�WKH�LQFHQWLYHV�KDYH�EHHQ�XVHG�in other cities around the country. Following the RYHUYLHZ�SDJH�LV�D�GHWDLOHG�H[SODQDWLRQ�RI�HDFK�incentive.

Case Studies

7KUHH�SURSHUW\�VSHFLÀF�FDVH�VWXGLHV�VKRZ�KRZ�different types of incentives can play a role in hypothetical real estate developments. Each real estate development project is a unique

transaction, and thus each developer must assess his or her development plans on a project-by-project basis to determine whether an incentive can bring added value to his or KHU�LQYHVWPHQW�SRUWIROLRҋV�ÀQDQFLDO�VXFFHVV��However, these three case studies provide a VWURQJ�IRXQGDWLRQ�IRU�EHJLQQLQJ�WR�H[SORUH�WKLV��

Indexes

7ZR�LQGH[HV�DUH�SURYLGHG�The Historic Preservation Development Incentives Project Applicability Index provides a quick guide to search for which incentives EHVW�DSSO\�WR�VSHFLÀF�GHYHORSPHQW�VFHQDULRV�involving different building typologies based on size, ownership, project costs, building use, historic status, and the purpose for which incentive funds are needed.

The Historic Preservation Development Incentives Comparison Matrix is a summary guide for navigating this toolkit’s compendium of information. It provides an overview of all of the incentives discussed within the toolkit.

The toolkit is structured to provide users with an understanding of the basics of the many incentives available to developers of Downtown Miami historic properties. Information about these LQFHQWLYHV�LV�SUHVHQWHG�LQ�D�KLJK�OHYHO�FRPSDULVRQ�PDWUL[�DQG�LQ�D�GHWDLOHG�LQFHQWLYHV�FDWDORJXH��)RU�TXLFN�PDWFKLQJ�RI�LQFHQWLYHV�WR�VSHFLÀF�GHYHORSPHQW�RSSRUWXQLWLHV��D�SURMHFW�DSSOLFDELOLW\�LQGH[�LV�DOVR�SURYLGHG��)RU�HDFK�LQFHQWLYH��WKH�WRRONLW�SURYLGHV�DQ�H[SODQDWLRQ�RI�ZKDW�W\SH�RI�GHYHORSPHQW�SURMHFW�WKH�LQFHQWLYH�LV�EHVW�VXLWHG�IRU��ZKDW�W\SH�RI�ÀQDQFLDO�EHQHÀW�WKH\�FDQ�EULQJ�WR�these projects, and an overview of the incentive’s rules and restrictions.

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6 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

([HFXWLYH�6XPPDU\�

+WVKT][QWV[

This toolkit serves to provide a guide with which to navigate the world of historic preservation GHYHORSPHQW�LQFHQWLYHV��VSHFLÀFDOO\�DV�WKH\�DSSO\�WR�UHDO�HVWDWH�GHYHORSPHQW�LQ�0LDPLҋV�'RZQWRZQ�FRUH�QHLJKERUKRRG��,W�LV�QRW�PHDQW�WR�EH�D�FRQFOXVLYH�GHWHUPLQDQW�RI�KRZ�H[DFWO\�WR�VWUXFWXUH�D�historic property development project, as that is the job of each building’s uniquely talented owner and developer. The strength of this guide is its ability to present property owners and real estate developers with a one-stop shop for demystifying the historic property real estate development SURFHVV��LOOXVWUDWLQJ�WKH�PXOWLWXGH�RI�SXEOLF�DQG�SULYDWH�VHFWRU�RSWLRQV�WKDW�H[LVW�WR�VXSSRUW�WKH�SUHVHUYDWLRQ�RI�DQG�UHGHYHORSPHQW�RI�KLVWRULF�SURSHUWLHV��DQG�KLJKOLJKWLQJ�WKH�SURÀWV�WKDW�FDQ�hypothetically be generated by redeveloping and reusing some of Downtown Miami’s most valuable historic property assets.

The most important take-away that a property owner, historic preservation advocate, or public sector representative should be able to get from working with and reading through this toolkit is an understanding of what historic preservation LQFHQWLYHV�H[LVW��WKDW�WKH\�GR�QRW�UHTXLUH�WKDW�D�building be located within a historic district, a common misperception, and that they do not even require that a building necessarily have DQ�RIÀFLDO�KLVWRULF�VLJQLÀFDQFH�VWDWXV��7KLV�toolkit should serve to bring together the larger Downtown Miami community into a conversation about what role historic preservation incentives can play in the development future of Downtown, allowing for conversations about how the incentives can be improved and what other incentives or support would be necessary to allow for the successful redevelopment of Downtown Miami’s historic properties.

Through the toolkit’s creation, the analysis of the pros and cons associated with each inventive helped highlight the 6 most applicable and effective incentives for preservation and redevelopment of Downtown Miami’s historic

properties. These 6 most useful incentives, all with a Usefulness Ratio of “1”, present the most HIÀFLHQW�DSSOLFDWLRQ�SURFHVV�DQG�SURYLGH�WKH�EHVW�ways to earn development equity for project. Downtown Miami property owners should focus on these 6 incentives for their historic properties’ UHGHYHORSPHQW��� 0LDPL�'DGH�&RXQW\�$G�9DORUHP�7D[�

([HPSWLRQ�3URJUDP�� &LW\�RI�0LDPL�$G�9DORUHP�7D[�([HPSWLRQ�

Program�� National Trust Small Deal Fund�� Miami DDA Property Improvement Grant

Program�� (QWHUSULVH�=RQH�7D[�&UHGLWV��5HIXQGV�� %DQF�RI�$PHULFD�+LVWRULF�7D[�&UHGLW�)XQG

The hypothetical case studies for 101 SE 1ST Street and The Shoreland Arcade buildings show that after a standard 10-year operations analysis, the redevelopment scenario involving preserving the building and leveraging historic SUHVHUYDWLRQ�LQFHQWLYHV�FDQ�EH�YHU\�ÀQDQFLDOO\�competitive in comparison with the alternative of redeveloping the property for its highest and

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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best use in 10 years. Both buildings have higher Internal Rates of Return, and comparable or higher Net Present Values, when their most optimistic historic preservation development scenarios are compared with the option of holding and redeveloping the properties in 10 \HDUV��7KLV�VXFFHVVIXO�ÀQDQFLDO�SHUIRUPDQFH�LV�D�result of both the lower development cost basis achieved through the use of incentive funds and of the higher premium rents that can be rapidly JDUQHUHG�E\�D�KLVWRULFDOO\�VLJQLÀFDQW�EXLOGLQJ�

The case studies in the toolkit help demystify DQG�KLJKOLJKW�WKH�SRWHQWLDO�SURÀW�DFKLHYDEOH�in an actual private sector-led redevelopment of a historic property, along with sparking conversation about how the public sector can IXUWKHU�VXSSRUW�SURÀWDEOH�KLVWRULF�SURSHUW\�redevelopment. A lot of attention was focused on ensuring that the development and operational cost and revenue assumptions that were input into each project were based on real industry standards and comparabales. However, the hypothetical nature of the pro-forma analysis PHDQV�PDQ\�DVSHFWV�RI�WKH�ÀQDQFLDO�VWUXFWXUH�of the different analyses can be scrutinized, and might be found to be unrealistic to certain developers. Nevertheless, the case studies provide settings for an effective discussion on

what are the strengths and shortcomings of H[LWLQJ�KLVWRULF�SUHVHUYDWLRQ�LQFHQWLYHV��DQG�KRZ�the private and public sector can work together to enhance these incentives and their subsidies.

Thus, this toolkit should encourage IXUWKHU�FRQYHUVDWLRQ��H[SORUDWLRQ�RI�DFWXDO�redevelopment deals, and more focused advocacy efforts on how to support the historic preservation efforts in Downtown Miami. As the public sector aims to preserve and enhance Downtown’s quality of life and character, and WKH�SULYDWH�VHFWRU�ZRUNV�WR�LGHQWLI\�SURÀWDEOH�redevelopment opportunities, the knowledge shared through this toolkit will help demystify the role that these incentives and subsidies can play in supporting historic buildings’ ability to enhance Downtown’s character and real estate market strength.The Historic Preservation Development ,QFHQWLYHV�&RPSDULVRQ�0DWUL[�LV�D�VXPPDU\�guide for navigating this toolkit’s compendium of information. It provides an overview of all of the incentives discussed within the toolkit.

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8 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

9

INCENTIVES

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10 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Incentive SummaryThe federally administered historic rehab tax credit is applied to projects that have official national or local historic designation or were constructed prior to 1936. The restrictions on what kind of redevelopment work can be done to a building are stringent. The tax credit is awarded based on the value of the rehab development work done to a building, and can either be used by the individual owner or sold for an equity investment in the project.

Basic Characteristic & Incentives 20% Historic Rehab Tax Credit (20% HTC), usually meant for projects that cost at least $2.5 million to develop10% Historic Rehab Tax Credit (10% HTC), must be used on a building that is from 1936 or olderHistoric Rehab Tax Credit Investment Funds: Small Deal Fund; Banc of America Historic Tax Credit Fund; National Trust Community Investment FundMost require that a property be non-residential, including rental apartments and condominiumsAdministered by a combination of the IRS, National Park Service, and State of Florida’s Division of Historical Resources

“Pros And Cons Ratio” / Usefulness Ratio The federally administered historic rehab tax credit has different usefulness ratios, depending on its format. 20% Historic Rehab Tax Credit – Score: 2

Although it is highly restrictive as to which buildings it can be applied to and requires significant effort to apply for them, it can bring a lot of investment equity to a development project. 10% Historic Rehab Tax Credit – Score: 3

Within Downtown Miami’s building stock context, its applicability restrictions are too restrictive in comparison to the limited amount of financial equity it can bring to a deal.National Trust Small Deal Fund – Score: 1

Its unique applicability to Downtown Miami’s smaller historic buildings, allows this format of the 20% HTC to be more useful.Banc of America Historic Tax Credit Fund – Score: 1

This fund scores highly because it further augment the pros of the 20% HTC program by coupling funding for projects that can qualify for HTC funds and for New Markets Tax Credit funds.National Trust Community Investment Fund – Score: 2

Same limitations as the general 20% HTC, with the one added benefit being that the Fund as an organization can provide support to a developer applying for the credits.

Case Study / ExampleAlthough South Florida as a whole does not have a large list of historic rehab tax credit projects, Miami Beach has a lot of examples of HTC-funded projects. Most of the Miami Beach examples are hotel properties such as the Clinton Hotel, the Victor Hotel, and the Surfcomer Hotel. Within Downtown Miami, the Royalton Hotel was converted into a non-profit managed rental housing property using the 20% HTC credits, and this case will be covered in more depth in the Case Study sections of this toolkit. There are many examples of Downtown properties that have successfully applied and qualified for the tax credits, but many of them have not executed the final step of drawing the tax credits.

Federal Historic Rehabilitation Tax Credits

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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Incentives

1V\ZWL]K\QWV�\W�.MLMZIT�0Q[\WZQK�:MPIJ�<I`�+ZMLQ\[

7KH�)HGHUDO�+LVWRULF�3UHVHUYDWLRQ�7D[�,QFHQWLYHV�SURJUDP�FRQVLVWV�RI�WZR�W\SHV�RI�LQFHQWLYHV�WKDW�DUH�WKH�SULQFLSDO�ÀQDQFLDO�VXEVLGLHV�WKDW�PRVW�GHYHORSHUV�ÀUVW�FRQVLGHU�ZKHQ�GHFLGLQJ�KRZ�WR�FUHDWH�D�successful historic preservation development project. The federal program is comprised of the 20% WD[�FUHGLW�IRU�WKH�UHKDELOLWDWLRQ�RI�FHUWLÀHG�KLVWRULF�VWUXFWXUHV�DQG�WKH�����WD[�FUHGLW�IRU�WKH�UHKDELOLWD-tion of non-historic, non-residential buildings built before 1936. 7KH�WZR�GLIIHUHQW�WD[�FUHGLW�SURJUDPV�DUH�ERWK�DGPLQLVWHUHG�E\�DQG�UHJXODWHG�WKURXJK�D�SDUWQHUVKLS�DPRQJVW���GLIIHUHQW�JRYHUQPHQWDO�HQWLWLHV�

�� The Internal Revenue Service (IRS), on behalf of the US Department of the Treasury, serves DV�WKH�HQWLW\�WKDW�SURYLGHV�WKH�WD[�FUHGLWV�DQG�publishes regulations governing them;

�� The National Park Service (NPS), on behalf of the US Department of the Interior, reviews most of the application materials, issues all necessary historic designation decisions and FHUWLÀFDWLRQV��DQG�UHJXODWHV�WKH�DFWXDO�UHKD-bilitation work to ensure that they comply with preservation standards.

�� (DFK�VWDWHҋV�KLVWRULF�SUHVHUYDWLRQ�RIÀFHU�department serves a role, and in Florida the Division of Historical Resources serves as the intermediary point of contact for property owners throughout the application process, providing them with all necessary informa-tion from the both of the regulatory agencies mentioned above, and the department assists by making recommendations to applicants on how to structure a successful application.

The information cataloged in the following section serves as a basic summary of the two programs. The two programs share many of the same processes, but also differ in some of their require-ments. �� The “20% Historic Rehab Tax Credit (HTC)”

VHFWLRQ�GHVFULEHV�WKH�����WD[�FUHGLW��ZKLFK�LV�the more popular funding program and deliv-HUV�PRUH�IXQGV�WR�D�SURMHFW��LV�LQWURGXFHG�ÀUVW��ZLWK�D�WKRURXJK�H[SODQDWLRQ�RI�LWV�SURFHVVHV�and standards.

�� 7KH�����WD[�FUHGLW�LV�D�FRPSOHWHO\�VHSDUDWH�program but is structured around many of the VDPH�VWDQGDUGV�DV�WKH�����WD[�FUHGLW��DQG�WKXV�LWV�GLIIHUHQWLDWLRQ�SRLQWV�DUH�EULHÁ\�KLJK-lighted in “10% Historic Rehab Tax Credit (HTC)” section below.

�� Finally, there are a series of private-sector ÀQDQFLDO�HQWLWLHV�WKDW�KHOS�FRRUGLQDWH�WKH�À-QDQFLDO�SDFNDJLQJ�QHFHVVDU\�WR�H[WUDFW�HTXLW\�IRU�D�GHYHORSPHQW�SURMHFW�IURP�WKH�WD[�FUHGLWV��The leading entities and their programs are described in “National Trust for Historic Preservation Tax Credit Funds”.

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12 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Test

Building Must Have Historic Designation

Historically significant property per National

Park Service standards

National Register of Historic Places; local historic designation; contributing property for a national or local

historic district

Non-contributing property within a national or local historic district

Property must be built in 1936 or older and

cannot be on the national or local

register of historic places nor can it be a contributing property for a national or local

historic district

Part 1 of Historic Rehab Tax Credit

Application process; Part 1 is not required for 10% credit unless

building is within a historic district and

needs to be proclaimed non-

contributing

Building Must Be an Income producing

property

Must qualify as income-producing/ depreciable

property per Internal Revenue Service

standards

IRS determination that property is income producing, even if

owned or occupied by a non-profit entity; property must be

considered a depreciable asset

Residential condominium

buildings; non-profit or government owned

building that does not have a lease-hold for-profit tenant; building

with 50% or more of its use run by a non-profit or government entity

IRS determination that property is income producing, even if

owned or occupied by a non-profit entity; property cannot be

rental or condominium residential

IRS determination throughout application

process

Rehab Work Must be Deemed a

Substantial Rehab

Cost of rehab expenditures in a 24

month period must be greater than the

adjusted basis of the building

Cost of rehab work performed within

application-defined 24 month period (60

month period can be requested) is greater than adjusted basis of

building (cost of building minus value of

land, value of previously completed improvements, and depreciated value)

Cost of rehab is less than the adjusted

basis of the building or is less than $5,000

Cost of rehab work performed within

application-defined 24 month period (60

month period can be requested) is greater than adjusted basis of

building (cost of building minus value of

land, value of previously completed improvements, and depreciated value)

Form 3468 must be filed the year a

building is placed into service

Rehab Work Must Comply with Federal

Rehab Standards

Rehab work must comply with NPS

standards for historic rehab projects

NPS review of the planned and

completed work is Accepted as compliant

NPS review of the planned and

completed work is Denied as non-

compliant

75% of exterior walls must remain intact;

50% of external walls must remain as external; 75% of

interior framework must remain intact

Part 2 and Part 3 of Historic Rehab Tax Credit Application

process for the 20% credit; “Wall test” for

the 10% credit

Qualifying A Building Rehab Project For 20% And 10% Historic Rehab Tax Credits

Qualifying Conditions for

20% CreditApproval for 20% Credit

Denial for 20% Credit

Approval for 10% Credit Test Format

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7KH�WD[�FUHGLW�DSSOLFDWLRQ�SURFHVVHV�FRPELQHG�with the syndication process are time-intensive and can require a series of administrative costs. Thus, it is a general rule of thumb that a building should be able to qualify for an allotment of at least $1 million in HTC credits for the costs of the application process and rehab compliance SURFHVV�WR�EH�FRYHUHG�DQG�VWLOO�KDYH�VLJQLÀFDQW�funds for investment in the development project. Thus, rehab costs need to be high up in the ���PLOOLRQ�UDQJH�WR�JHQHUDWH�WKLV�DPRXQW�RI�WD[�credits, which inevitably begins to limit the size of project that can be done with the 20% HTCs.

9]ITQÅML�*]QTLQVO["

7KH�����WD[�FUHGLW�FDQ�RQO\�EH�REWDLQHG�RQ�SURMHFWV�WKDW�PHHW�WKH�IROORZLQJ�EDVLF�FULWHULD�

��3URSHUW\�PXVW�EH�KLVWRULF��Must be considered to be historic per the National Park 6HUYLFH��136���ZKHWKHU�E\�EHLQJ�LGHQWLÀHG�LQ�the National Register of Historic Places or as a locally designated historic site, or by being FRQVLGHUHG�WR�EH�D�VLJQLÀFDQWO\�FRQWULEXWLQJ�building within a national or locally designated historic district;

��,QFRPH�SURGXFLQJ�SURSHUW\��Building’s use must be income-producing for at least 5 years after the rehab is completed and the building itself must be depreciable; credits cannot be used for residential ownership/ condo buildings. There are some additional rules that limit how PXFK�RI�D�EXLOGLQJ�FDQ�EH�OHDVHG�WR�D�WD[�H[HPSW�RUJDQL]DWLRQ�DQG�RQ�ZKHWKHU�D�WD[�H[HPSW�organization can own the building, which in general is that they cannot;

��0HHW�6XEVWDQWLDO�5HKDE�7HVW��5HKDE�6WDQGDUGV��Rehab work must comply with the strict NPS standards for historic rehabs, which focus on ensuring that buildings are restored to WKHLU�RULJLQDOO\��KLVWRULFDOO\�VLJQLÀFDQW�FRQGLWLRQV��The cost of preservation-related rehab work completed over the 2 year reporting period must be greater than the adjusted basis of the building at the time that rehab work is begun. The adjusted basis is essentially the cost of the building when purchased minus the value of the land, plus previously made building improvements, minus the depreciated value of the building.

Incentives

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7KH�����WD[�FUHGLW�LV�DQ�LQFHQWLYH�HVWDEOLVKHG�E\�WKH�86�)HGHUDO�*RYHUQPHQW�WKDW�SURYLGHV�D�EXLOGLQJ�GHYHORSHU�RZQHU�ZLWK�D�FUHGLW�RQ�WKHLU�IHGHUDO�LQFRPH�WD[HV�WKDW�LV�XVXDOO\�V\QGLFDWHG��PHDQLQJ�VROG��IRU�IXQGV�WKDW�FDQ�EHFRPH�DQ�HTXLW\�LQYHVWPHQW�LQ�D�SURMHFWҋV�ÀQDQFLDO�VWUXFWXUH��7KH�FUHGLW�LV�FDOFXODWHG�WR�EH�YDOXHG�DW�����RI�WKH�WRWDO�TXDOLÀHG�IXQGV�VSHQW�WR�UHKDE�D�KLVWRULFDOO\�VLJQLÀFDQW�EXLOGLQJ��7KH�WD[�FUHGLW�LV�W\SLFDOO\�QRW�XVHG�E\�WKH�GHYHORSHU��RZQHU�RI�D�EXLOGLQJ�IRU�WKHLU�RZQ�LQFRPH�WD[HV��EXW�LV�LQVWHDG��VLPLODU�WR�RWKHU�UHDO�HVWDWH�GHYHORSPHQW�WD[�FUHGLW�LQFHQWLYHV�VXFK�DV�WKH�/RZ�,QFRPH�+RXVLQJ�7D[�&UHGLW��XVHG�E\�DQ�LQYHVWRU�LQ�WKH�SURMHFW�WKDW�EX\V�WKH�FUHGLWV�WKURXJK�D�syndication process.

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14 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

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7KH�YDOXH�RI�WKH�WD[�FUHGLW�WR�ERWK�WKH�LQYHVWRU�that will use the credits and the developer that will use the equity investment derived from the FUHGLWV�LV�EDVHG�RQ�D�SHUFHQWDJH�RI�WKH�4XDOLÀHG�5HKDE�([SHQGLWXUHV��45(V��GRQH�RQ�WKH�EXLOGLQJ��45(V�DUH�HVVHQWLDOO\�DQ\�H[SHQGLWXUH�spent on rehabbing the building’s structure, and thus do not include costs related to the price of the land, improvements to the areas surrounding the buildings, and new construction work beyond the original building’s structure, and any of WKH�IXUQLVKLQJV��7KXV��DYDLODEOH�WD[�FUHGLWV�DUH�determined by calculating 20% of the QRE value.

7KHUH�LV�QR�H[DFW�ZD\�WR�OLVW�ZKDW�LV�D�45(�EHFDXVH�,5&�6HFWLRQ����F�����VLPSO\�GHÀQHV�LW�as “any amount properly charged to a capital account for property for which depreciation is allowable under section 168 …” Thus, a well focused auditing process must be followed to GHWHUPLQH�ZKLFK�H[SHQGLWXUHV��RU�SHUFHQWDJH�RI�H[SHQGLWXUHV��FDQ�EH�FODLPHG�DV�45(V�

The QRE value can only consist of those hard and soft costs associated with work done within D�VSHFLÀF����PRQWK�SHULRG�RI�WLPH��DV�VWDWHG�E\�the applicant in their application. The option to determine QREs during a 60-month rehab period is available if pre-rehab plans document this intentional phasing timeline for the rehab project. 6SHFLÀF�UXOHV�DERXW�WKH�45(�FDOFXODWLRQV�FDQ�EH�IXUWKHU�H[SORUHG�E\�UHDGLQJ�WKH�,56ҋ�JXLGHOLQHV��

��&RVWV�DVVRFLDWHG�ZLWK�WKH�IROORZLQJ�LWHPV�DUH�JHQHUDOO\�HOLJLEOH�IRU�LQFOXVLRQ�LQ�WKH�45(��GHYHORSPHQW�DQG�FRQVWUXFWLRQ�ÀQDQFLQJ�FRVWV��ZDOOV��SDUWLWLRQV��ÁRRUV��FHLOLQJV��SHUPDQHQW�coverings, such as paneling or tiles; windows and doors; components of central air conditioning or KHDWLQJ�V\VWHPV��SOXPELQJ�DQG�SOXPELQJ�À[WXUHV��HOHFWULFDO�ZLULQJ�DQG�OLJKWLQJ�À[WXUHV��FKLPQH\V��stairs; escalators, elevators, sprinkler systems, ÀUH�HVFDSHV��RWKHU�FRPSRQHQWV�UHODWHG�WR�WKH�operation or maintenance of the building.

��([SHQVHV�WKDW�GR�QRW�TXDOLI\�IRU�WKH�UHKDELOLWDWLRQ�WD[�FUHGLW�45(�FDOFXODWLRQ�

fee and administrative costs associated with acquisition process; cost of land and building; appliances; cabinets; carpeting (if tacked in place and not glued); decks (not part of original building); demolition costs (removal of a building on property site); fencing; feasibility VWXGLHV��SHUPDQHQW�ÀQDQFLQJ�IHHV��IXUQLWXUH��ODQGVFDSLQJ��OHDVLQJ�H[SHQVHV��FRVWV�DVVRFLDWHG�with moving building (if part of acquisition); new

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construction costs or enlargement costs (increase in total volume); outdoor lighting remote from building; parking lot; paving; planters; porches and porticos (not part of original building); retaining walls; sidewalks; signage; storm sewer construction costs; window treatments.

Understanding the Value of Tax Credits7KH�YDOXH�RI�HDFK����RI�WD[�FUHGLWV�LV����RI�credit allocated towards an individual or entity’s WD[HV��DQG�WKXV�WKH�FUHGLWV�FDQ�EH�ZRUWK����each. This valuation, however, is usually only obtained in real estate development projects in which the developer/ owner is an individual ZKRVH�LQFRPH�LV�VXFK�WKDW�WKH\�FDQ�EHQHÀW�IURP�NHHSLQJ�WKH�DOORFDWLRQ�RI�WD[�FUHGLWV�IRU�themselves. These instances are not typical in large scale development scenarios, as the ownership structure of larger buildings is usually PRUH�FRPSOH[�DQG�WKXV�KDYH�PRUH�FRPSOH[�WD[�structures. Furthermore, newer IRS regulations make it challenging for individual owners to apply WD[�FUHGLWV�EHFDXVH�RI�SDVVLYH�DFWLYLW\�ORVV�UXOHV�LQWURGXFHG�LQ�WKH�7D[�5HIRUP�$FW�RI������

7KH�YDOXH�RI�WD[�FUHGLWV��WKXV��LV�PRVW�FRPPRQO\�derived from a building-ownership arrangement in which a passive investor owns upwards of ����RI�D�SURMHFW�DQG�SXUFKDVHV�WKH�WD[�FUHGLWV�from the developer that they were awarded to. The credits are purchased at a rate based on market parameters, which usually generate OHVV�WKDQ����SHU����RI�WD[�FUHGLW��7KH�RZQHUVKLS�VWUXFWXUHV�RI�KLVWRULF�UHKDE�WD[�FUHGLW�SUHVHUYDWLRQ�GHYHORSPHQWV�DUH�FRPSOH[��EXW�LQ�HVVHQFH�WKH�investor becomes a member within an ownership YHKLFOH�WKDW�SURYLGHV�WKHP�ZLWK�ÀQDQFLDO�LQYHVWPHQW�RSSRUWXQLWLHV��H[SRVHV�WKHP�WR�WKH�project’s inherent investment risk (a requirement to meet the IRS’ standards for credit eligibility), but sets them up as a passive partner.

The investor member has access to the SHUFHQWDJH�RI�WD[�FUHGLWV�V\QRQ\PRXV�ZLWK�WKH�percentage of their ownership, usually 99% or

more. The investor member provides the developer with an equity investment based on paying a price for each credit that they have ownership rights to. These prices are determined by market forces, but DUH�XVXDOO\�OHVV�WKDQ����SHU�HYHU\����RI�WD[�FUHGLW��7KXV��WKH�YDOXH�RI�WKH�WD[�FUHGLWV�WR�WKH�GHYHORSHU�LV�GHWHUPLQHG�EDVHG�RQ�WKH�HTXDWLRQ�EHORZ��

$SSOLFDWLRQ��&RPSOLDQFH�Processes

The processes involved in qualifying for and REWDLQLQJ�KLVWRULF�UHKDE�WD[�FUHGLWV�DQG�WKHLU�UHODWHG�HTXLW\�LQYHVWPHQWV�DUH�FRPSOH[�DQG�DUH�VRPHWLPHV�considered to be one of the shortfalls to the SURJUDP��7KH�,56��136��DQG�6+32�RIÀFHV�DOO�KDYH�ZHOO�GHWDLOHG�SXEOLVKHG�LQVWUXFWLRQV�WKDW�H[SODLQ�DQG�describe these processes, but there is a lot that is determined on a case by case basis. The following LV�D�VXPPDU\�RI�WKH�EDVLF�SURFHVVHV�

)XXTaQVO�NWZ�\I`�KZMLQ\["�

The application process is comprised of three SDUWV��ZKLFK�LQYROYH�WKH�,56��136��DQG�6+32��7D[�credits are not allocated until this whole process is completed.

��3DUW�����(YDOXDWLRQ�RI�6LJQLÀFDQFH�RI�WKH�3URSHUW\��NPS determination of whether the property is KLVWRULFDOO\�VLJQLÀFDQW��ZKLFK�LV�VLPSOH�LI�WKH�SURSHUW\�DOUHDG\�KDV�RIÀFLDO�GHVLJQDWLRQ�

��3DUW�����'HVFULSWLRQ�RI�WKH�5HKDELOLWDWLRQ�:RUN��Determination that all rehab work complies with the NPS’ Standards for Rehabilitation, and a GHWHUPLQDWLRQ�RI�ZKLFK�H[SHQVHV�DUH�45(�HOLJLEOH��7KLV�LV�XVXDOO\�WR�EH�ÀOHG�EHIRUH�DQ\�ZRUN�EHJLQV��to simplify the process of ensuring that rehab work TXDOLÀHV��EXW�LW�FDQ�EH�ÀOHG�UHWURDFWLYHO\�

��3DUW�����5HTXHVW�IRU�&HUWLÀFDWLRQ�RI�&RPSOHWHG�:RUN��$�ÀQDO�HYDOXDWLRQ�RI�WKH�SURMHFWҋV�FRPSOHWLRQ�and compliance with its approved rehab plan is conducted. Upon successful determination of completion, the NPS alerts the IRS of the project’s VXFFHVVIXO�TXDOLÀFDWLRQ�

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16 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

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A multi-partied ownership structure must be created if it is determined that the developer/owner will need a project investor to obtain the HTXLW\�YDOXH�RI�WKH�WD[�FUHGLWV��EHFDXVH�WKH�developer does not have a use for them. The IRS’ guidelines for how these Historic Rehab 7D[�&UHGLW�SURSHUW\�RZQHUVKLS�VWUXFWXUHV�VKRXOG�be created allow for multiple structures to be used, but they assert two overall guidelines. The investor’s ownership role in the project must put them in an “At-Risk” position and the investor must have true ownership intentions in the project. Both of these conditions must be in place for at least 5 years. Any indication of either of these not being present in the deal structure can put the successful allocation of credits at risk of being recaptured by the IRS.

The two main types of ownership structures that can be coordinated are either a multiple member //&�VWUXFWXUH�LQ�ZKLFK�WKH�WD[�FUHGLW�LQYHVWRU�LV�D�majority member, or a single-owner structure in which a master tenant lease is used to pass the WD[�EHQHÀWV�WKURXJK�WR�WKH�LQYHVWRU�LQ�WKH�WHQDQW�position. In both structures, provisions are put LQ�SODFH�WR�KDYH�WKH�WD[�LQYHVWRU�RZQHU�VHOO�WKHLU�ownership rights back to the developer/owner. 7KHVH�SURYLVLRQV�IRU�WKH�VDOH��H[LW�RI�WKH�LQYHVWRU�owner must be carefully crafted with legal guidance to ensure that they not reduce the IRS’ assurance that the investor is fully invested in the SURMHFW�IRU�WKH�ÀUVW���\HDUV�

;aVLQKI\QVO�\PM�\I`�KZMLQ\["

7D[�FUHGLWV�DUH�GLVVHPLQDWHG�WR�WKH�DSSOLFDQW�when a completed building is placed into service. The actual syndication process is usually handled by entities within banks that will use them for their own corporation or will sell them, or by funds that operate with the sole purpose of purchasing KLVWRULF�UHKDE�WD[�FUHGLWV��7KH�1DWLRQDO�7UXVW�RI�Historic Preservation has many of these funds, and each has its own criteria for what deals they

will invest in. The investor-owner, whether it be an individual, a corporation, a bank, or a fund, usually pays their equity investment into the project immediately upon allocation of the credits by the IRS, but the credits are disseminated to the investor in 5 parts across the 5 years of the compliance period.

��7KH�WD[�FUHGLW�DSSOLFDWLRQ�SURFHVV�GRHV�QRW�UHTXLUH�GRFXPHQWLQJ�WKH�KLVWRULF�VLJQLÀFDQFH�of the property, since the building cannot DQG�QHHG�QRW�EH�KLVWRULFDOO\�VLJQLÀFDQW��,I�WKH�building is located within a historic district, but is non-contributing, then this does need to be documented by submitting Part 1 of the application to have the NPS declare it as non-VLJQLÀFDQW���7KH�UXOHV�IRU�WKH�UHKDELOLWDWLRQ�JXLGHOLQHV�IRU�buildings under the 10% HTC are different, and are based on preserving at least 50% of WKH�RULJLQDO�H[WHUQDO�ZDOOV�DV�H[WHUQDO������RI�WKH�EXLOGLQJҋV�H[WHUQDO�ZDOOV�PXVW�EH�SUHVHUYHG�RYHUDOO��ZKHWKHU�DV�LQWHUQDO�RU�H[WHUQDO��DQG�DW�least 75% of the building’s internal framework must remain in place.

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Incentives

�� �0Q[\WZQK�:MPIJ�<I`�+ZMLQ\��0<+��

7KH�����+LVWRULF�5HKDE�7D[�&UHGLW�H[LVWV�IRU�XVH�ZLWK�ROGHU�EXW�QRQ�KLVWRULFDOO\�GHVLJQDWHG�EXLOGLQJV�built before 1936 that are being rehabilitated for non-residential use. The regulations for the use of the ����FUHGLW�DUH�YHU\�VLPLODU�WR�WKRVH�IRU�WKH�����FUHGLW�ZLWK�WKH�IROORZLQJ�GLIIHUHQFHV�

�� 7KH�WD[�FUHGLW�DSSOLFDWLRQ�SURFHVV�GRHV�QRW�UHTXLUH�GRFXPHQWLQJ�WKH�KLVWRULF�VLJQLÀFDQFH�of the property, since the building cannot DQG�QHHG�QRW�EH�KLVWRULFDOO\�VLJQLÀFDQW��,I�WKH�building is located within a historic district, but is non-contributing, then this does need to be documented by submitting Part 1 of the application to have the NPS declare it as non-VLJQLÀFDQW�

�� The rules for the rehabilitation guidelines for buildings under the 10% HTC are different, and are based on preserving at least 50% RI�WKH�RULJLQDO�H[WHUQDO�ZDOOV�DV�H[WHUQDO������RI�WKH�EXLOGLQJҋV�H[WHUQDO�ZDOOV�PXVW�be preserved overall, whether as internal or H[WHUQDO��DQG�DW�OHDVW�����RI�WKH�EXLOGLQJҋV�internal framework must remain in place.

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18 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

6I\QWVIT�<Z][\�+WUU]VQ\a�1V^M[\UMV\�.]VL" The National Trust for Historic Preservation’s NTCIC serves as a one-stop shop for all Historic 5HKDE�7D[�&UHGLW�WUDQVDFWLRQV��LQFOXGLQJ�syndication, and focuses on also leveraging other HTXLW\�LQYHVWPHQW�VRXUFHV�LQ�WD[�FUHGLW�GHDOV��The NTCI Fund can provide equity investments as small as $1 million, through a combination of HTC and NMTC funds, which assumes at least $5 million in historic preservation development costs.

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Consists of a pure HTC fund that for projects yielding between $200,000 and $1.5 million in +7&��DSSUR[LPDWHO\����PLOOLRQ�WR������PLOOLRQ�in total development costs. The fund has many VLPSOLÀHG�DQG�VWUHDPOLQHG�SURFHVVHV�WR�UHGXFH�ÀQDQFLDO�WKUHVKROGV�IRU�VPDOOHU�GHDOV�

6I\QWVIT�<Z][\�4WIV�.]VL"�

The National Trust Loan Fund is a CDFI that is currently not initiating any new transactions at the time of the production of this report. Its loans can serve multiple stages of development process. Its terms are usually $500,000; 5 years; 30 year amortization; 80% LTV; 1.10 DSCR; 2% origination fee.

Incentives

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*IVK�WN �)UMZQKI�0Q[\WZQK�<I`�+ZMLQ\�.]VL"

The Banc of America Fund is a New Markets 7D[�&UHGLW�IXQG��ZKLFK�LV�DQRWKHU�UHDO�HVWDWH�GHYHORSPHQW�WD[�VXEVLG\�IURP�WKH�IHGHUDO�government. This fund is focused solely on SDUWQHULQJ�ZLWK�+LVWRULF�5HKDE�7D[�&UHGLW�funded projects in which Bank of America is the KLVWRULF�UHKDE�WD[�FUHGLW�V\QGLFDWRU�DQG�DLPV�WR�leverage the two credits with each other. Bank of America sources this investment through the Banc of America Historic Ventures, which the National Trust for Historic Preservation’s for-SURÀW�VXEVLGLDU\��7KH�1DWLRQDO�7UXVW�&RPPXQLW\�Investment Corporation, manages in conjunction with Banc of America Community Development Corporation.

7KH�1HZ�0DUNHWV�7D[�&UHGLW�HTXLW\�LQYHVWPHQW�from this fund combines with Federal Historic 5HKDE�7D[�&UHGLW�IXQGHG�SURMHFWV�ZKRVH�WRWDO�rehab development costs are $2.5 to $25 million, DQG�DUH�JHQHUDWLQJ�DW�OHDVW����������LQ�+7&�WD[�credits. Equity awards ranging from $500,000 to $5 million are available. Hotels are not an allowed use.

7KHVH�DUH�VRPH�RI�WKH�H[DPSOHV�RI�LQVWLWXWLRQDO�IXQGV�RSHUDWHG�E\�ÀQDQFLDO�LQVWLWXWLRQV�WKDW�VHUYH�WKH�UROH�RI�LQYHVWRU�SXUFKDVHU�RI�WD[�FUHGLW�DOORFDWLRQV�LQ�GHYHORSPHQW�SURMHFWV�

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Incentive Summary The federally administered New Markets Tax Credit program is an incentive for those investments endeavors focused on neighborhoods whose economies are in transition, otherwise known as new markets. The credit is earned through a competitive application process and is based on the amount of investment put into a project. The tax credit is awarded to a financial institution, which in turn sells it for equity and utilizes this equity to create other equity and debt investments into projects. These projects can include the development of historic buildings located in low to moderate-income neighborhoods, as these redevelopments can have a positive economic development impact. A significant amount of Miami’s downtown still qualifies as low to moderate-income.

Basic Characteristic & Incentives ��)XQGV�PXVW�EH�LQYHVWHG�LQ�SURMHFWV�ORFDWHG�LQ�ORZ�LQFRPH�FRPPXQLWLHV��DQG�PXVW�EH�SURMHFWV�that have a positive economic development impact��107&�DUH�XVXDOO\�DZDUGHG�WR�DQ�LQWHUPHGLDU\�ILQDQFLQJ�RUJDQL]DWLRQ�WKDW�WKHQ�IXQGV�NMTC-qualified projects through equity or debt investments��)XQGV�DUH�DZDUGHG�WKURXJK�D�FRPSHWLWLYH�DSSOLFDWLRQ�SURFHVV

“Pros And Cons Ratio” / Usefulness Ratio The NMTC receive a usefulness ration score of “2” because it can deliver a significant amount of funding to a project and it is flexible in what kind of projects it can fund. However, because of the competitiveness of the application for funds it is difficult to be selected to receive the NMTCs, and only the larger projects fare well in the competitive application cycle.

Case Study / ExampleThe role of NMTC credits in supporting historic preservation development efforts is well illustrated in the efforts of the Waterfront Historic Area League (WHALE), a non-profit that leads community and economic development initiatives in New Bedford, MA. In 2004 WHALE was trying to preserve a series of 100-year old historic buildings and convert them into residential lofts. Cost overruns in the project led to a $3.9 million equity gap. Through a series of outreach efforts from multiple involved parties, it became clear that the Union Lofts would qualify well as the recipient of NMTCs, and the Massachusetts Housing Investment Corporation provided the needed gap funding through a NMTC investment. No HTCs were used in this project, but the State of Massachusetts did provide $220,000 in historic preservation grants.

http://www.novoco.com/new_markets/resource_files/reports/fhlb_working_paper_enhancing_nmtc_pipeline_flow_1010.pdf

New Markets Tax Credits

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Incentives

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1HZ�0DUNHWV�7D[�&UHGLWV��107&��DUH�DQRWKHU�W\SH�RI�GHYHORSPHQW�LQFHQWLYH�WKDW�LV�HQJLQHHUHG�E\�DQG�UHJXODWHG�E\�WKH�,56��7KH�FUHGLW�LV�D�����IHGHUDO�WD[�FUHGLW�WKDW�LV�HDUQHG�RQ�4XDOLÀHG�(TXLW\�,QYHVWPHQWV�PDGH�LQWR�D�FHUWLÀHG�&RPPXQLW\�'HYHORSPHQW�(QWLW\��&'(��LQ�WKH�IRUP�RI�HTXLW\�RU�D�ORDQ�WR�D�4XDOLÀHG�$FWLYH�/RZ�LQFRPH�&RPPXQLW\�%XVLQHVV�

NMTCs generate funds for the project developer E\�DOORZLQJ�LQYHVWRUV�WR�UHFHLYH�WD[�FUHGLWV�EDVHG�on the funds that they invest into the CDEs that will be investing in the projects. The purposes of NMTCs are to encourage investment in areas WKDW�KDYH�WUDGLWLRQDOO\�H[SHULHQFHG�GLVLQYHVWPHQW��and thus the goal is to revive the target areas’ markets, thus the “New Markets” name. The funds can only be invested in these low-income FRPPXQLWLHV��EDVHG�RQ�IHGHUDOO\�GHÀQHG�FULWHULD��and currently only about half of Downtown Miami is considered a low-income area per these federal guidelines.

The Community Development Entity (CDE) is the RUJDQL]DWLRQ�WKDW�UHFHLYHV�WKH�4XDOLÀHG�(TXLW\�Investment from the investor seeking the NMTCs. The CDE is usually a “middle-man” entity that WKHQ�XVHV�WKHVH�IXQGV�WR�IXQG�4XDOLÀHG�$FWLYH�Low-Income Community Businesses. A NMTC Credit is equal to 39% of each investment dollar made into the project. The investment is made all up front, but the investor claims the credits over 7 years.

+RZHYHU��HDUQLQJ�WKH�FUHGLWV�LV�GLIÀFXOW�DV�LW�LV�D�competitive application process and only a select number of CDEs can receive an allocation each year. Actual real estate development projects PXVW�WKHQ�ÀQG�&'(V�FDQ�IXQG�WKHLU�ZRUN��7KHUH�DUH�VSHFLÀF�+7&�IXQGV�WKDW�DUH�DOVR�&'(V�DQG�strategically combine HTC allocations with NMTC IXQGV��:KHQ�SDLUHG�ZLWK�+7&�WD[�FUHGLWV��WKH�NMTCs can bring a 30-35% equity increase to real estate transactions.

NMTCs can play an important role in historic preservation development as they can be used to support the development of businesses and projects located within historic buildings. The NMTC policies do not require that a building EH�KLVWRULFDOO\�VLJQLÀFDQW��EXW�WR�VXFFHVVIXOO\�leverage both NMTC and HTCs a building does need to comply with all HTC rules.

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Incentive Summary The federally administered Low Income Housing Tax Credits (LIHTC) program is focused on the creation of affordable housing options. The credits are awarded through a competitive application process administered by local state housing finance offices. Funded projects develop affordable rental housing projects that are owned and administered by private entities but have government regulated rental rates. Affordable housing projects can be developed as new construction or as through the redevelopment of an existing, possibly historic building.

Basic Characteristic & Incentives LIHTC funds are administered by the federal government through the Dept. of Treasury, but are distributed by each state’s housing finance authority. Two types of LIHTC exist: the 9% Credit and the 4% Credit. Each awards their holder with funds representing the respective percentage value of the qualified basis of the development costs.Credits are awarded through a competitive application process.

“Pros And Cons Ratio” / Usefulness Ratio The LIHTC credit receives a ratio score of 2 because they can bring lots of funding to a project and are excellent at being twinned with other development subsidies. However, because they only fund the development of affordable housing they lead to the creation of unique buildings that do not fit the investment wants of most investors. Thus, although the LIHTC credit is useful in helping preserve historic buildings, it is not effective in complimenting the investment goals of many building owners.

Case Study / ExampleA case study of how the Low Income Housing Tax Credits play a role in the development proforma of a project is illustrated at the end of this toolkit, in the study of how the Royalton Hotel in downtown Miami combined LIHTC credits with the 20% HTC to create a feasible historic preservation development project. Many new South Florida mid-rise properties have been developed using LIHTC credits throughout urban core neighborhoods, such as the Brownsville Transit Village, the Village of Allapattah, and the Beacon in Overtown.

Low Income Housing Tax Credits

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22 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Incentives

4W_�1VKWUM�0W][QVO�<I`�+ZMLQ\[� 7KH�/RZ�,QFRPH�+RXVLQJ�7D[�&UHGLWV��/,+7&��UHTXLUH�WKDW�D�EXLOGLQJ�GHYHORSHU�SURYLGH�DIIRUGDEOH��income-limited, rental housing units and maintain them as affordable for a long period of time. They are similar to HTCs in that their value to a developer is captured by syndicating the credits.

In contrast to the HTCs and NMTCs, the LIHTC credits are distributed to states, based on economic equations of need, and are then independently administered by each state JRYHUQPHQW��7KH�4XDOLÀHG�$OORFDWLRQ�3ODQ�is each state’s policy guidelines that dictate the rules of their competitive, points-based application process for LIHTC credits. Rules for this process change almost every cycle.

Affordable rental units that are developed for LIHTC credits in Florida must be maintained as affordable for terms of 30 years, but applicants usually choose an option to make them affordable for 50 years, which provides the developer with a competitive advantage in the points competition. However, the federally regulated compliance SHULRG�IRU�WKH�WD[�FUHGLWV�LV����\HDUV�

Similar to the HTC credit program, there are two W\SHV�RI�/,+7&�FUHGLWV�

��$����FUHGLW�LV�WKH�PRVW�SRSXODU�DQG�competitive credit that awards developers/ owners credits equal to 9% of the eligible basis of the building project, which includes cost of construction and acquisition RI�H[LVWLQJ�EXLOGLQJV��PXOWLSOLHG�E\�WKH�percentage of units being made affordable. These credits, similar to HTC credits, are typically awarded to developer/owners, but are then syndicated to investors that become part of a project’s ownership structure and invest equity into the development project to receive the credits.

��7KH����FUHGLWV�DUH�D�ORW�OHVV�FRPSHWLWLYH�because they generate less equity and can only be used to fund costs of acquiring an H[LVWLQJ�EXLOGLQJ�

The affordability policies that a building development must follow are that at least 20% of units must be available to tenants with incomes of 50% AMI or lower, and 40% of units to tenants with 60% AMI or lower. In Florida, there is no incentive to provide rental units to more middle income residents, and thus LIHTC projects are generally comprised of all affordable units.

LIHTC credits are commonly twinned with HTC credits when the affordable housing building LV�D�KLVWRULFDOO\�VLJQLÀFDQW�EXLOGLQJ��$V�FDQ�EH�seen in the case study for the Royalton building in Downtown Miami, the twinning of these two FUHGLWV�VRPHWLPHV�FUHDWHV�WKH�RQO\�ÀQDQFLDOO\�viable development plan for an older historic building because of the amount of equity they bring to the development project. The two strong equity vehicles complement each other, as the HTC brings in equity up front, enhancing WKH����\HDU�FDVK�ÁRZ�RI�/,+7&�HTXLW\�ZKLFK�FRPHV�LQ�DFURVV�WKH�ÀUVW����\HDUV�RI�D�SURMHFW��Furthermore, costs which are not allowed to be considered part of the HTC’s QRE are part of the LIHTC eligible basis, thus allowing for credit to be earned on many components in the development budget.

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Incentive Summary The use of taxes as a basis for incentives is an effective partnership between the public and private sector because it does not require the governmental entity to put up any liquid funds, and instead allows them to forgo the collection of tax funds, at least for a while, in exchange for encouraging the private developer to develop a project that will eventually generate enhanced tax revenues and other related business. Thus, the following tax-based incentives encourage the development of specific types of buildings in specific areas by offering tax exemptions, tax deductions, or tax credits.

Basic Characteristic & Incentives Conservation Easements & Charitable Contribution Tax Deductions: Federal tax charitable contribution deductions for conservation easements created by property ownerFederal & State Brownfield Tax Incentive: Tax credit for Brownfield site cleanup costsEnterprise Zone Tax Credits/ Refunds: Property tax credits, state corporate income tax credits and sales tax refunds for business and development activity within downtown Miami’s North-Central Dade Enterprise ZoneLocal Property Tax Incentives: Ad-valorem tax exemption programs for historic properties in the City of Miami and Miami-Dade County

“Pros And Cons Ratio” / Usefulness Ratio Conservation Easements & Charitable Contribution Tax Deductions – Score: 3

These programs are available throughout the country, and have the same applicability throughout, unless a local jurisdiction adds greater benefits to the charitable donation of conservation easements. There is no extra benefit in Miami, and thus, the development opportunity loss associated with the limitations placed by the easements is not balanced with significant benefits.Federal & State Brownfield Tax Incentive – Score: 2

There are no negatives cons to using this incentive but because of its very specific applicability scenario, in which a building must have some form of contaminant, its usefulness is low.Enterprise Zone Tax Credits/ Refunds – Score: 1

The program can be applied flexibly in terms of when benefits are used, the buildings being developed do not have to be designated historic, and there are no restrictions on for-profits partaking in the program.Local Property Tax Incentives – Score: 1

The City of Miami and Miami-Dade County’s tax abatement programs are relatively easy to qualify for and can provide a significant tax break if a developer invests in improving their property.

Other Tax-based Historic Preservation Incentives

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Other Tax-based Historic Preservation Incentives

Case Study / Example

��7KH�)ORULGD�7UXVW�IRU�+LVWRULF�3UHVHUYDWLRQ�KROGV�D�FRQVHUYDWLRQ�HDVHPHQW�RQ�WKH�&RORQ\�7KHDWUH�LQ�0LDPL�%HDFK��KHOSLQJ�SUHVHUYH�WKH������WKHDWUHҋV�IDoDGH�DQG�KLVWRULFDO�IHDWXUHV�

��,Q�/HRPLQVWHU��0DVVDFKXVHWWV�DQ�ROG������IDFWRU\�EXLOGLQJ�ZDV�SUHVHUYHG�E\�FRPELQLQJ�WKH�VWDWHҋV�KLVWRULF�UHKDE�WD[�FUHGLW��)ORULGD�GRHV�QRW�KDYH�RQH��ZLWK�WKH�VWDWHҋV�%URZQILHOGV�7D[�&UHGLW��VLPLODU�WR�)ORULGDҋV���ZKLFK�ZDV�JHQHUDWHG�WKURXJK�WKH�GHYHORSHUҋV�H[SHQGLWXUH�RI�IXQGV�WR�FOHDQ�XS�WKH�EXLOGLQJҋV�SROOXWHG�FRQGLWLRQV�

��7KH�&RXUW\DUG�0DUULRWW�LQ�0LDPL�%HDFK��ZKLFK�LV�WKH�ROG�&DGLOODF�+RWHO�EXLOGLQJ�EXLOW�LQ�������KDV�ERWK�TXDOLILHG�IRU�DQG�HQDFWHG�WKH�XVH�RI�ERWK�WKH�&RXQW\ҋV�WD[�DEDWHPHQW�SURJUDP�DQG�(QWHUSULVH�=RQH�7D[�&UHGLWV�

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7KH�GRQDWLRQ�RI�IDoDGH�HDVHPHQWV�RU�RWKHU�SURSHUW\�VSHFLÀF�FRQVHUYDWLRQ�HDVHPHQWV��LQ�SHUSHWXLW\��from property listed in the National Register of Historic Places or locally designated as historically VLJQLÀFDQW�WR�D�TXDOLÀHG�HDVHPHQW�KROGHU��XVXDOO\�D�JRYHUQPHQW�HQWLW\�RU�QRQ�SURÀW�RUJDQL]DWLRQ��TXDOLÀHV�WKH�RZQHU�IRU�FKDULWDEOH�FRQWULEXWLRQ�GHGXFWLRQV�RQ�IHGHUDO�LQFRPH�WD[HV��,I�WKH�HDVHPHQW�KROGHU�LV�D�JRYHUQPHQW�HQWLW\�LW�LV�XVXDOO\�D�VWDWH�KLVWRULF�SUHVHUYDWLRQ�RIÀFH��VXFK�DV�)ORULGDҋV�Division of Historical Resources, or a historic preservation trust with ties to a state or local governing DXWKRULW\��ZKLOH�PDQ\�SULYDWH�KLVWRULF�SUHVHUYDWLRQ�QRQ�SURÀWV�DQG�WUXVWV�FDQ�TXDOLI\�WR�DOVR�EH�holders. The easement serves to preserve that aspect of the property, through a deed restriction, from being altered or demolished.

Incentives

+WV[MZ^I\QWV�-I[MUMV\���+PIZQ\IJTM�+WV\ZQJ]\QWV�<I`�,ML]K\QWV[

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26 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Incentives

.MLMZIT���;\I\M�*ZW_VÅMTL[�<I`�1VKMV\Q^M

The EPA also works with the State of Florida to setup state level incentives. Within the State of )ORULGD��D�VDOHV�WD[�FUHGLW�RQ�EXLOGLQJ�PDWHULDOV�LV�DYDLODEOH�IRU�FRQVWUXFWLRQ�RI�KRXVLQJ�RU�PL[HG�XVH�projects (FS Section 212.08). Redevelopment projects that cleanup a historic building that is D�%URZQÀHOG�VLWH�DUH�DOVR�HOLJLEOH�IRU�WKH�6WDWH�RI�)ORULGDҋV�9ROXQWDU\�&OHDQ�8S�7D[�&UHGLWV��whereby 50% of the eligible cost of clean up is DYDLODEOH�WR�EH�DSSOLHG�DV�D�WD[�FUHGLW�DJDLQVW�WKH�FRUSRUDWH�LQFRPH�WD[�RI�DQ�HQWLW\��$Q�DGGLWLRQDO�25% of the clean up costs can be converted into WD[�FUHGLWV�LI�WKH�UHGHYHORSPHQW�SURMHFW�LQFOXGHV�affordable housing units (FS Section 376.30781)

Any cleanup/ redevelopment activity costs on a historic building considered to be a %URZQÀHOG�E\�WKH�IHGHUDO�(QYLURQPHQWDO�3URWHFWLRQ�$JHQF\��FDQ�EH�FRXQWHG�DV�GHGXFWLRQ�DJDLQVW�EXLOGLQJ�RZQHUҋV�IHGHUDO�WD[HV�LQ�RQH�\HDU��YHUVXV�WKH�VWDQGDUG����\HDU�GHGXFWLRQ�that other improvements can qualify for. The building must have hazardous materials present WR�EH�FRQVLGHUHG�D�%URZQÀHOG��DQG�WKH�SURSHUW\�PXVW�EH�DQ�LQFRPH�SURGXFLQJ�SURSHUW\��

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Incentives

-V\MZXZQ[M�BWVM�<I`�+ZMLQ\[���:MN]VL[

�4WKIT�<I`�JI[ML�-V\MZXZQ[M�BWVM�1VKMV\Q^M

��7KH�ORFDO�SURSHUW\�WD[��EDVHG�RQ�DVVHVVHG�value of building and of tangible personal property, that a building owner pays be applied (96% of its value) as a credit against state FRUSRUDWH�LQFRPH�WD[��,I�D�EXLOGLQJ�RZQLQJ�HQWLW\�is newly acquiring the property, then the full 96% RI�SURSHUW\�WD[HV�SDLG�LV�DSSOLHG�DV�D�FUHGLW��,I�the business entity already owned the building, WKHQ�WKH�DGGLWLRQDO�WD[HV�SDLG�RQ�WKH�DGGLWLRQDO�assessed value of improvements made to the building and on the additional tangible personal SURSHUW\�LV�DSSOLHG�DV�D�WD[�FUHGLW��7KH�FUHGLW�can be applied for up to 5 years, with a cap of $50,000 per year of credit.

;\I\M�<I`�JI[ML�-V\MZXZQ[M�BWVM�1VKMV\Q^M

��5HIXQGV�RQ�WKH�VDOHV�WD[�SDLG�RQ�EXLOGLQJ�materials used to rehab building, capped at a value equal to at least $500 or less than $5,000 RU�����RI�VWDWH�VDOHV�WD[�SDLG��,I�����RI�PRUH�of the permanent, full-time employees of the business are residents of an Enterprise Zone than the refund can be up to $10,000;

��%XVLQHVVHV�WKDW�DUH�QHZO\�HVWDEOLVKHG�RU�H[SDQGLQJ�DQG�FUHDWLQJ�MREV�WKDW�HPSOR\�residents living within the Enterprise Zone area FDQ�FODLP�D�6WDWH�FRUSRUDWH�LQFRPH�WD[�FUHGLW�based on a value of 20% - 30% of wages paid, or can deduct these wage values from the state VDOHV�WD[�WKH\�SD\��

It is important to note that Empowerment Zones, which were similar to Enterprise Zones and are often confused with them because of their name similarity, are no longer active because the federal policy that instated them has since H[SLUHG�

Business development activities within historic properties located within Downtown Miami’s North-&HQWUDO�'DGH�(QWHUSULVH�=RQH�FDQ�JHQHUDWH�WD[�FUHGLWV�DQG�UHIXQGV�DJDLQVW�GLIIHUHQW�ORFDO�DQG�VWDWH�WD[HV�IRU�D�SURSHUW\�RZQHU��6RPH�RI�WKH�(QWHUSULVH�=RQH�&UHGLWV�ZLOO�QRW�EH�OLVWHG�KHUH�EHFDXVH�they relate to business activity-related credits that can support a historic property owner, but are not VSHFLÀFDOO\�LQFHQWLYHV�IRFXVHG�RQ�WKH�DFW�RI�SUHVHUYLQJ�D�KLVWRULF�SURSHUW\��$�GHYHORSHU�FDQ�HDUQ�WKH�IROORZLQJ�W\SHV�RI�FUHGLWV�DQG�UHIXQGV�

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28 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Incentives

4WKIT�8ZWXMZ\a�<I`�1VKMV\Q^M[

5QIUQ�,ILM�+W]V\a�)L�>ITWZMU�<I`�-`MUX\QWV�8ZWOZIU�NWZ�,M[QOVI\ML�0Q[\WZQK�8ZWXMZ\QM["��

��$G�YDORUHP�WD[�RU�SURSHUW\�WD[�H[HPSWLRQV�DUH�available for properties that have National or local historic designation, or are contributing properties within a National or local historic district and must be about to undergo rehab or redevelopment work.

��7KH�WD[�H[HPSWLRQ�LV�RQ�WKH�VKDUH�RI�SURSHUW\�WD[�WKDW�LV�DVVRFLDWHG�ZLWK�WKH�&RXQW\ҋV�PLOODJH�UDWH�IRU�WKH�SURSHUW\��DQG�WKH�H[HPSWLRQ�RI�WD[HV�applies only to the new value added to the property as a result of the improvements made through the historic preservation rehab work.

��7KH�WD[�H[HPSWLRQ�LV�IRU�D�SHULRG�RI����\HDUV��RU�less as determined by the County government, and is a constant value each year it applies.

��$SSOLFDWLRQ�IRU�WKH�WD[�H[HPSWLRQ�PXVW�EH�PDGH�before the repairs and rehab work is begun.

��7KH�&RXQW\�DQG�LWV�+LVWRULF�3UHVHUYDWLRQ�%RDUG�must certify that a building complies with the historic designation requirements, and then require that the property owner document and perform all repairs and rehab work following the US Secretary of the Interior’s Standards for Rehabilitation.

��$�SURSHUW\�WKDW�LV�WR�SDUWLFLSDWH�LQ�WKH�$G�9DORUHP�7D[�([HPSWLRQ�3URJUDP�PXVW�KDYH�LWV�owner enter into a covenant with the Board of County Commissioners, which will be valid for the GXUDWLRQ�RI�WKH�WD[�H[HPSWLRQ�SHULRG�DQG�PXVW�require that building and its historic character EH�SUHVHUYHG�WKURXJKRXW�WKH�GXUDWLRQ�RI�WKH�WD[�H[HPSWLRQ�

��7KURXJKRXW�WKH�DSSOLFDWLRQ�SURFHVV�WKH�+LVWRULF�Preservation Board provides the Board of County Commissioners with the recommendation RQ�ZKHWKHU�WR�JUDQW�WKH�DSSOLFDQW�ZLWK�WD[�H[HPSWLRQ�VWDWXV�RU�QRW��+RZHYHU��DOO�ÀQDO�decisions are determined by the Board of County Commissioners voting with a majority vote in favor of the application.

0RUH�LQIRUPDWLRQ�RQ�WKH�&RXQW\ҋV�7D[�([HPSWLRQ�program can be learned by reading Chapter 16-A of the County’s Code and by reviewing WKH�LQIRUPDWLRQ�RQ�WKH�&RXQW\ҋV�ZHEVLWH�DW��KWWS���ZZZ�PLDPLGDGH�JRY�EXVLQHVV�KLVWRULF�preservation.asp

/RFDOO\�LQ�6RXWK�)ORULGD��WKHUH�DUH�H[HPSWLRQV�IRU�SURSHUW\�WD[�DYDLODEOH�WR�SURSHUWLHV�WKDW�DUH�registered as historic and submit an application to the City of Miami and or Miami-Dade County. Both WD[�H[HPSWLRQ�DSSOLFDWLRQV�PLUURU�HDFK�RWKHU�LQWHQWLRQDOO\��WR�HQFRXUDJH�KLVWRULF�SUHVHUYDWLRQ�DFWLYLW\��EXW�HDFK�EULQJV�D�GLIIHUHQW�WD[�UHOLHI�HIIHFW��)RU�ERWK�SURJUDPV��D�IRU�SURÀW��WD[�SD\LQJ�HQWLW\�PXVW�EH�WKH�RZQHU�RI�WKH�EXLOGLQJ��$�SURSHUW\�RZQHU�FDQ�FKRRVH�WR�DSSO\�IRU�RQO\�RQH�RI�WKHVH�H[HPSWLRQV��EXW�LV�DOVR�DOORZHG�WR�DSSO\�IRU�DQG�HQDFW�ERWK�H[HPSWLRQV�DW�WKH�VDPH�WLPH�

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+Q\a�WN �5QIUQ�)L�>ITWZMU�<I`�-`MUX\QWV�*MVMÅ\�8ZWOZIU"�

The City’s program was recently created a few years ago to mirror the County’s program, with the goal of encouraging property owners to invest their efforts in successfully applying for DQG�TXDOLI\LQJ�IRU�ERWK�H[HPSWLRQV�DQG�LQYHVWLQJ�in their historic properties, thus helping preserve valuable historic assets in the City.

7KH�DG�YDORUHP�WD[�H[HPSWLRQ�IRU�D�KLVWRULFDOO\�designated property in the City of Miami follows most of the guidelines set forth in the County’s SURJUDP�

��3URSHUW\�PXVW�EH�GHHPHG�KLVWRULF�WKURXJK�National or local designation, or through designation as a contributing property within a National or local historic district.

��7KH�&LW\�RI�0LDPLҋV�+LVWRULF�DQG�(QYLURQPHQWDO�Preservation Board (HEP Board) may consider applications from non-contributing properties if the proposed work would restore the building to its original appearance and help it become a contributing property again.

��$SSOLFDWLRQV�IRU�WD[�H[HPSWLRQ�PD\�EH�considered at the same time as an application for D�6SHFLDO�&HUWLÀFDWH�RI�$SSURSULDWHQHVV

�7D[�H[HPSWLRQ�DSSOLHV�WR�WKH�QHZO\�FUHDWHG�value that a property achieves after going though historic preservation repairs and rehab work, and RQO\�WR�WKH�SRUWLRQ�RI�SURSHUW\�WD[�DWWULEXWHG�WR�WKH�City’s millage rate.

��7KH�WD[�H[HPSWLRQ�LV�IRU�D�SHULRG�RI����\HDUV

��$OO�GHFLVLRQV�IRU�WKLV�WD[�H[HPSWLRQ�SURJUDP�are made through recommendations made by the HEP Board being delivered to the City &RPPLVVLRQ�DQG�WKH�&RPPLVVLRQ�PDNLQJ�D�ÀQDO�decision through a majority vote in favor of the H[HPSWLRQ�

��$OO�ZRUN�UHODWHG�WR�WKH�UHKDE�DQG�UHSDLU�RI�D�KLVWRULF�SURSHUW\�EHLQJ�FRQVLGHUHG�IRU�D�WD[�

H[HPSWLRQ�PXVW�EH�FRPSOHWHG�ZLWKLQ���\HDUV�RI�the application.

According to the City of Miami’s Planning staff, as of the publishing of this toolkit, very few applications by a property owner have been VXEPLWWHG�IRU�WKLV�WD[�H[HPSWLRQ��PRVWO\�EHFDXVH�of a lack of knowledge about the program by property owners. Until recently all applications had been from single-family residential property owners, although the newly developing Langford Hotel in Downtown Miami has since applied for it.

6HSDUDWH�IURP�WKH�WD[�DEDWHPHQW�SURJUDPV��the State of Florida has a program that allows IRU�D�SURSHUW\�WR�EH�FODVVLÀHG�DV�KLVWRULF�for its assessment purposes. Under normal circumstances properties are usually assessed IRU�SURSHUW\�WD[�SXUSRVHV�XVLQJ�D�IRUPXOD�WKDW�determines the value of the property’s highest and best use. Section 195.503 of the Florida 6WDWXWHV�DOORZV�IRU�D�SURSHUW\�WR�EH�FODVVLÀHG�as historic for valuation purposes if it is used IRU�FRPPHUFLDO��SURÀW�JHQHUDWLQJ��RU�QRQ�SURÀW�purposes and if it is historically designated or contributing at a national or local level. These SURSHUWLHV�FDQ�DSSO\�WR�EH�FODVVLÀHG�DV�KLVWRULF�for assessment purposes, thus allowing the appraisal process to value it based on its current use and not on its highest and best use, which XVXDOO\�UHVXOWV�LQ�ORZHU�SURSHUW\�WD[HV�EHLQJ�assessed.

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30 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Incentive Summary The following incentives are grants administered by various federal, state, local and private entities. The grants represent monies that once awarded usually do not need to be paid back. The variety of grant monies listed below also are applied to different aspects of the development process, from the pre-development research and feasibility assessment stages, to the actual development and construction stage, and including the operation of completed and operational historically preserved projects.

Basic Characteristic & Incentives National Trust for Historic Preservation Grants – administered by a privately-funded non-profit organization, and focused on the pre-development planning for development projectsCommunity Development Block Grants (CDBG) – originated by the federal government’s Housing and Urban Development (HUD) Dept. and administered by the City of Miami, and evolving in its focus of how it can be used to support historic developmentsEPA Brownfield Redevelopment Grants – originated by the federal government’s Environmental Protection Agency and administered by local governments, with the ability to serve a development funding roleState of Florida Historic Preservation Grants – administered by the State of Florida’s Division of Historical Resources and used for either pre-development planning or development costs in projects where a non-profit or government entity is part of the ownership structureMiami Downtown Development Authority Grants – administered by the Miami DDA, these grants are for the improvement of an already operating building project or can also be used to fund the development process

“Pros And Cons Ratio” / Usefulness Ratio National Trust for Historic Preservation Grants – Score: 2

Only government or non-profits may apply; not applicable for direct development costsCommunity Development Block Grants (CDBG) – Score: 3

This grant source will be further discussed below, as it is currently evolving to become more useful, but until now it is too limited in availability and too restrictive in its useEPA Brownfield Redevelopment Grants – Score: 2

These grants are very useful when a project qualifies for them, but not many buildings in downtown Miami qualify as BrownfieldsState of Florida Historic Preservation Grants – Score: 2

These grants cannot be used by a private entityMiami Downtown Development Authority Grants – Score: 1

Funds can provide debt relief for large development projects, by reducing their development fund needs, or can serve as a significant investment in a small project.

Historic Preservation Grant Funds

Case Studies / Example ��In 2009, Vizcaya Museum and Gardens was awarded a Johanna Favrot Fund grant to support the creation of a report that would guide the continued preservation of the gardens.

��The McFarlane Homestead Historic District, a neighborhood surrounding Grand Ave. within the City of Coral Gables, was awarded Miami-Dade County CDBG funds for the preservation 3 historic homes in the community.

��The Historic Hampton House, located in the Brownsville neighborhood of unincorporated Miami-Dade County, was a recipient of two separate grants, both through the non-profit organization that oversees its preservation and redevelopment. One grant was for $24,000 in 2008 to support the creation of an oral history report, and the other was for $3,000 in 2007 to support its National Register of Historic Places nomination application.

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Incentive Summary The following incentives are grants administered by various federal, state, local and private entities. The grants represent monies that once awarded usually do not need to be paid back. The variety of grant monies listed below also are applied to different aspects of the development process, from the pre-development research and feasibility assessment stages, to the actual development and construction stage, and including the operation of completed and operational historically preserved projects.

Basic Characteristic & Incentives National Trust for Historic Preservation Grants – administered by a privately-funded non-profit organization, and focused on the pre-development planning for development projectsCommunity Development Block Grants (CDBG) – originated by the federal government’s Housing and Urban Development (HUD) Dept. and administered by the City of Miami, and evolving in its focus of how it can be used to support historic developmentsEPA Brownfield Redevelopment Grants – originated by the federal government’s Environmental Protection Agency and administered by local governments, with the ability to serve a development funding roleState of Florida Historic Preservation Grants – administered by the State of Florida’s Division of Historical Resources and used for either pre-development planning or development costs in projects where a non-profit or government entity is part of the ownership structureMiami Downtown Development Authority Grants – administered by the Miami DDA, these grants are for the improvement of an already operating building project or can also be used to fund the development process

“Pros And Cons Ratio” / Usefulness Ratio National Trust for Historic Preservation Grants – Score: 2

Only government or non-profits may apply; not applicable for direct development costsCommunity Development Block Grants (CDBG) – Score: 3

This grant source will be further discussed below, as it is currently evolving to become more useful, but until now it is too limited in availability and too restrictive in its useEPA Brownfield Redevelopment Grants – Score: 2

These grants are very useful when a project qualifies for them, but not many buildings in downtown Miami qualify as BrownfieldsState of Florida Historic Preservation Grants – Score: 2

These grants cannot be used by a private entityMiami Downtown Development Authority Grants – Score: 1

Funds can provide debt relief for large development projects, by reducing their development fund needs, or can serve as a significant investment in a small project.

Case Studies / Example ��In 2009, Vizcaya Museum and Gardens was awarded a Johanna Favrot Fund grant to support the creation of a report that would guide the continued preservation of the gardens.

��The McFarlane Homestead Historic District, a neighborhood surrounding Grand Ave. within the City of Coral Gables, was awarded Miami-Dade County CDBG funds for the preservation 3 historic homes in the community.

��The Historic Hampton House, located in the Brownsville neighborhood of unincorporated Miami-Dade County, was a recipient of two separate grants, both through the non-profit organization that oversees its preservation and redevelopment. One grant was for $24,000 in 2008 to support the creation of an oral history report, and the other was for $3,000 in 2007 to support its National Register of Historic Places nomination application.

Historic Preservation Grant Funds

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32 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

��3UHVHUYDWLRQ�6HUYLFHV�)XQG��-RKDQQD�)DYURW�)XQG��&\QWKLD�:RRGV�0LWFKHOO�)XQG

All three of these grants can serve a similar role in a development project’s capital structure and come with similar usage guidelines, and can range from $2,500 to $10,000. The selection process is a competitive application process, and though the fund amounts are small in the general range of different historic preservation development funds reviewed by this toolkit, their role is crucial in the planning process for a project.

3XEOLF�DJHQFLHV�DQG�QRQSURÀW�RUJDQL]DWLRQV�PXVW�have a formal pre-established involvement with the NTHP before applying for these grants, and the funds can only be applied towards a project LQYROYLQJ�D�KLVWRULFDOO\�VLJQLÀFDQW�EXLOGLQJ�DV�GHÀQHG�E\�WKH�1DWLRQDO�+LVWRULF�/DQGPDUN�UXOHV��The funds, if awarded, must be matched on a one-to-one basis with other funds raised by the planning organization.

As these funds are not eligible to be used for actual development process hard costs, they are to be leveraged for planning a successful development project through research and marketing activities. This application of the funds, though not directly helpful to the development process, do provide key support for the crucial

processes that a developer must follow in SODQQLQJ�WKH�ÀQDQFLDO�DQG�GHYHORSPHQW�ORJLVWLFV�of their project.

Incentives

6I\QWVIT�<Z][\�NWZ�0Q[\WZQK�8ZM[MZ^I\QWV�/ZIV\[

The National Trust for Historic Preservation, along with serving as one of the main consulting and advocacy groups for historic preservation development and providing important funds for the syndication of HTCs, also provides grant funding. The following grants are available through WKH�17+3�DQG�DUH�LQWHQGHG�WR�KHOS�QRQ�SURÀW�RUJDQL]DWLRQV�DQG�SXEOLF�DJHQFLHV�ZLWK�WKH�FRVWV�RI�FRQVXOWLQJ�DQG�SODQQLQJ�VHUYLFHV�IRU�SUHVHUYDWLRQ�SURMHFW�SODQQLQJ�

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+Q\a�WN �5QIUQ�0Q[\WZQK�8ZM[MZ^I\QWV�8QTW\�8ZWOZIU

As of the time of publication of this toolkit the use of CDBG funds for historic preservation development was little. However, in November of 2012 the City of Miami Commission voted in favor of creating a Historic Preservation Pilot Program. This program has not been analyzed for SXUSRVHV�RI�WKLV�WRRONLW��EXW�WKHVH�DUH�LWV�GHWDLOV�

��3URJUDP�SURYLGHV�IXQGLQJ�WR�H[LVWLQJ�DQG�eligible historic resources located with the City of Miami

��7KH�PD[LPXP�DVVLVWDQFH�WKDW�FDQ�EH�SURYLGHG�to a project is $100,000

��(OLJLEOH�DFWLYLWLHV�WKDW�FDQ�EH�IXQGHG�LQFOXGH�repairs to eligible historic properties that follow the Secretary of the Interior’s Standards for Rehabilitation

��7KH�IXQGV�DUH�SDFNDJHG�DV�D�ORDQ�WKDW�LV�forgiven after 10 years for residential properties and after 5 years for commercial properties, so long as these properties maintain their historic VLJQLÀFDQFH�DQG�DFFRPSOLVK�WKH�&'%*�JRDOV�RI�job creation.

A series of grants are available to a historic building that can be considered a contaminated %URZQÀHOG��7KH�IHGHUDO�GHÀQLWLRQ�RI�D�%URZQÀHOG�is any real property whose use, development or redevelopment may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant. The goal of the EPA’s grants is to encourage the reuse of these contaminated buildings that are usually located in prime urban locations, that have been SROOXWHG�HLWKHU�WKURXJK�WKHLU�SUR[LPLW\�WR�RU�XVH�as an industrial site or through their construction with pollutant materials. In Downtown Miami, a qualifying building will primarily be one that was constructed decades ago with methods and materials that today are considered contaminants, such as asbestos.

Incentives

+Q\a�WN �5QIUQ�+WUU]VQ\a�,M^MTWXUMV\�*TWKS�/ZIV\[��+,*/�Federal grant dollars that are granted to the City of Miami and Miami-Dade County and distributed WR�SURMHFWV�ORFDWHG�LQ�IHGHUDOO\�GHVLJQDWHG�DUHDV�RI�JUHDWHVW�QHHG��ZKLFK�DUH�DUHDV�WKDW�DUH�GHÀQHG�by having certain low socioeconomic characteristics. The Community Development Block Grant (CDBG) program is administered by HUD and takes the form of quite a few different funding programs. These funds can be awarded at the discretion of either the City of Miami or the County government to a historic preservation development project, either as development dollars or programmatic/ operations dollars. The grant funds require compliance in the form of providing some progress in generating local jobs, local business support, and local housing options through the grant-funded activity.

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34 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

��$VVHVVPHQW�JUDQWV��available for pre-cleanup activities, such as the planning work that is QHFHVVDU\�WR�GHWHUPLQH�ZKDW�FRQWDPLQDWLRQ�H[LVWV�and how it can be cleaned up. The grant is made from the EPA to the City of Miami for activities IRFXVHG�RQ�VSHFLÀF�LGHQWLÀHG�%URZQÀHOG�VLWHV��

��'LUHFW�&OHDQXS�*UDQWV��cover the cost of rehab-related cleaning of hazardous materials, and are available in amounts less than or equal to $200,000. Direct Cleanup Grants can only EH�XVHG�IRU�SXEOLFO\�RZQHG�RU�QRQSURÀW�RZQHG�properties, and applicants must provide 20% matching

��&OHDQXS�/RDQ�3URJUDP�*UDQWV� funds granted to a local governing authority that are used to help set-up revolving loan funds for cleanup work. The loans that are created with this grant are to be in amounts less than or equal to $1 million, usually with below-market rate interest rates. Loan Program participants must contribute 20% in matching funds to the cleanup project. Miami currently does not have an established revolving loan program, though the South Florida Regional Planning Council, with Miami serving as a participating city, was a pilot program for the revolving loan program grant in 2001.

There are also job-related training grants DQG�WD[�FUHGLW�SURJUDPV�LQYROYLQJ�%URZQÀHOG�programs, but these do not relate directly to the redevelopment activities associated with potential EURZQÀHOG�KLVWRULF�SURSHUWLHV�

Incentives

-V^QZWVUMV\IT�8ZW\MK\QWV�)OMVKa��-8)��*ZW_VÅMTL�:MLM^MTWXUMV\�/ZIV\[�7KH�(3$�LV�WKH�VRXUFH�RI�IXQGLQJ�IRU�%URZQÀHOG�UHGHYHORSPHQW�JUDQWV��EXW�WKH�DJHQF\�GLUHFWV�PDQ\�RI�LWV�SURJUDPV�WKURXJK�ORFDO�JRYHUQPHQW�MXULVGLFWLRQV��7KH�IROORZLQJ�W\SHV�RI�JUDQWV�DUH�DYDLODEOH�

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Incentives

;\I\M�WN �.TWZQLI�/ZIV\[�

;XMKQIT�+I\MOWZa�/ZIV\["

��������������������

��$VVLVW�ZLWK�PDMRU�VLWH�VSHFLÀF�DUFKHRORJLFDO�H[FDYDWLRQV��PDMRU�EXLOGLQJ�UHVWRUDWLRQV�RU�rehabilitations of historic buildings. Allowable H[SHQVHV�LQFOXGH�DFTXLVLWLRQ�RI�KLVWRULF�SURSHUW\��moving of historic buildings, rehab costs of building

��$SSOLFDQWV�FDQ�EH�VWDWH�DJHQFLHV��XQLYHUVLWLHV��local governments or units of local government, DQG�QRQ�SURÀW�RUJDQL]DWLRQV�

��*UDQWHH�PXVW�PDWFK�JUDQW�ZLWK�HLWKHU���������or 50% of grant amount, whichever is highest. Match can consist of in-kind donations, but 25% of the match must be cash from a local entity.

;UITT�5I\KPQVO�/ZIV\["�

��8S�WR��������

��$VVLVW�LQ�WKH�LGHQWLÀFDWLRQ��H[FDYDWLRQ��protection, and rehab of historic and archaeological sites of buildings; to provide public information about important historical resources; and to encourage historic preservation in small cities through the Florida Main Street program.$OORZDEOH�H[SHQVHV�LQFOXGH�DFTXLVLWLRQ�DQG�development projects, protection and education activities, community education projects, historical markers, national register nominations.

��$SSOLFDQWV�FDQ�EH�VWDWH�DJHQFLHV��XQLYHUVLWLHV��local governments or units of local government, DQG�QRQ�SURÀW�RUJDQL]DWLRQV�

��*UDQWHH�PXVW�PDWFK�JUDQW�ZLWK�D���WR���PDWFK�of funds, with at least 25% of the match being cash.

7KH�6WDWH�RI�)ORULGD�GRHV�QRW�KDYH�LWV�RZQ�KLVWRULF�UHKDE�WD[�FUHGLW�SURJUDP��DV�VRPH�VWDWHV�GR��EHFDXVH�WKHUH�LV�QR�LQFRPH�WD[�LQ�WKH�VWDWH�IRU�WKH�SURJUDP�WR�SURYLGH�D�FUHGLW�DJDLQVW��DQG�WKXV�DQ�LQFRPH�EDVHG�WD[�FUHGLW�ZRXOG�QRW�EH�DSSOLFDEOH�WR�LQGLYLGXDOV��7KH�6WDWH�GRHV�KDYH�DQ�DFWLYH�special grants program that is useful to historic preservation projects. The following types of grants DUH�DYDLODEOH�

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36 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

7KH�JUDQW�IXQGV�FDQ�EH�XVHG�IRU�WKH�IROORZLQJ�

�������RI�WKH�FRVWV�WR�UHPRYH�VROLG�PHWDO�shutters from windows and storefronts

������RI�WKH�FRVWV�WR�LQVWDOO�LPSDFW�UHVLVWDQW�JODVV�store fronts

������RI�WKH�FRVWV�IRU�DOO�RWKHU�H[WHULRU�IDoDGH�improvements (masonry stucco; lighting; awnings; paint; signage)

The grant can be used for any of the above listed improvements, but a property owner must already have removed their solid shutters to qualify for RWKHU�H[WHULRU�IDoDGH�LPSURYHPHQWV��,I�WKH�VROLG�shutters have not been removed, then the grant must initially be applied towards the removal of these shutters.

Incentives

Downtown Development )]\PWZQ\a¼[�.ItILM�1UXZW^MUMV\�/ZIV\�8ZWOZIUThe DDA’s Façade Improvement Grant Program is an important incentive that the agency offers to Downtown property owners to help them redevelop their buildings and preserve their historic character. The incentives program is a matching grant program that provides business or building RZQHUV�D�PDWFK�RI�H[WHULRU�IDoDGH�LPSURYHPHQW�IXQGV�XS�WR����������7KH�JUDQW�LV�DSSOLFDEOH�WR�EXLOGLQJV�ORFDWHG�ZLWKLQ�D�VSHFLÀF�&HQWUDO�%XVLQHVV�'LVWULFW�GHÀQHG�DUHD�

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Incentive Summary The City of Miami’s Miami 21 zoning code is a new holistic code, adopted in 2009, that focuses on regulating the City’s built form along with its social and public realm. The Public Benefits Program within the zoning code provides building owners with the ability to access a bonus density and height allowance for the development of their building if they pay into or support the development of one of six public benefits. The preservation of existing historic structures is one of these public benefits, and a historic building owner can sell off their as-of-right allowed development rights through a process called Transfer of Development Rights. The sale of these rights can serve as a way of gaining equity for use in redeveloping their historic building, or can be used simply as a method with which to gain increased development rights on another property. Regardless of the intention of the sale, the historic building is successfully preserved through this process.

Basic Characteristic & Incentives ��7KH�7UDQVIHU�RI�'HYHORSPHQW�5LJKWV��7'5V��SURFHVV�LV�D�SDUW�RI�WKH�&LW\�RI�0LDPLҋV�0LDPL����3XEOLF�Benefits Bonus Program��$�EXLOGLQJ�PXVW�EH�GHVLJQDWHG�KLVWRULF��GHILQHG�DV�EHLQJ�HLWKHU�QDWLRQDOO\�RU�ORFDOO\�GHVLJQDWHG�KLVWRULF�RU�contributing to a historic district, to be able to sell off TDRs��$�´VHOOLQJµ�EXLOGLQJ�PXVW�EH�ORFDWHG�ZLWKLQ�D�7��=RQH�RU�KLJKHU��7'5V�FDQ�RQO\�EH�WUDQVIHUUHG�WR�RU�VROG�WR�D�´EX\LQJµ�EXLOGLQJ�ORFDWHG�ZLWKLQ�D�7��=RQH��$�´VHOOLQJµ�EXLOGLQJ�PXVW�PDLQWDLQ�LWV�KLVWRULFDO�VLJQLILFDQFH�DQG�FRQGLWLRQV�IRU����\HDUV��7KH�&LW\�RI�0LDPL�LV�DVVLVWLQJ�LQ�VHWWLQJ�WKH�SULFH�RI�7'5V�WKURXJK�D�G\QDPLF�SURFHVV�WKDW�LQYROYHV�gauging demand for the Miami 21 Code’s other Public Benefits which are also available for sale

“Pros And Cons Ratio” / Usefulness Ratio The TDR program received a score of 3 because of the many complexities involved with understanding how to successfully generate a selling market for them. Their value is too difficult to determine under the current context, and thus a building owner that would like to sell their TDRs will be faced with an uncertain ´VDOHVµ�SULFH��RU�HTXLW\�LQYHVWPHQW��LQ�H[FKDQJH�IRU�WKH�SHUPDQHQW�ORVV�RI�WKHLU�EXLOGLQJҋV�IXWXUH�development rights.

Case Studies / Example Case Study / ExampleThe current TDR program in the City of Miami has resulted in a few successful postings of property development rights for sale, but as of yet, no known purchase transaction has been completed. The posting of TDRs for sale has mostly occurred within the MIMO neighborhood, where property owners have approached the City’s Planning Department to register and qualify their TDRs for sale. The price at which these will sell is not yet known as that is an aspect of the private party transaction that will be GHFLGHG�ZKHQ�D�EX\LQJ�VLWH�SXUFKDVHV�WKH�7'5V��$�QHDUE\�H[DPSOH�RI�KRZ�7'5V�FDQ�VHUYH�KLVWRULF�preservation efforts is in the City of Hollywood, where the City encouraged the preservation of the historic beachfront low-rise architecture and density by allowing property owners to sell their development rights to another site.

Transfer of Development Rights: City of Miami’s Miami 21 Historic Preservation Incentive

Incentive Summary The City of Miami’s Miami 21 zoning code is a new holistic code, adopted in 2009, that focuses on regulating the City’s built form along with its social and public realm. The Public Benefits Program within the zoning code provides building owners with the ability to access a bonus density and height allowance for the development of their building if they pay into or support the development of one of six public benefits. The preservation of existing historic structures is one of these public benefits, and a historic building owner can sell off their as-of-right allowed development rights through a process called Transfer of Development Rights. The sale of these rights can serve as a way of gaining equity for use in redeveloping their historic building, or can be used simply as a method with which to gain increased development rights on another property. Regardless of the intention of the sale, the historic building is successfully preserved through this process.

Basic Characteristic & Incentives ��7KH�7UDQVIHU�RI�'HYHORSPHQW�5LJKWV��7'5V��SURFHVV�LV�D�SDUW�RI�WKH�&LW\�RI�0LDPLҋV�0LDPL����3XEOLF�Benefits Bonus Program��$�EXLOGLQJ�PXVW�EH�GHVLJQDWHG�KLVWRULF��GHILQHG�DV�EHLQJ�HLWKHU�QDWLRQDOO\�RU�ORFDOO\�GHVLJQDWHG�KLVWRULF�RU�contributing to a historic district, to be able to sell off TDRs��$�´VHOOLQJµ�EXLOGLQJ�PXVW�EH�ORFDWHG�ZLWKLQ�D�7��=RQH�RU�KLJKHU��7'5V�FDQ�RQO\�EH�WUDQVIHUUHG�WR�RU�VROG�WR�D�´EX\LQJµ�EXLOGLQJ�ORFDWHG�ZLWKLQ�D�7��=RQH��$�´VHOOLQJµ�EXLOGLQJ�PXVW�PDLQWDLQ�LWV�KLVWRULFDO�VLJQLILFDQFH�DQG�FRQGLWLRQV�IRU����\HDUV��7KH�&LW\�RI�0LDPL�LV�DVVLVWLQJ�LQ�VHWWLQJ�WKH�SULFH�RI�7'5V�WKURXJK�D�G\QDPLF�SURFHVV�WKDW�LQYROYHV�gauging demand for the Miami 21 Code’s other Public Benefits which are also available for sale

“Pros And Cons Ratio” / Usefulness Ratio The TDR program received a score of 3 because of the many complexities involved with understanding how to successfully generate a selling market for them. Their value is too difficult to determine under the current context, and thus a building owner that would like to sell their TDRs will be faced with an uncertain ´VDOHVµ�SULFH��RU�HTXLW\�LQYHVWPHQW��LQ�H[FKDQJH�IRU�WKH�SHUPDQHQW�ORVV�RI�WKHLU�EXLOGLQJҋV�IXWXUH�development rights.

Case Studies / Example Case Study / ExampleThe current TDR program in the City of Miami has resulted in a few successful postings of property development rights for sale, but as of yet, no known purchase transaction has been completed. The posting of TDRs for sale has mostly occurred within the MIMO neighborhood, where property owners have approached the City’s Planning Department to register and qualify their TDRs for sale. The price at which these will sell is not yet known as that is an aspect of the private party transaction that will be GHFLGHG�ZKHQ�D�EX\LQJ�VLWH�SXUFKDVHV�WKH�7'5V��$�QHDUE\�H[DPSOH�RI�KRZ�7'5V�FDQ�VHUYH�KLVWRULF�preservation efforts is in the City of Hollywood, where the City encouraged the preservation of the historic beachfront low-rise architecture and density by allowing property owners to sell their development rights to another site.

Transfer of Development Rights: City of Miami’s Miami 21 Historic Preservation Incentive

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38 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

7KH�VL[�SXEOLF�EHQHÀWV�WKDW�D�EXLOGLQJ�RZQHU�FDQ�FRQWULEXWH�WR�WKURXJK�WKH�0LDPL����FRGH�DUH�

��&UHDWLQJ�DIIRUGDEOH�KRXVLQJ�WKURXJK�LWV�incorporation in the development of a building

��&UHDWLQJ�DQG�PDLQWDLQLQJ�SDUNV�RU�RSHQ�spaces

��&UHDWLQJ�QHZ�FLYLF�VSDFHV

��5HGHYHORSLQJ�%URZQÀHOGV�

��,QFRUSRUDWLQJ�JUHHQ�EXLOGLQJ�VWDQGDUGV�LQ�WKH�development of a building

��3UHVHUYLQJ�KLVWRULF�VWUXFWXUHV

A few of these programs give the building developer the option of paying into a fund that supports the program in lieu of actually incorporating the elements into their project. 7KHVH�LQFOXGH�WKH�SXEOLF�EHQHÀW�SURJUDPV�RI�parks and open space and the affordable housing program. The City determines a value for each XQLW�RI�WKHVH�SXEOLF�EHQHÀWV�EDVHG�RQ�IRUPXODV�that take into account the different areas within the city and the current market conditions, and sells these units at these regulated prices.

Technically the TDRs and the historic SUHVHUYDWLRQ�SXEOLF�EHQHÀW�SURJUDP�DUH�QRW�considered a bonus program. They allow the buying or receiving building to use whatever development rights are being transferred through WKH�7'5��DOEHLW�ZLWK�VRPH�PD[LPXPV�EDVHG�RQ�the location of the building. This is different from WKH�ERQXV�EDVHG�SXEOLF�EHQHÀWV��ZKLFK�JLYH�WKH�buying building access to the bonus building height and density determined by the Miami 21 code through a unit-by-unit purchase or on-site earning of it.

The Historic Preservation program allows for a building owner to use a Transfer of Development Rights (TDR) to gain equity by committing to preserve the building height and look of an H[LVWLQJ�KLVWRULF�SURSHUW\�DQG�WUDQVIHUULQJ�WKRVH�development rights through a sales process. The value of the unused development rights is sold to another building elsewhere in the City of Miami, ZLWKLQ�WUDQVHFW�]RQHV�VSHFLÀFDOO\�GHVLJQDWHG�DV�being able to receive this added development bonus.

The price of TDRs is supposed to be determined through market-demand pricing, and is completely decided by the buying and selling entities involved in the private transaction. However, because they are relatively new and

Incentives

<ZIV[NMZ�WN �,M^MTWXUMV\�:QOP\[��<,:��

&LW\�RI�0LDPLҋV�0LDPL����=RQLQJ�&RGH�3XEOLF�%HQHÀWV�3URJUDP

7KH�&LW\ҋV�QHZ�IRUP�EDVHG�]RQLQJ�DQG�ODQG�XVH�FRGH��0LDPL�����DOORZV�IRU�FHUWDLQ�SXEOLF�EHQHÀWV�to be included in the development plans of a building so as to earn the building an increased development “bonus”. The bonus allows the building and its developer to access a predetermined bonus Building Height and Floor Lot Ratio (FLR) for development, which is greater than the initial DV�RI�ULJKW�DOORZHG�GHYHORSPHQW�ULJKWV��(DFK�]RQLQJ�FDWHJRU\�KDV�D�SUHGHWHUPLQHG�PD[LPXP�ERQXV�height and FLR.

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their value in the development process has not been proven yet, their pricing has been principally tied to the price of other public EHQHÀW�GHYHORSPHQW�ULJKWV�VROG�E\�WKH�&LW\�of Miami. The City sets the pricing of other SXEOLF�EHQHÀW�ERQXVHV��VXFK�DV�WKH�SULFH�RI�WKH�affordable housing fund shares, and the few TDR transactions that have occurred to date have used these prices to set the price of the TDRs. A selling entity probably has to offer their TDRs at a GLVFRXQW�WR�WKH�RWKHU�SXEOLF�EHQHÀW�SULFHV��LQ�WKH�10% – 20% range, because a buyer could simply SXUFKDVH�RWKHU�SXEOLF�EHQHÀWV�LQVWHDG�

As of the time of publication of this toolkit, only a few TDR sales have been completed through the Miami 21 program. Most of these transactions have only involved the sale of the TDR rights, mostly from within the Upper Eastside’s MiMo neighborhood properties.

Applying Transfer of Development Rights within a Downtown Miami Development ScenarioWithin the Downtown Miami neighborhood there are two general scenarios under which the KLVWRULF�SUHVHUYDWLRQ�SXEOLF�EHQHÀWV�SURJUDP�can be used to support historic preservation UHGHYHORSPHQW�

<ZIV[NMZ�JM\_MMV�\_W�J]QTLQVO[�W_VML�Ja�LQNNMZMV\�W_VMZ[��IKZW[[�LQNNMZMV\�bWVQVO�LQ[\ZQK\["

7KH�RZQHU�RI�D�KLVWRULFDOO\�VLJQLÀFDQW�DQG�designated building in the Downtown area can “sell” the building’s as-of-right development rights to another property owner in a transect zone that is allowed to receive these bonus development rights. This sale brings the Downtown historic building’s owner equity that can be invested in the redevelopment of the historic building.

<ZIV[NMZ�JM\_MMV�\_W�J]QTLQVO[�W_VML�Ja�[IUM�W_VMZ��IKZW[[�LQNNMZMV\�bWVQVO�LQ[\ZQK\["�

The TDR transfer can also be done between two buildings in two different zoning districts that are owned by the same owner. This is one of the more effective uses of the program under LWV�FXUUHQW�FRQWH[W��DV�WKH�SURSHUW\�RZQHU�GRHV�not actually have to invest equity to gain the TDRs, and only has to relegate the development rights in their Downtown historic property. The investment opportunity being taken in the non-historic building being developed with the increased development rights could offset any loss resulting from the restricted development of the Downtown historic building.

Although an owner in this TDR scenario will probably not want to invest heavily in the historic building, because of their need to invest in their development of the other building, the successful ÀQDQFLDO�SHUIRUPDQFH�RI�WKLV�RWKHU�EXLOGLQJ�FRXOG�DFWXDOO\�LQ�WXUQ�HYHQWXDOO\�KHOS�ÀQDQFH�WKH�redevelopment of the historic building.

<ZIV[NMZ�JM\_MMV�\_W�J]QTLQVO[�W_VML�Ja�LQNNMZMV\�W_VMZ[��_Q\PQV�\PM�,W_V\W_V�bWVQVO�LQ[\ZQK\"�

The transfer of TDR rights within the Downtown area can either be done between two different buildings with two different owners or between two different buildings with a single owner. $JDLQ��D�KLVWRULFDOO\�VLJQLÀFDQW�DQG�GHVLJQDWHG�building must be the subject building giving up its development rights for preservation purposes. The buying building in this scenario is probably aiming to gain a lot of development rights, because of the heights they can theoretically develop to in the Downtown zone, and this is when buying TDRs from a Downtown historic property becomes advantageous. In theory, some historic Downtown properties will have many TDRs they can sell, as a result of the as-of-right development rights they have access to because of their Downtown location.

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40 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

This theoretical ability to sell many TDRs within the Downtown transect zone is advantageous to historic property owners, as it means they might be able to access lots of equity investment for the redevelopment of their historic properties. This development equity can help bring the historic SURSHUW\�XS�WR�D�KLJK�OHYHO�RI�ÀQLVK��ZKLFK�ZLOO�LQ�WXUQ�DOORZ�LW�WR�SHUIRUP�EHWWHU�DV�D�FDVK�ÁRZLQJ�property because of its ability to garner higher rents.

<ZIV[NMZ�JM\_MMV�\_W�J]QTLQVO[�W_VML�Ja�[IUM�W_VMZ��_Q\PQV�\PM�,W_V\W_V�bWVQVO�LQ[\ZQK\"

Similar to the transfer of TDRs across transect zones between buildings owned by the same owner, a transfer of TDRs in the Downtown allows a historic property to trade its development rights with another property, without the actual LQWHUFKDQJH�RI�HTXLW\��$�VSHFLÀFDOO\�LQWHUHVWLQJ�VFHQDULR�LV�ZKHQ�WKH�WZR�EXLOGLQJV�H[FKDQJLQJ�development rights are owned by the same owner and are adjacent to each other and can be developed as a single project, allowing one non-historic building to grow in height and density while the historic property’s form and height are preserved.

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CASE STUDIES

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The performance of a historically preserved and redeveloped real estate asset will also depend greatly on the property’s ability to garner a premium rent, as a result of the value that its tenants will see in its historically preserved conditions and the market impact that high quality historically preserved buildings will have RQ�WKH�'RZQWRZQ�UHWDLO�DQG�RIÀFH�PDUNHWV��7KH�current conditions of Miami’s Downtown real estate market are such that it would be risky to assume at what rate the rents of buildings would increase given the introduction of a redeveloped historically preserved building, and thus this DVSHFW�RI�D�ÀQDQFLDO�SURIRUPD�DQDO\VLV�KDV�EHHQ�treated with 3 alternative rent increase scenarios (optimistic/ high; intermediate; conservative/ low). A more in-depth market study will eventually need to be conducted to determine the demand for historically preserved buildings in the commercial and residential markets and better assess what premium rent rates they can leverage.

The three case study analyses all consist of K\SRWKHWLFDO�VFHQDULRV�WKDW�H[SORUH�KRZ�GLIIHUHQW�UHGHYHORSPHQW�SURMHFWV�RI�H[LVWLQJ�KLVWRULF�buildings can perform. For one of the projects, 7KH�5R\DOWRQ��DQ�DSSUR[LPDWH�SUR�IRUPD�IRU�LWV�actual development is presented, and serves WR�KLJKOLJKW�DQ�H[DPSOH�RI�D�FRPSOHWHG�KLVWRULF�redevelopment project. The other hypothetical scenarios that are assessed for each building DUH�

Case Studies

0Q[\WZQK�8ZM[MZ^I\QWV�Development Case ;\]LQM[

0Q[\WZQK�ZMLM^MTWXUMV\�_Q\P�IVL�_Q\PW]\�QVKMV\Q^M["� This is the scenario which is the main focus of this study – a redevelopment of a historically preserved building, using historic preservation incentives, and following the strictest standards IRU�KLVWRULFDOO\�VLJQLÀFDQW�UHKDEV��DV�VHW�E\�WKH�authorities that regulate these standards for incentive compliance purposes, thus incurring higher redevelopment costs. These higher GHYHORSPHQW�FRVWV�DUH�D�UHVXOW�RI�WKH�VSHFLÀF�materials that have to be used and the special care and methods that have to be used in the construction process.

However, the primary goal of this toolkit is to show how the addition of historical development incentives and premium rents garnered by a KLVWRULFDO�SURSHUW\�FDQ�PDNH�D�SURMHFW�SURÀWDEOH��Thus, this historic redevelopment scenario using incentives is repeated with the three different rent assumption scenarios, to check how more conservative rent assumptions affect the returns. Furthermore, included within this analysis for two of the projects is a line item representing the value that could be generated from selling WKH�PD[LPXP�DOORWPHQW�RI�7'5�ULJKWV�DYDLODEOH�for sale through the Miami 21 TDR program for each building. Thus, although the range of rent assumptions is included, the overall focus of this scenario is to understand how incentives and

The following case studies present an analysis of how different historic preservation incentives play a role in the development and performance of a building as an income-producing asset investment. The ÀQDQFLDO�DQDO\VLV�ZLOO�WDNH�LQWR�DFFRXQW�WKH�GLIIHUHQW�PHDVXUHPHQWV�RI�5HWXUQ�RQ�,QYHVWPHQW�WKDW�D�EXLOGLQJ�GHYHORSHU�FDQ�H[SHFW�WR�VHH�XQGHU�GLIIHUHQW�FRQGLWLRQV��LQFOXGLQJ�LQWHUQDO�UDWHV�RI�UHWXUQ��FDVK�on cash analysis, and net present value analysis.

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equity can be leveraged to create a best-case VFHQDULR�RI�D�EXLOGLQJ�RZQHU�PD[LPL]LQJ�WKHLU�access to historic redevelopment incentives.

7KH�ÀQDQFLDO�UHWXUQV�DQG�LQSXWV�UHODWLQJ�WR�WKH�Historic Preservation Development scenario are highlighted in orange throughout the pro forma documents.

0Q[\WZQK�ZMLM^MTWXUMV\�_Q\PW]\�QVKMV\Q^M["

7KLV�LV�WKH�VDPH�VFHQDULR�DV�DERYH�H[FHSW�WKDW�LQVWHDG�RI�XVLQJ�VSHFLÀF�KLVWRULF�SUHVHUYDWLRQ�development incentives, no restrictive incentives are applied to a project’s development capital structure. The purpose of this scenario is to highlight the impact that the absence of historic preservation development incentives can have on a project, as this scenario incorporates the same premium rents garnered by a historic preservation development. A building in this H[DPSOH�LV�PDGH�WR�ORRN�KLVWRULF�WKURXJK�WKH�XVH�of architectural elements, but since it doesn’t have to follow strict preservation construction material and method standards, the project’s rehab costs are lowered, through a 10% discount on the construction costs.

6WV�PQ[\WZQK�ZMLM^MTWXUMV\"

Under this scenario a building is redeveloped, without a focus on the historic character of the building at all. The building is upgraded and made into a desirable property. Thus, rents are higher than current market rents for older, historic buildings, but they are not at the premium level that historically preserved buildings can garner. The construction costs are discounted at 20% from the original rehab costs captured in the historic preservation development scenario.

6W�ZMLM^MTWXUMV\��PWTL�IVL�[MTT�NWZ�TIVL�^IT]M�QV����aMIZ["

This scenario captures what many current Downtown building owners believe is the strategy that they should be and are following with their Downtown buildings, which is holding their properties, investing little in them by way of redevelopment costs, and selling their properties essentially only for land value in 10 years. This scenario is based on the premise that it is more

HFRQRPLFDOO\�SURÀWDEOH�WR�WKH�EXLOGLQJ�RZQHUҋV�portfolio to invest as little as possible in the older building, collect whatever rents possible, and sell the property for its land value in 10 years. The land value in 10 years is determined as being similar to what it was at the peak of the Miami real estate market in 2005-2007, which is around $300/ SF, based on some comparables for land trading prices from that period, and with growth incorporated into it to make it $430/ SF. This premium price point is a result of the supposed demand from developers that are looking for parcels upon which to develop in Downtown.

6W�ZMLM^MTWXUMV\��PWTL�IVL�[MTT�NWZ�VM_�J]QTLQVO�^IT]M�QV����aMIZ["�

7KH�ÀQDO�VFHQDULR�LV�WKH�VDPH�DV�WKH�SUHYLRXV�´QR�UHGHYHORSPHQWµ�VFHQDULR��H[FHSW�WKDW�instead of selling for land value a property owner redevelops their building on their own into its highest and best use in 10 years and sells it at D�FDVK�ÁRZLQJ�FDSLWDOL]HG�YDOXH��7KLV�KLJKHVW�and best use sale value is determined using a EDFN�RI�WKH�HQYHORSH�DQDO\VLV�WR�DSSUR[LPDWH�ZKDW�WKH�PD[LPXP�EXLOGLQJ�VL]H�WKDW�FDQ�EH�built on the site is, per the Miami 21 code. The analysis applies assumptions that 80% of the building is rentable, that with vacancy and other losses a 70% occupancy rate can be used with a �����6)�UHQWDO�UDWH�IRU�EDVLF�RIÀFH�XVH��DQG�WKDW�cost of development, assuming that in 10 years construction costs will have grown, is $170/ SF.

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44 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

7KH�ÀUVW�SDJH�RI�HDFK�FDVH�VWXG\ҋV�ÀQDQFLDO�documents is the “Building Rehabilitation Costs and Return on Investment” information sheet, which has the following summary facts for each FDVH�VWXG\�

,M^MTWXUMV\�8ZWRMK\�+W[\[���:M\]ZV[�7^MZ^QM_"�

7KLV�ÀUVW�FROXPQ�SURYLGHV�WKH�EDVLF�FRVWV�UHODWLQJ�to the project and then provides the following LQYHVWPHQW�UHWXUQ�LQIRUPDWLRQ�

��,QWHUQDO�5DWH�RI�5HWXUQ��,55���&DVK�RQ�&DVK��&�RQ�&��5HWXUQV��These are different measurements of each development SURMHFWҋV�FDVK�ÁRZ�YDOXHV��IURP�DQ�LQYHVWPHQW�perspective. The IRR takes into account the IXOO�FDVK�ÁRZ�DFURVV�D����\HDU�SHULRG��VWDUWLQJ�with the cost to purchase and redevelop the property and ending with the hypothetical sale of the building. A Cash-on-Cash Return analysis provides a year-by-year assessment of the value RI�WKH�FDVK�ÁRZ�DV�D�UHWXUQ�RQ�WKH�EXLOGLQJҋV�initial investment. This analysis is important in the 5R\DOWRQ�FDVH�VWXG\��ZKHUH�LW�LV�GLIÀFXOW�WR�DVVHVV�the IRR return.

��1HW�3UHVHQW�9DOXH��139��RI�'HYHORSPHQW�6FHQDULRV��This analysis can be considered to be the most pertinent to this study, as it allows for all the different development scenarios to be compared in today’s dollar values. An NPV analysis uses the time value of money to discount IXWXUH�FDVK�ÁRZV�WR�FUHDWH�D�GROODU�YDOXH�LQ�WKH�present that represents a development project’s worth. This study’s audience can use NPV values as one of the main pieces of information needed to decide whether to proceed with a historic preservation development or not.

��,55�$QDO\VLV�RI�+LVWRULF�3UHVHUYDWLRQ�Redevelopment with Alternative Rent $VVXPSWLRQV��As mentioned above, this test was used to determine that alternative returns that would result in a historic redevelopment SURMHFW�LI�UHQWV�GR�QRW�UHÁHFW�WKH�SUHPLXP�WKDW�this study hypothesizes historically preserved buildings will bring to the Downtown market.

:MPIJQTQ\I\QWV�+W[\[���.]VLQVO�)VITa[Q["�

The second column serves to provide a more in-depth analysis of a building’s development costs, and a snapshot of its annual operating and debt costs and rental income. This column also contains the project’s historic incentives TXDOLÀFDWLRQ�DQDO\VLV�

+WV[\Z]K\QWV�0IZL���;WN\�+W[\["�

The third column presents a detailed breakdown of the project’s hard and soft development costs.

;]UUIZa�WN �8ZW�.WZUI�:M\]ZV[�)VITa[Q[�NWZ�,QNNMZMV\�,M^MTWXUMV\�;KMVIZQW["�

The table at the bottom of the page is the VXPPDU\�RI�HDFK�SURMHFWҋV�ÀQDQFLDO�SHUIRUPDQFH�returns.

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THE ROYALTON

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The Royalton Hotel is a historic property in Downtown Miami that was built in 1923 as a OX[XU\�KRWHO��ZDV�RSHUDWHG�DV�D�EXGJHW�KRWHO�for many years, and began decaying both structurally and aesthetically. The Royalton Hotel, located at 131 SE 1 St., was built with a &RPPHUFLDO�DUFKLWHFWXUDO�VW\OH�DQG�LV�VL[�VWRULHV�tall.

&DUUIRXU�6XSSRUWLYH�+RXVLQJ��D�QRQ�SURÀW�affordable housing developer, saw the building as an opportunity for a new affordable housing project and began planning for its redevelopment. Carrfour brought Carlisle Development Group, D�IRU�SURÀW�DIIRUGDEOH�KRXVLQJ�GHYHORSHU��LQWR�WKH�GHDO�VWUXFWXUH�WR�OHYHUDJH�WKHLU�H[SHULHQFH�in combining historic restoration efforts with multifamily affordable housing development.

The building was bought in 2004 for $3.5 million and soon after its plans for redevelopment became complicated as many structural integrity issues were found and new structural components had to be programmed into the development. However, the building’s space lent itself perfectly to the task of following historic preservation standards, as its small room format was perfect for the creation of single room occupancy affordable rental apartments, measuring between 200 SF – 265 SF per unit.

The renovation work took 20 months to complete, and some of the historic preservation rehab work took a lot of effort to comply with, as the National Park Service requested that certain meticulous preservation steps, such as microscopic paint analysis, be followed to achieve the correct standards.

The project was able to utilize the 20% 5HKDELOLWDWLRQ�7D[�&UHGLWV�EHFDXVH�LW�SDVVHG�WKH�IROORZLQJ�WHVWV�

1) The Royalton Hotel is a contributing building within the Downtown Miami National Historic District. 2) As an affordable rental housing development, the newly rehabbed Royalton is an income producing project and is a depreciable asset. Although Carrfour is a QRQ�SURÀW�RUJDQL]DWLRQ��WKH\�ZHUH�QRW�VHWXS�to be the owner of the building nor are they the principal tenant. Their role was in the development process and now as the managers of the apartment building.

���$V�VHHQ�LQ�WKH�DWWDFKHG�ÀQDQFLDO�SURIRUPD��%R[�$�����WKH�UHGHYHORSPHQW�SURMHFW�ZDV�VLJQLÀFDQW�HQRXJK�LQ�FRVW�WR�SDVV�WKH�

Case Studies

The Royalton

7KH�5R\DOWRQ�LV�D�SHUIHFW�H[DPSOH�RI�WKH�W\SH�RI�SRVLWLYH�ZRUN�WKDW�FDQ�EH�GRQH�ZKHQ�OHYHUDJLQJ�WKH�+LVWRULF�5HKDELOLWDWLRQ�7D[�&UHGLW��DV�LW�UHSUHVHQWV�D�SURMHFW�GHYHORSPHQW�WKDW�ZDV�RQO\�ÀQDQFLDOO\�IHDVLEOH�EHFDXVH�RI�WKH�UROH�RI�KLVWRULF�UHKDE�WD[�FUHGLWV�LQ�WKH�GHDO��)RU�WKH�SXUSRVHV�RI�WKLV�WRRONLW�LW�LV�DQ�LPSRUWDQW�FDVH�VWXG\�WR�LQFOXGH��EHFDXVH�LW�LV�WKH�PRVW�UHFHQW�H[DPSOH�RI�WKH�XVH�RI�+7&V�LQ�Downtown Miami. It is also a very complicated and unique real estate development deal, and thus many developers will not be able to compare their project to the Royalton. However, the fundamentals of the project provide a lot to learn from. The following is a discussion of the project’s actual GHYHORSPHQW�VWRU\��IROORZHG�E\�DQ�DQDO\VLV�RI�WKH�SURMHFWҋV�ÀQDQFLDOV�

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substantial rehab test, because the costs of UHKDE�ZRUN�ZHUH�DSSUR[LPDWHO\�����PLOOLRQ�and the adjusted basis of the building was $2.8 million. The project’s rehab work also met all the National Park Service required preservation rehab standards.

7KH�DPRXQW�RI�WD[�FUHGLWV�WKDW�ZHUH�DZDUGHG�were calculated based on determining the 4XDOLÀHG�5HKDE�([SHQGLWXUHV��45(��WKDW�ZHUH�LQFXUUHG�WKURXJKRXW�D�VSHFLÀF����PRQWK�UHKDE�period. The project’s redevelopment timeline was 20 months long, and thus all of its QRE costs can EH�XVHG�WR�GHWHUPLQH�WKH�WD[�FUHGLW�DOORWPHQW��The Royalton earned about $2.1 million in historic UHKDE�WD[�FUHGLWV��ZKLFK�DIWHU�V\QGLFDWLRQ�UHVXOWHG�in a $1.8 million equity investment.

7KH�+LVWRULF�5HKDE�7D[�&UHGLW�SURYLGHV�WKH�project with much needed equity in the deal, as the syndication of the $2.1 million in historic credits can provide the $1.8 million in cash needed to close the project’s funding gap. However, in a hypothetically different scenario, the Royalton could have been developed by D�ÀUP�WKDW�NHSW�WKH�WD[�FUHGLWV�IRU�DSSOLFDWLRQ�WRZDUGV�WKHLU�RZQ�WD[HV��,Q�WKLV�K\SRWKHWLFDO�

FDVH��WKH�+LVWRULF�5HKDE�7D[�&UHGLWV�ZRXOG�serve to increase the project’s Return on Investment to the developer through an increased VDYLQJV�RQ�WD[HV��JUHDWHU�WKDQ�WKH�UHWXUQ�RQ�investment achieved simply through the standard depreciation of the asset that developers apply WRZDUGV�WKHLU�WD[HV�

There is an opportunity for even more positive return on investment to be achieved if the Royalton would have applied for and obtained both Miami-Dade County and the City of Miami’s +LVWRULF�3UHVHUYDWLRQ�7D[�([HPSWLRQ�IRU����\HDUV��,Q�MXVW�WKH�ÀUVW�\HDU��WKH�VDYLQJV�RI�D�SRVVLEOH���������LQ�SURSHUW\�WD[HV�ZRXOG�DOORZ�IRU�WKH�SURSHUW\�WR�KDYH�D�SRVLWLYH�FDVK�ÁRZ�DIWHU�GHEW�services, whereas in the current preforms its cash ÁRZ�ZDV�QHJDWLYH��)XUWKHUPRUH��WKLV�DOORZV�IRU�D�small increase in return on investment of about .02%.

The Royalton’s Returns Analysis

The Royalton is the most recent and most ZLGHO\�NQRZQ�H[LVWLQJ�H[DPSOH�RI�D�SURSHUW\�in Downtown Miami that has used the historic UHKDE�WD[�FUHGLW�LQFHQWLYH��7KLV�FDVH�VWXG\�LV�D�complicated one because the development is an affordable housing project that involves many subsidies, and thus it is not a building that can be valued and analyzed for returns in the same way that most commercial buildings are valued and analyzed.

The following are important issues and takeaways to take into account with the Royalton FDVH�VWXG\�

��Traditional IRR valuation:

The Royalton is an affordable housing SURMHFW�ZKRVH�FDVK�ÁRZ�LV�UHVWULFWHG�E\�the rules associated with the subsidies that were used to develop it. Traditional IRR (internal rate of return) analysis of the project as an investment in its current realistic state does not work because of how low the building would

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48 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

The following are important issues and takeaways to take into account with the 5R\DOWRQ�FDVH�VWXG\�

��<ZILQ\QWVIT�1::�^IT]I\QWV"

The Royalton is an affordable housing SURMHFW�ZKRVH�FDVK�ÁRZ�LV�UHVWULFWHG�E\�the rules associated with the subsidies that were used to develop it. Traditional IRR (internal rate of return) analysis of the project as an investment in its current realistic state does not work because of how low the building would EH�YDOXHG�EDVHG�VROHO\�RQ�LWV�FDVK�ÁRZ��and therefore this IRR analysis is not the primary form of returns analysis for this case study. The IRR analysis of the other development scenarios is an accurate returns analysis, but results in H[WUHPHO\�ORZ�UHWXUQV�IRU�DOO�VFHQDULRV�H[FHSW�WKH�GHYHORSPHQW�RI�D�KLJKHVW�and best use building in 10 years, in part because of the high cost of development of the project.

��+I[P�WV�+I[P�AQMTL"�

This basic form of analysis is presented as an alternate analysis of the rate of return of the investment in the real estate project, and is calculated as a ratio of annual operating income produced by the building to the total dollar investment in the building. The cash on cash yield is produced for both the realistic scenario in which KLVWRULF�UHKDE�WD[�FUHGLWV�DUH�XVHG�DQG�a hypothetical scenario in which they aren’t used (as a scenario in which development costs are saved). The difference in yields between these two scenarios is one measurement of the impact and positive role that historic UHKDE�WD[�FUHGLWV�FDQ�SOD\�LQ�D�UHDO�estate development project, as they reduce the development costs of the project.

��=V][ML�PQ[\WZQK�XZM[MZ^I\QWV�QVKMV\Q^M["�

Beyond the measurement of the impact RI�WKH�KLVWRULF�UHKDE�WD[�FUHGLWV�RQ�the Royalton, there are other historic preservation incentives that were not used E\�WKH�5R\DOWRQ�SURMHFW��VXFK�DV�WKH�WD[�abatement programs mentioned above. The “Potential Unused Historic Preservation Incentives” analysis introduces four (4) realistically applicable incentives that the developers did not utilize, but that they FRXOG�KDYH�K\SRWKHWLFDOO\�TXDOLÀHG�IRU��A yield difference analysis between the actual and potential use of incentives shows the impact and positive role that the other incentives can play in the real estate development project.

��6M\�8ZM[MV\�>IT]M�IVITa[Q["�

7KH�ÀQDO�HOHPHQW�RI�DQDO\VLV�LV�WKH�presentation of a hypothetical scenario in which an investor could have purchased and held the Royalton for future resale in 10 years to a developer and a scenario in which the developer builds their own highest and best use tower in 10 years. This no redevelopment scenario assumes that the building incurs minimum costs but also produces minimal revenue during 10 years of operations, and is then sold in 10 years at an escalated land value or GHYHORSHG�LQWR�WKH�FDVK�ÁRZLQJ�SURSHUW\��The determination of the net present value of this future sale price is then used to compare to the net present value of the previously outlined investment returns. It is important to note that NPV of the actual H[LVWLQJ�SURMHFW�FRPHV�RXW�ZLWK�D�QHJDWLYH�value because of the unique debt and subsidies that make a part of the affordable housing project’s funding structure.

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Building Rehabilitation Costs and Returns on Investment Building Name: The Royalton

Building Name: The Royalton

A-1 Cost of Rehab a-1 Soft CostsINITIAL AMOUNTS a Soft & Financing costs 4,515,753 Eligible Soft Costs 1,282,785

Purchase price 3,500,000 b Hard Costs 7,586,800 Ineligible Soft Costs 313,785A Cost of rehabilitation 12,102,553 c Rent-up Costs 0 Developer's Fee 1,765,885

Total Project Cost 15,602,553 Sub-total 12,102,553 a-2 Construction Financing CostsEligible Construction Fin Costs 276,512

Loan to Value Ratio (LTV) 37% A-2 Qualified Rehab Expenditures Ineligible Construction Fin Costs 876,786Mortgage Amount 5,830,000 a Soft costs 3,325,182Equity Investment 9,772,553 b Hard Costs 7,391,220 Sub-total 4,515,753Developer's Cash Investment 1,884,398

Sub-total 10,716,402 b Hard CostsExterior Demolition & Other Ineligible Costs 195,580

INTERNAL RATE OF RETURN (IRR) & CASH ON CASH (C-on-C) RETURNS A-3 Substantial Rehab Test Construction & Interior Demolition Costs 7,391,220a Building's Adjusted Basis 2,800,000 Sub-total 7,586,800

IRR, No Redev./ Sell for Land Value ($430/SF) in 10 years 0.91% b Test (Rehab Costs > Adj. Basis) YesIRR, No Redev./ Sell a Newly Developed Building in 10 years 36.15% ConstructionIRR of Unlevered (no debt) Non-historic Redevelopment 1.78% Total SF Rehabbed 43,704IRR of Levered (with debt) Non-historic Redevelopment 1.27% B Gross Rent (1 operating year) Cost per SF (average) 169C-on-C (average) of Unlevered (no debt) Historic Redev. 2.16% Leaseable SF (1st Fl.) 6,243

2.42% Rent/SF (1st Fl.) $0.00 c Administrative CostsRental Income (1st Fl.) $0.00 Advertising

1.65% Leaseable SF (Upper Floor Units) 37,461 Office CostsRent/SF (Upper Floor Units) $14.01 Cleaning

NET PRESENT VALUE (NP) OF DEVELOPMENT SCENARIOS Rental Income (Upper Floor Units) $524,822.61 Realtor Leasing FeeSub-total 0

NPV, No Redev./ Sell for Land Value ($430/SF) in 10 years 3,036,301 NPV, No Redev./ Sell a Newly Developed Building in 10 years 75,524,960 Other Income (Laundry Machines) $20,000.00NPV of Non-historic Redevelopment (417,569) Total Gross Rent 544,822.61$ NPV of Historic Redevelopment (4,382,839)

C Operating Expenses (1 operating year)Taxes 64,900Insurance 70,000

Abbreviations: Mgt. (5% Gross Rent) 25,879ROI: Return on Investment General,Admin,Payroll 112,500SF: Square Feet Utilities 70,000NPV: Net Present Value Leaseup Fee 0IRR: Internal Rate of Return Repair/Maintenance 50,000Other revenues or costs Replacement Reserve 20,000Name of proposed external grant: LIHTC 9% & 4%Amount of proposed external grant: $7,832,434 Sub-total 413,279

Additional construction costs, total: $0 D Debt ServiceMortgage 5,830,000Interest Rate (%) BlendedNumber of years BlendedAnnual Payment 84,000

E Historic Rehab Tax Credit Syndication Value Rehab Tax Credit Program (%) 20%Total Value of Credits Available 2,143,280

1,821,606

Building Rehabilitation Costs and Returns on Investment

Development Project Costs & Returns Overview Rehabilitation Costs & Funding Analysis Construction Hard & Soft Costs

C-on-C (average) of Unlevered (no debt) Historic Redev. with some unused incentives C-on-C (average) of Unlevered (no debt) Historic Redev. with no incentives

Equity available through syndication (Assuming 99.99% developer ownership in syndication vehicle and HTCs sell for $.85 per credit)

Summary of Pro Forma Returns Analysis for Different Development Scenarios

Scenario IRR NPVNo Redevelopment/ Sell for Land Value ($430/SF) in 10 years 3,036,301.40$ No Redevelopment/ Sell a Newly Developed Building in 10 years 75,524,959.76$ Unlevered (no debt) Non-historic Redevelopment NALevered (with debt) Non-historic Redevelopment (417,568.68)$ Unlevered (no debt) Historic Redev. NAUnlevered (no debt) Historic Redev. with some unused incentives (4,382,838.85)$ Unlevered (no debt) Historic Redev. with no incentives NA

Average C-on-C= 2.42%Average C-on-C= 1.65%

SUMMARY OF PRO FORMA RETURNS ANALYSIS FOR DIFFERENT DEVELOPMENT SCENARIOS

Average C-on-C= 2.16%

0.91%36.15%

1.78%1.27%

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Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

50

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

53

101 SE 1ST STREET

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54 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Fund is one of these, and thus this case study is dependent on qualifying for and successfully REWDLQLQJ�D�6PDOO�'HDO�)XQG�+7&�WD[�FUHGLW�GHDO��This highlights one of the cases in which the Miami DDA can play an important role in helping with the syndication of HTC credits for smaller buildings.

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There are a few important distinctions when studying this building as a case study for historic SUHVHUYDWLRQ�GHYHORSPHQW�LQFHQWLYHV�

��7KH�EXLOGLQJҋV�FDVH�VWXG\�LV�GHVLJQHG�WR�PDNH�LW�D�QRUPDO�FDVK�ÁRZ�SURGXFLQJ�SURSHUW\�that can be valued using standard real estate investments returns analyses, and thus traditional IRR valuation methods and comparisons can be made.

��%HFDXVH�WKH�EXLOGLQJ�LV�UHODWLYHO\�VPDOO�LW�is not an optimal candidate for qualifying for KLVWRULF�SUHVHUYDWLRQ�WD[�FUHGLWV��DV�LWV�RYHUDOO�redevelopment costs will not be high enough to generate a the threshold of 20% HTC credit allocations that are typically successful in V\QGLFDWLRQ�WR�LQYHVWRUV��7KH�+7&�WD[�FUHGLWV�could be attained and used directly by the developer that owns and invests in the building themselves, with the credits being applied directly WR�WKH�RZQHUҋV�RZQ�WD[HV��EXW�WKLV�LV�QRW�D�W\SLFDO�scenario for most developers. However, this small building size is typical of many of the historically VLJQLÀFDQW�EXLOGLQJV�ORFDWHG�LQ�'RZQWRZQ�0LDPL��and thus it is important to learn from this case study.

��,I�D�GHYHORSHU�LQWHQGV�WR�VHOO�WKH�FUHGLWV�for development equity, there are only a few ÀQDQFLDO�LQWHUPHGLDULHV�WKDW�ZLOO�VSHQG�WKH�WLPH�and resources necessary to syndicate a small allocation of credits. The NTHP Small Deal

101 SE 1st Street’s Returns AnalysisThe IRR return for the levered historic redevelopment scenario using the HTC incentives is actually the highest amongst all the options that this developer would face, at 27.31%, if the optimistic rental premiums were plugged in. This optimistic rental rate scenario DVVXPHV�WKDW�UHQWV�IRU�WKH�JURXQG�ÁRRU�FDQ�DFKLHYH������6)�DQG�IRU�WKH�XSSHU�ÁRRUV�D�UDWH�RI�$30/ SF is charged. These rents then grow at a healthy rate of 4% per year, which is standard for Miami’s real estate economy, but the important assumption to be aware of is that in Year 6 the rents grow by 15%, as a result of what the authors believe could be a pop in the Downtown neighborhood’s real estate market. This spike is attributed to the re-leasing that will be done when some commercial leases come to an end in 5 years, and also to the established demand that will have grown over 5 years for the Downtown neighborhood and historic buildings such as 101 SE 1 St.

101 SE 1st Street is a three-story building, constructed in 1920, that is categorized as a Contributing historic structure to the national Downtown Miami Historic District. This case study can be run with more returns analysis options than the Royalton case study.

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

55

The second highest IRR of 20.21% comes from the scenario of the developer holding the building for 10 years and redeveloping it to its PD[LPXP�DV�RI�ULJKW�VL]H��+RZHYHU��WKH�139�analysis shows a difference of a little more than $350,000 between this scenario and the historic preservation development scenario. Although redeveloping the building into its highest and best use generates a slightly higher NPV, its lower IRR is important to also take into account. These multiple returns analysis indicators are important information that will allow a developer IDFLQJ�D�EXLOGLQJ�VSHFLÀF�GHYHORSPHQW�GHFLVLRQ�today to decide if this difference in returns is worth waiting 10 years to gain slightly more cash but lower IRR from the investment.

It is important to note that under the more conservative rent assumption analysis VFHQDULRV��WKHVH�,55�UDWHV�GURS�VLJQLÀFDQWO\��down to 13.09% for the levered analysis of the historic development. However, this conservative assumption involves rents not growing much at all from their current market rates, which does not concur strongly with largely accepted industry knowledge that well preserved historic buildings can garner higher rents.

The incentives that the optimal historic UHGHYHORSPHQW�VFHQDULR�RI�WKH�EXLOGLQJ�XWLOL]H�DUH�

��7KH�����+7&�FUHGLW�LV�DSSOLHG�WKURXJK�the use of the NTHP Small Deal Fund. The $145,094 in credits is too small for a normal syndication, and thus the Small Deal Fund is necessary to syndicate these credits and obtain the $123,317 in equity.

��7KH�&LW\�RI�0LDPL�DQG�0LDPL�'DGH�&RXQW\�WD[�DEDWHPHQW�SURJUDPV�DUH�applied, with the assumption that the building’s value will almost double through the historic preservation development work, and thus the building will be able to GLVFRXQW�����RI�LWV�SURSHUW\�WD[HV�

��7KH�''$�)DoDGH�,PSURYHPHQW�3URJUDP�Grant.

��7KH�EXLOGLQJҋV�7'5�ULJKWV�ZRXOG�EH�VROG�off, and even though they could be sold for a higher price than the $5/ SF used in the pro forma, this low conservative value was used because this incentive has not yet been widely used in the private market in Miami and thus its value is still unclear.

Page 57: +6>5;6>5 40(40»: +,=,3674,5;

56 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Building Rehabilitation Costs and Returns on Investment Building Name: 101 SE 1 St.

Development Scenario IRR NPVNo Redev./ Sell for Land Value ($430/SF) in 10 years 155,524.00$ No Redev./ Sell a Newly Developed Building in 10 years 2,174,155.00$ Unlevered (no debt) Non-historic Redevelopment NALevered (with debt) Non-historic Redevelopment 341,639.00$ Unlevered (no debt) Historic Redevelopment NA

1,791,968.00$ 1,339,539.35$

736,301.18$ Unlevered (no debt) Historic Redev with no incentives NALevered (with debt) Historic Redev with no incentives NA

NANANANA

SUMMARY OF PRO FORMA RETURNS ANALYSIS FOR DIFFERENT DEVELOPMENT SCENARIOSRent Assumptions

Levered (with debt) Historic Redevelopment27.31% Optimistic: 1st Floor - $55; Upper Floors - $3021.31% Intermediary 1st Floor - $50; Upper Floors - $2513.09% Conservative: 1st Floor - $40; Upper Floors - $2013.19% NA18.54% NA

5.06%20.21%5.53%5.55%

17.26% NA

Summary of Pro Forma Returns Analysis for Different Development Scenarios

A-1 Cost of Rehab a Soft CostsINITIAL AMOUNTS a Soft Costs 177,623 Eligible Soft Costs 121,076

Purchase price 470,000 b Hard Costs 538,622 Ineligible Soft Costs 29,617A Cost of rehabilitation 773,545 c Financing Costs 57,300 Developer's Fee 26,931

Total Project Cost 1,243,545 Sub-total 773,545 Sub-total 177,623b Hard Costs

Loan to Value Ratio (LTV) 75% A-2 Qualified Rehab Expenditures Exterior Demolition & Other Ineligible Costs 18,460PERM Mortgage Amount 1,097,639 a Soft costs 148,007 Construction & Interior Demolition Costs 520,163Equity Including Property Basis 533,484 b Hard Costs 520,163 Sub-total 538,622

c Financing Costs 57,300 c Construction Financing CostsEligible Construction Fin Costs 57,300

Sub-total 725,469 Ineligible Construction Fin Costs 0Sub-total 57,300

INTERNAL RATE OF RETURN (IRR)/ CASH ON CASH RETURNS A-3 Substantial Rehab Testa Building's Adjusted Basis 336,625

IRR, No Redev./ Sell for Land Value ($430/SF) in 10 years 5.06% b Test (Rehab Costs > Adj. Basis) YesIRR, No Redev./ Sell a Newly Developed Building in 10 years 20.21% ConstructionIRR of Unlevered (no debt) Non-historic Redevelopment 5.53% Total SF Rehabbed (SF) 4,125IRR of Levered (with debt) Non-historic Redevelopment 5.55% B Gross Rent (1 operating year) Cost per SF (average) 188IRR of Unlevered (no debt) Historic Redev. (Interm. Rent Rate) 14.04% Leaseable SF (1st Fl.) 1,375IRR of Levered (with debt) Historic Redev. (Interm. Rent Rate) 21.31% Rent/SF (1st Fl.) $55.00IRR of Unlevered (no debt) Historic Redev with no incentives 13.19% Rental Income (1st Fl.) $75,625.00IRR Levered (with debt) Historic Redev with no incentives 18.54% Leaseable SF (Upper Floor Units) 2,750

Rent/SF (Upper Floor Units) $30.00NET PRESENT VALUE (NP) OF DEVELOPMENT SCENARIOS Rental Income (Upper Floor Units) $82,500.00

NPV, No Redev./ Sell for Land Value ($430/SF) in 10 years 155,524 NPV, No Redev./ Sell a Newly Developed Building in 10 years 2,174,155 Other IncomeNPV of Non-historic Redevelopment 341,639 Total Gross Rent 158,125.00$ NPV of Historic Redevelopment ((Interm. Rent Rate) 1,339,539

C Operating Expenses (1 operating year)Taxes 2,474Insurance 6,600

Rents Levered IRR Mgt. (5% Gross Rent) 1,977Conservative 13.09% General,Admin,Payroll 10,601First Floor = $40 Utilities 6,600Upper Floors = $20 Leaseup Fee 10,937Intermediary 21.31% Repair/Maintenance 4,703First Floor = $50 Replacement Reserve 1,898Upper Floors = $25Optimistic 27.31% Sub-total 45,789First Floor = $55Upper Floors = $30 D Debt Service

Mortgage 1,097,639Abbreviations: Interest Rate (%) 4.5%ROI: Return on Investment Number of years 20SF: Square Feet Annual Payment 83,330NPV: Net Present ValueIRR: Internal Rate of Return E Historic Rehab Tax Credit Syndication Value Other revenues or costs Rehab Tax Credit Program (%) 20%Name of proposed external grant: Total Value of Credits Available 145,094Amount of proposed external grant: $0 123,317

Additional construction costs, total: $0

Development Project Costs & Returns Overview

IRR Analysis of Historic Preservation Redevelopment with Alternative Rent Assumptions

Equity available through syndication (Assuming 99.99% developer ownership in syndication vehicle and HTCs sell for $.85 per credit)

Construction Hard & Soft CostsRehabilitation Costs & Funding Analysis

Page 58: +6>5;6>5 40(40»: +,=,3674,5;

Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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Page 63: +6>5;6>5 40(40»: +,=,3674,5;

62 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

63

THE SHORELAND ARCADE

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64 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Case Studies

<PM�;PWZMTIVL�)ZKILM�120 NE 1 St.

The analysis focuses aggressively on putting a redeveloped and historically preserved Shoreland Arcade back into productive use, with aggressive rent premiums. Furthermore, the valuation of the building after 10 years for its sale is calculated ZLWK�D�PRUH�DJJUHVVLYH�H[LW�FDSLWDOL]DWLRQ�UDWH�RI����WKDQ�WKH����H[LW�FDSLWDOL]DWLRQ�UDWH�WKDW�was applied to 101 SE 1 St.’s sale, as this more aggressive capitalization rate captures the unique value that Shoreland Arcade has both because of its aesthetic uniqueness and its ideal size and location in the Downtown Miami market.

The Shoreland Arcade’s Returns Analysis The levered IRR of the optimistic historic redevelopment scenario, using historic incentives, LV�RI���������DJDLQ�WUXPSLQJ�WKH�QH[W�KLJKHVW�IRR of holding the building for 10 years and redeveloping it into its highest and best as-of-right use, which generates a 18.76% IRR.

In this building development scenario, the NPV of WKH�KLVWRULF�GHYHORSPHQW�VFHQDULR�LV�VLJQLÀFDQWO\�

ODUJH�DW�DSSUR[LPDWHO\�����PLOOLRQ��JLYHQ�WKH�ODUJH�footprint and corresponding rental performance of this building. This overall NPV is higher than the NPV value of the hold and redevelop a highest and best use building in 10 years scenario, which is close to $58 million.

7KLV�H[WUD�VWURQJ�UHWXUQ�UDWH�DQG�139�VFHQDULR�IRU�WKH�KLVWRULF�UHGHYHORSPHQW�LV�LQ�SDUW�LQÁXHQFHG�VLJQLÀFDQWO\�E\�D�7'5�HTXLW\�LQYHVWPHQW�WKDW�LV�large as a result of large development potential of this building, which is modeled at bringing $4 million into the deal. This TDR equation applies the same conservative $5/ SF rate used for 101 SE 1 St. Thus, these return rates and NPV values IRU�KLVWRULF�UHGHYHORSPHQW�DUH�VLJQLÀFDQWO\�ODUJH�enough to present a hypothetical building owner ZLWK�D�VLJQLÀFDQW�RSWLRQ�IRU�UHGHYHORSLQJ�QRZ�under the historic preservation development scenario versus waiting 10 years to redevelop.

The Shoreland Arcade is the most applicable case study for understanding how historic preservation UHGHYHORSPHQW�FDQ�EH�VXSSRUWHG�LQ�'RZQWRZQ�0LDPL�EHFDXVH�WKH�EXLOGLQJ�LV�QRW�D�FRPSOH[�VPDOO�building development project like 101 SE 1 St. The building was built in 1926 and consists of three-stories with almost 90,000 SF, it is on the National Register of Historic Places and is a Contributing SURSHUW\�WR�WKH�'RZQWRZQ�0LDPL�+LVWRULF�'LVWULFW��7KH�VL]H�DQG�VLJQLÀFDQFH�RI�WKH�EXLOGLQJ�LV�VXFK�WKDW�it best replicates some of the larger historic buildings in the Downtown area that will be considered for UHGHYHORSPHQW�WKURXJKRXW�WKH�QH[W�IHZ�\HDUV�

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

65

The incentives that the optimal historic UHGHYHORSPHQW�VFHQDULR�RI�WKH�EXLOGLQJ�XWLOL]H�DUH�

��7KH�����+7&�FUHGLW�LV�DSSOLHG�through the use of a normal syndication process, as $3,165,471 in HTCs is a large healthy offering of credits that should be easy to syndicate, generating $2,690,382 in equity.

��7KH�&LW\�RI�0LDPL�DQG�0LDPL�'DGH�&RXQW\�WD[�DEDWHPHQW�SURJUDPV�DUH�applied, with the assumption that the building’s value will almost double through the historic preservation development work, and thus the building will be able to discount 50% of its SURSHUW\�WD[HV�

�� 7KH�''$�)DoDGH�,PSURYHPHQW�Program Grant.

�� 7KH�EXLOGLQJҋV�7'5�ULJKWV�ZRXOG�EH�sold off, and even though they could be sold for a higher price than the $5/ SF used in the pro forma, this low conservative value was used because this incentive has not yet been widely used in the private market in Miami and thus its value is still unclear.

7KH�1HZ�0DUNHWV�7D[�&UHGLW�LV�D�VLJQLÀFDQW�incentive that was not applied through the actual case study, but that is very applicable to this size of a building. The NMTCs are applicable throughout all of Downtown Miami, as the Department of Treasury uses demographic and economic equations to determine which areas DUH�TXDOLÀHG��EXW�WKH�6KRUHODQG�$UFDGH�LV�ORFDWHG�LQ�D�TXDOLÀHG�DUHD��$�107&�LQYHVWPHQW�LQ�WKLV�project, if attained, would probably bring at least between $500,000 - $1,000,000 to the project, if not more.

The Shoreland Arcade is a perfect candidate for NMTCs because its size allows a developer to creatively create a building-use program that helps it be a competive applicant for the credits. However, they have not been included in the pro forma because the assumption that they would be attained and successfully combined with HTCs and TDRs is a risky assumption. The application process for NMTCs is an H[WHQVLYH�DQG�LQWHQVH�SURFHVV��DQG�WKH�IXQGLQJ�PHWKRGRORJ\�LV�DOVR�TXLWH�FRPSOH[��DQG�QRW�all developers have the patience to deal with this process. This is in contrast to the relative straightforward ease that HTCs and TDRs bring with them.

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66 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

Building Rehabilitation Costs and Returns on Investment Building Name: Shoreland Arcade

Development Scenario IRR NPVNo Redev./ Sell for Land Value ($430/SF) in 10 years 2,239,577.33$ No Redev./ Sell a Newly Developed Building in 10 years 58,018,395.61$ Unlevered (no debt) Non-historic Redevelopment NALevered (with debt) Non-historic Redevelopment 17,379,770.00$ Unlevered (no debt) Historic Redevelopment NA

59,338,353.91$ 46,439,981.63$ 28,103,770.87$

Unlevered (no debt) Historic Redev with no incentives NALevered (with debt) Historic Redev with no incentives NA

3.51%18.76%7.72%8.27%17.26%22.08%

14.52%17.50%

NANA

NANANA

Rent Assumptions

NANA

Optimistic: 1st Floor - $55; Upper Floors - $30

SUMMARY OF PRO FORMA RETURNS ANALYSIS FOR DIFFERENT DEVELOPMENT SCENARIOS

Intermediary 1st Floor - $50; Upper Floors - $25Conservative: 1st Floor - $40; Upper Floors - $20

18.46%12.87%

Levered (with debt) Historic Redevelopment

Summary of Pro Forma Returns Analysis for Different Development Scenarios

Summary of Pro Forma Returns Analysis for Different Development Scenarios

A-1 Cost of Rehab a-1 Soft CostsINITIAL AMOUNTS a Soft & Financing costs 3,875,159 Eligible Soft Costs 2,641,473

Purchase price 14,500,000 b Hard Costs 11,750,976 Ineligible Soft Costs 646,137A Cost of rehabilitation 16,876,226 c Financing Costs 1,250,091 Developer's Fee 587,549

Total Project Cost 31,376,226 Sub-total 16,876,226 Sub-total 3,875,159b Hard Costs

Loan to Value Ratio (LTV) 75% A-2 Qualified Rehab Expenditures Exterior Demolition & Other Ineligible Costs 402,733PERM Mortgage Amount 15,922,747 a Soft costs 3,229,022 Construction & Interior Demolition Costs 11,348,243Equity Including Property Basis 16,093,703 b Hard Costs 11,348,243 Sub-total 11,750,976

c Financing Costs 1,250,091 c Construction Financing CostsEligible Construction Fin Costs 1,250,091

Sub-total 15,827,356 Ineligible Construction Fin Costs 0INTERNAL RATE OF RETURN (IRR)/ CASH ON CASH RETURNS Sub-total 1,250,091

A-3 Substantial Rehab TestIRR, No Redev./ Sell for Land Value ($430/SF) in 10 years 3.51% a Building's Adjusted Basis 10,814,582IRR, No Redev./ Sell a Newly Developed Building in 10 years 18.76% b Test (Rehab Costs > Adj. Basis) YesIRR of Unlevered (no debt) Non-historic Redevelopment 7.72% ConstructionIRR of Levered (with debt) Non-historic Redevelopment 8.27% Total SF Rehabbed 89,994IRR of Unlevered (no debt) Historic Redev. (Interm. Rent Rate) 14.99% B Gross Rent (1 operating year) Cost per SF (average) 188IRR of Levered (with debt) Historic Redev. (Interm. Rent Rate) 18.46% Leaseable SF (1st Fl.) 37,994IRR of Unlevered (no debt) Historic Redev with no incentives 14.52% Rent/SF (1st Fl.) $55.00IRR Levered (with debt) Historic Redev with no incentives 17.50% Rental Income (1st Fl.) $2,089,670.00

Leaseable SF (Upper Floor Units) 52,000NET PRESENT VALUE (NP) OF DEVELOPMENT SCENARIOS Rent/SF (Upper Floor Units) $30.00

Rental Income (Upper Floor Units) $1,560,000.00NPV, No Redev./ Sell for Land Value ($430/SF) in 10 years 2,239,577 NPV, No Redev./ Sell a Newly Developed Building in 10 years 58,018,396 NPV of Non-historic Redevelopment 17,379,770 Other Income $0.00NPV of Historic Redevelopment ((Interm. Rent Rate) 46,439,982 Total Gross Rent 3,649,670.00$

C Operating Expenses (1 operating year)Taxes 46,118

Rents Levered IRR Insurance 143,990Conservative 12.87% Mgt. (5% Gross Rent) 45,621First Floor = $40 General,Admin,Payroll 231,285Upper Floors = $20 Utilities 143,990Intermediary 18.46% Leaseup Fee 252,441First Floor = $50 Repair/Maintenance 102,593Upper Floors = $25 Replacement Reserve 41,397Optimistic 22.08%First Floor = $55 Sub-total 1,007,436Upper Floors = $30

D Debt ServiceAbbreviations: Mortgage 15,922,747ROI: Return on Investment Interest Rate (%) 4.5%SF: Square Feet Number of years 20NPV: Net Present Value Annual Payment 1,208,822IRR: Internal Rate of ReturnOther revenues or costs E Historic Rehab Tax Credit Syndication Value Name of proposed external grant: Rehab Tax Credit Program (%) 20%Amount of proposed external grant: $0 Total Value of Credits Available 3,165,471

2,690,382Additional construction costs, total: $0

Equity available through syndication (Assuming 99.99% developer ownership in syndication vehicle and HTCs sell for $.85 per credit)

Development Project Costs & Returns Overview Rehabilitation Costs & Funding Analysis Construction Hard & Soft Costs

IRR Analysis of Historic Preservation Redevelopment with Alternative Rent Assumptions

Page 68: +6>5;6>5 40(40»: +,=,3674,5;

Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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2City of Miami Ad Valoren Tax Exemption %HQHÀW�3URJUDP� Local 1

3 Small Deal Fund Federal (With Private Intermediary) 1

4Miami DDA Property Incentive Façade Improvement Grant Program Local 1

5 Enterprise Zone Tax Credits / Refunds Federal 1

6Bank of America Historic Tax Credit Fund

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7 State of Florida Special Category State 2

8 State of Florida Small Matching Grants State 2

9Federal Historic Preservation Tax Incentives; 20% Tax Credit (20% HTC) Federal 2

10 (3$�%URZQÀHOG�5HGHYHORSPHQW�*UDQWV� Federal 2

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12National Trust Community Investment Fund

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13 New Markets Tax Credits Federal 2

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Preservation Services Fund: Johanna Favrot Fund; Cynthia Woods Mitchell Fund Private 2

15Federal Low Income Housing Tax Credits (LIHTC); 9% Credit & 4% Credit Federal 2

16 Community Development Block Grants Federal 3

17Federal Historic Preservation Tax Incentives; 10% Tax Credit (10% HTC) Federal 3

18 National Trust Loan Fund Federal (With Private Intermediary) N/A

19 Transfer of Development Rights Local 3

20Historic Easement Donations (Chartible Tax Deductible Donation) Local 3

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7 State of Florida Special Category State 2

8 State of Florida Small Matching Grants State 2

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10 (3$�%URZQÀHOG�5HGHYHORSPHQW�*UDQWV� Federal 2

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15Federal Low Income Housing Tax Credits (LIHTC); 9% Credit & 4% Credit Federal 2

16 Community Development Block Grants Federal 3

17Federal Historic Preservation Tax Incentives; 10% Tax Credit (10% HTC) Federal 3

18 National Trust Loan Fund Federal (With Private Intermediary) N/A

19 Transfer of Development Rights Local 3

20Historic Easement Donations (Chartible Tax Deductible Donation) Local 3

Historic Preservation Development Incentives Project Applicability Index

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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RATIO

Historic Preservation Development Incentives Comparison Matrix

Page 80: +6>5;6>5 40(40»: +,=,3674,5;

Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

79

INCENTIVE ID # INCENTIVE NAME SOURCE TYPE PURPOSE & DESCRIPTION AVAILABLE ($) PROJECT SIZE ($) RESTRICTIONS PROS CONS

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Historic Preservation Development Incentives Comparison Matrix

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Page 81: +6>5;6>5 40(40»: +,=,3674,5;

80 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

ID # INCENTIVE NAME SOURCE TYPE PURPOSE & DESCRIPTION AVAILABLE ($) PROJECT SIZE ($) RESTRICTIONS PROS CONS DEVELOPMNENT RULES & 1 - Excellent Usage Bene!ts

2 - Average Usage Bene!ts 3 - Limited Usage Bene!ts

RATIO

Historic Preservation Development Incentives Comparison Matrix

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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Page 83: +6>5;6>5 40(40»: +,=,3674,5;

82 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

ID # INCENTIVE NAME SOURCE TYPE PURPOSE & DESCRIPTION AVAILABLE ($) PROJECT SIZE ($) RESTRICTIONS PROS CONS DEVELOPMNENT RULES & 1 - Excellent Usage Bene!ts

2 - Average Usage Bene!ts 3 - Limited Usage Bene!ts

RATIO

Historic Preservation Development Incentives Comparison Matrix

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Downtown Miami’s Historic Property Development Toolkit Miami Downtown Development Authority

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Page 85: +6>5;6>5 40(40»: +,=,3674,5;

84 Downtown Miami’s Historic Property Development ToolkitMiami Downtown Development Authority

ID # INCENTIVE NAME SOURCE TYPE PURPOSE & DESCRIPTION AVAILABLE ($) PROJECT SIZE ($) RESTRICTIONS PROS CONS DEVELOPMNENT RULES & 1 - Excellent Usage Bene!ts

2 - Average Usage Bene!ts 3 - Limited Usage Bene!ts

RATIO

Historic Preservation Development Incentives Comparison Matrix

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