Central ExchangeA Project of Model Cities

For the Residential & Economic Development CIB Task ForceMarch 19, 2015

Central Exchange Site

Criteria: Project Importance

*Project improves or creates an asset to meet new demand*Project improves the functionality of an asset

How Central Exchange meets these criteria:

*2,625 affordable housing units needed in St. Paul by 2020

*Over 75% of residents in Census Tract 325 are burdened by housing costs

*Up to 75K ft2 of office/retail space in Victoria Station area over next 20 years

*Project will bring vacant land back into productive use

Criteria: Residential & Economic Benefit

*Project improves residential & neighborhood stability*Project creates or improves job opportunities

*Project promotes business opportunity*Project remedies safety issues that pose danger to person or community

How Central Exchange meets these criteria:

*Upper floors to provide new affordable workforce housing units

*Ground floor provides commercial space for smaller businesses

*Job opportunities during and after construction

*Vacant land that hosted nuisance structures replaced with new functional building

Criteria: Demonstrated Support

*Project demonstrates community support & organizational commitment*Project demonstrates evidence of collaborations or partnerships

*Project leverages outside funding

How Central Exchange meets these criteria:

*Support from local neighborhood planning council

*Model Cities injected $130K to leverage additional funding to complete acquisition

*Working with nonprofits on business training & job recruitment activities

*Over $1.5 million in permanent financing raised

Criteria: Community Benefit

*Project significantly benefits a neighborhood, district, area or city as a whole*Project enhances livability (Q Of L, prop. values, unmet needs, safety, etc.)

*Project improves aesthetic appearance of an asset or area

How Central Exchange meets these criteria:

*Housing & commercial space will enhance business environment and quality of life

*City tax base will increase as a result of the project

*Creates destination point on University Avenue

*Contributes to development of commercial district

Criteria: Long-Range Impact

*Impact on future operating costs (both increases/decreases)*The project exceeds standards in environmental sustainability

*Project provides tangible return on investment*Project is included in City-approved plan

*Project demonstrates ability to achieve stated outcomes

How Central Exchange meets these criteria:

*Expenses covered by revenue generated by the project

*Project adheres to rigorous energy efficiency standards

*New housing, new commercial space and re-use of land enhances tax base

*Project is aligned with Comp. Plan & Central Corridor Development Strategy

*MC track record demonstrates ability to implement project

Thank you!