Upload
dinhnhu
View
220
Download
3
Embed Size (px)
Citation preview
• Waterfront Seattle Overview• Design
• Operations & Management
• Schedule
• Budget
• LID Timeline and Legislative Process
• Waterfront Seattle Local Improvement District• Economic Value from Parks
• What is an LID?
• How Special Benefit Works
• Feasibility Study
• LID formation process
AGENDA
2
PIKE AND PINE STREETS
• Pike and Pine streets, between First Avenue and Melrose Avenue
• Pedestrian and streetscape improvements
• Budget: $20 million (all costs including design, construction, City costs)
• Funding Source: Waterfront Local Improvement District, partner projects
14
OPERATIONS AND MANAGEMENT
17
Maintenance approach
• Baseline: City departments
• Enhanced: Parks/Friends agreement
Programming and activation
Budget
• Seattle Parks District: $3.5M/year for Parks staff
• Friends of Waterfront Seattle: anticipated $1M+/year
• Waterfront Seattle Overview• Design
• Operations & Management
• Schedule
• Budget
• LID Timeline and Legislative Process
• Waterfront Seattle Local Improvement District• Economic Value from Parks
• What is an LID?
• How Special Benefit Works
• Feasibility Study
• LID formation process
AGENDA
23
• Doubles near streetscape improvements
28
15%
7%
48%
22%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Improved Not Improved
Year 1 Year 2
INCREASE IN LOCAL BUSINESS SALES
30
CASE STUDY:WATERFRONT REDEVELOPMENT(VANCOUVER, BC)
Stanley Park and Coal Harbour responsible for as much as 16% of new property value (<6 blocks)
• Funding tool by which property owners financially contribute to a project that will increase the value of their property
• Used to fund public projects in State of Washington
• Governed by specific state and local laws (including special benefit study)
35
LOCAL IMPROVEMENT DISTRICT
• Special benefit: Estimated increase in a property’s fair market value as a result of public improvements.
• Special benefit study: Conducted by an independent appraisal firm to determine the LID boundary and the difference between the fair market value of each property before and immediately after the improvement.
• Assessment: Portion of the special benefit each property owner will pay. Cannot exceed the amount of the special benefit.
• Assessment ratio: Portion of the special benefit each property will pay. Same ratio will apply to all assessed properties. (Determined by City Council)
37
TERMINOLOGY
• Total assessments not more than special benefits
• Total assessments not more than total cost
• Assessments are roughly proportionate to each other
38
LEGAL PROTECTIONS AND GUIDELINES
• Initial estimate of overall range of total special benefit to determine feasibility
• Does not include parcel-by-parcel analysis and is not used to determine assessments.
• Total estimated range in study area: $300-420 million
39
FEASIBILITY STUDY