Citizens Advisory Committee Kick-off Meeting

It Takes A Village:
Funding & Fundraising for
Downtown Projects
Texas Downtown Association Conference
Karen Gagné, Planning Administrator
City of Wichita Falls
November 2012
Wichita Falls Downtown - Case Study
 Economic Incentive Tools

Tax Increment Financing (TIF), Historic Tax Credits, CDBG,
Enterprise Zones, PIDs, Tax Abatements
 Case Study - TIF District #1
 Project Overview

5 private; 1 public; 1 public-private; 1 strategic planning project
 Next Steps in Revitalization


Analysis for 2nd generation TIF district (TIF #4)
Potential for TOD
TDA – Wichita Falls 11-8-12
Tax Increment Financing (TIF) Overview
TIF ASSESSED VALUE (AV) OVER PROJECT LIFE
TIF 1 - 1986
TDA – Wichita Falls 11-8-12
2008
Copyright 2008 - Infrastructure Finance Group, LLC
TIF #1 District Overview
 Established in March 1986 – ended Dec. 2008
 Encompassed 650+ acres
 Participants: 3 taxing entities - City, Wichita County & Wichita Falls ISD
 26 projects; 8yrs VISIONS/DWFD assistance; 1 Downtown Master Plan
 Financial Overview:




$3.21 million total TIF project allocations
$73 million – TIF project values
$25.2 million taxable improvements
non-taxable improvements:
MPEC, Coliseum, Backdoor Theatre, and WF Railroad Museum
TDA – Wichita Falls 11-8-12
Downtown Wichita Falls
Downtown core – 80 acres (6th south to 11th Street and Austin to Ohio Street)
Greater downtown encompasses Wichita River south to Kell Fwy. & from I-44/US
Hwy. 287 east to BNSF Railroad
TDA – Wichita Falls 11-8-12
1. Walgreens Drugstore
900 Brook Avenue – 1st TIF assisted project
TIF Assistance 1991 – Exterior/site improvements
1991 Appraisal - $448,380
Project Value - $435,120
TIF Allocation - $15,000
2012 Appraisal - $2.1m
Undergone second, private reinvestment for façade/lot remodel between 2004-06
TDA – Wichita Falls 11-8-12
2. Multi-Purpose Events Center (MPEC) &
Kay Yeager Coliseum
70 acres identified and
acquired for the 3
future convention
facilities:
1) Bridwell Agricultural
Center
2) Kay Yeager
Coliseum
3) Multi-Purpose
Events Center
(MPEC)
City coordinated
assemblage of 131
properties during 199294 for MPEC/Coliseum
(Source: CWF 1984)
TDA – Wichita Falls 11-8-12
2. Multi-Purpose Events Center (MPEC) & Kay
Yeager Coliseum
TIF Assistance 1995 & 2000
Project Value – MPEC $25m
Coliseum $22m
TIF Allocation – $550,000 + 9 yrs bond financing ($105,000/yr = $945,000) = $1.5m
Public projects - funds used for exterior improvements/site work
TDA – Wichita Falls 11-8-12
3. Kemp-Kell Depot
503
8th
Street – circa 1909;
(Wichita Falls Route Building)
National Register – 1978; City Landmark - 1999
TIF Assistance 2000 – Site improvements and parking lot
Project Value - $300,000
TIF Allocation - $30,000
2012 Appraisal - $205,000
Completed project 2002
Pre-renovation
TDA – Wichita Falls 11-8-12
4. Holt Hotel Restoration-Rehabilitation
600 8th Street – circa 1910 (City National Bank) Period of restoration - 1926
TIF Assistance 2002 – Project development/architectural plans
Project value(initial) - $6.86m
TIF Allocation - $500,500
2012 Appraisal - $1.5m
TDA – Wichita Falls 11-8-12
4. Holt Hotel Building
Pre-project 1980s – derelict building/block in heart of downtown
Building vacant since 1978 with broken windows and vagrant tenants
Public-Private Partnership – total project $7.5m
TDA – Wichita Falls 11-8-12
4. Holt Hotel Restoration-Rehabilitation
Financial Analysis
Largest downtown public-private revitalization project in Wichita Falls
Creative financing – ‘It’s Now or Never’ community funding campaign
 Project Funding Sources:
Bank Loan (consortium of local banks)
Tax Increment Financing
City CDBG
EDI Grant 2002
EDI Grant 2004
Acquisition Grant
Foundation Grants (3 foundations)
THC – TX Preservation Trust Fund Grant
Private Donations
Developer Loan (NDC - Developer/Gen. Partner)
Equity (Restoration Tax Credit)
Total Fund Sources
TDA – Wichita Falls 11-8-12
1,400,000
500,500
500,550
500,000
198,820
5,000
1,350,000
30,000
613,486
1,185,100
1,242,600
$ 7,526,056
4. Holt Hotel Restoration-Rehabilitation
Community Grand Opening Reception & Open House – August 2005 700-800 visitors
41 market-rate loft style apts. floors 3-8th (6 – 2bedroom and 35 – 1bedroom)
Ground level office/commercial and art gallery; mezzanine tenant amenities
2005 TDA Best Rehabilitation Award
TDA – Wichita Falls 11-8-12
5. Iron Horse Pub
(O’Donohoe/Anderson Bean Building)
615 8th Street – circa 1892
TIF Assistance 2003 – Exterior façade improvements
Project Value – $14,000 (Overall Project: $42,000)
TIF Allocation - $7,000
Private dev’t project – bank loan/cash investment; use of TIF funds for final ‘gap’ financing

Pre-rehabilitation 1990s
TDA – Wichita Falls 11-8-12
Post restoration/renovation, project site
designated by City Council for Landmark
recognition in Sept. 2003
6. Studio Hotel – LaSalle Crossing Apts.
530 7th Street – circa 1923
TIF Assistance 2004 – Facade/site improvements
Private project received historic tax credits
National Register – Certified Rehabilitated Structure - 2004
TDA – Wichita Falls 11-8-12
6. LaSalle Crossing
TIF Assistance 2004 – Façade/exterior improvements
Project Value - $575,000
TIF Allocation - $68,000
2012 Appraisal - $317,000
Period of restoration - 1923 design; 15 loft style apts.; ground level commercial tenants
TDA – Wichita Falls 11-8-12
7. Casa Manãna Restaurant
611 8th Street – circa 1915 Celebrated 65yrs of business downtown in 2012
TIF Assistance 2007 – Exterior & overall improvements
Project Value - $183,764
TIF Allocation - $23,764
TDA – Wichita Falls 11-8-12
8. Downtown Master Plan – 2008
TIF Assistance 2007 - $100,000
Collaborative Project - City, TIP Strategies, Freese and Nichols, Inc. and DWFD,Inc.
Component of City’s overall VISION 20/20 Plan – The Gateway to Texas
Downtown Master Plan – Key elements:
 Urban Design – walkability, linkages, museum
experience, create focal points, public art
 Business & Residential Dev’t – residential,
destination retail, code amendments
 Transportation – gateways, streetscapes
 Economic Dev’t – anchors, funding, marketing
campaign, target sectors
TDA – Wichita Falls 11-8-12
Downtown Plan Implementation…
A. Corner/Parking Lot Beautification
8th/Indiana Streets
TIF Assistance 2008 – decorative fencing/landscape screening
Pre-project lacking all
pedestrian amenities
Final result with pedestrian
friendly intersection and parking lot
improvements
TDA – Wichita Falls 11-8-12
B. Streetscape Enhancement
Promote pedestrian friendly ‘walkable’ environment
8th and Scott Streets
3 intersections identified along 8th Street – Indiana, Scott & Lamar
Design Plans – Public Investment $1million 4B funds
TDA – Wichita Falls 11-8-12
Pedestrian Improvements & Beautification
Project outlined in Midtown 2000 (1977) Plan & in Downtown Master Plan (2008)
Implemented - 2010/11
Project near completion at 8th/Indiana - January 2011
Photo credit courtesy of photographer Torin Halsey and Times Record News publication.
TDA – Wichita Falls 11-8-12
Next Steps…
TIF #4 Potential District Overview & TOD
 To be established 2013
 Proposed acreage 519 acres (1,244 parcels)
 Participants: City and Wichita County
 Projects focus on:

revitalization opportunities

public improvements

public-private partnerships

private project potential
 Develop draft Project & Financial Plan, coordinate public meetings
and craft potential 20yr increment capabilities
 Research potential for Transit Oriented Dev’t (TOD) in conjunction
with new Intermodal Travel Center (Scott/4th St) and linkages to
downtown amenities
TDA – Wichita Falls 11-8-12
TIF #4 Area
Proposed by
the CAC 2011
It Takes A Village:
Funding & Fundraising for Downtown Projects
 Overview:
 Downtown revitalization takes a concerted, team approach in order to
move projects from a priority list to a reality
 Consider a variety and/or combination of economic development tools
(e.g. TIF, CDBG, Tax abatements, PIDs, Chapter 380, TCEQ brownfields funding, etc.)

Be open & ready for unexpected opportunities
 Dialogue…
 Question & Answer
Thank you for your participation!
Panelists:
Teresa Pontinus Caves, President, Wichita Falls Area Community Foundation, [email protected]
Chuck White, President and CEO, First Bank, [email protected]
Karen Gagné, Planning Administrator, City of Wichita Falls, [email protected]
TDA – Wichita Falls 11-8-12
Enjoy Your Time In Beautiful Wichita Falls…
TDA – Wichita Falls 11-8-12