HomeMy WebLinkAboutResolutions - 2015.11.12 - 22070MISCELLANEOUS RESOLUTION '#15274 November 12, 2015
BY: Finance Committee, Thomas Middleton, Chairperson
IN RE: BOARD OF COMMISSIONERS — PROPOSED CITY OF BIRMINGHAM CORRIDOR
IMPROVEMENT AUTHORITY TAX CAPTURE
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS the Oakland County Board of Commissioners strongly supports the economic growth of
Oakland County; and
WHEREAS one of the tools used to promote economic growth is Tax Increment Financing used in
conjunction with Corridor Improvement Authorities (CIAs); and
WHEREAS to review requests from the County's cities, villages and townships to establish DDAs, CIAs
and LDFAs, the Board of Commissioners, pursuant to Miscellaneous Resolution #15056, updated the
Policy for the Tax Increment Financing (TIE) District Review Policy Ad Hoc Committee (TIF Review
Committee) to consider when evaluating and making recommendations to the Finance Committee on the
County's participation in these proposed authorities; and
WHEREAS the City of Birmingham ("City") held a public hearing on March 16, 2015, to present its CIA
development and Tax Increment Financing Plan ("TIF Plan"); and
WHEREAS on April 2, 2015 the Oakland County Board of Commissioners, pursuant to MR 15090,
exempted its taxes from capture by the Birmingham Corridor Improvement Authority; and
WHEREAS the CIA and the City appeared before the TIF Review Committee on October 15, 2015 to
present the proposed plan.
NOW THEREFORE BE IT RESOLVED that the TIF Review Committee recommends that the County,
through its Corporation Counsel, attempts to negotiate a contract consistent with the CIA's presentation to
the TIE Review Committee on October 15, 2015.
BE IT FURTHER RESOLVED that if the County determines later that it is advisable to opt-in to the CIA,
and if a contract is successfully negotiated, the County may revise its decision to exempt its taxes from
capture by the CIA.
BE IT FURTHER RESOLVED that the Board of Commissioners requests the County Clerk send a signed
copy of this Resolution to the Clerk of the City of Birmingham.
Chairperson, on behalf of the Finance Committee, I move the adoption of the foregoing resolution.
FINANCE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote with Matis absent.
Birmingham CIA TIF Exec. Summary
Need: Redevelopment of Triangle District is constrained with current surface parking
lots. City indicates future development of Triangle District will not maximize the
tax base, employment growth and land use without a new parking deck(s).
Size of District:
Length of Corridor:
Term of TIF
Percent of Capture:
Total Estimated Capture :
Total Estimated Capture Birmingham:
Total Estimated County Capture:
Annual Growth:
Base Value (2014)
Est. Value 2040
50 acres; 75 parcels
6-7 blocks along east side of Woodward
25 years (2016-2040)
75% of new taxes
$7,608,059
$5,098,699
$1,615,565
2.5%
$46,110,000
$87,622,502
Assumes no new development in Development Area and only 2.5% increase in TV per
year. Currently under construction a 150,449 mixed use building. A second 227,000 SF
mixed use building is proposed but requires parking.
Compliance with PA 280 of 2005
Corp. Counsel agrees that TIF plan meets all the criteria under PA 280 based on
representations by the City.
Compliance with County TlF Policy MR 15056
Corp Counsel agrees that TIF plan meets criteria on MR 15056, specifically Sections VII,
VIII, and X.
Recommendation: Approval by BTF.
(1)
Next Steps: Ad Hoc meeting to hear and discuss project. If approve, request contract with
Corp Counsel and Birmingham.
Previous concerns raised by BTF:
1/ Justify 75% vs. 50% capture rate
At the 50% rate, the amount captured is reduced to $4,445,266 which would limit the
scale of the parking planned (1100 spaces proposed) thus stalling development growth in the
district.
2/ Parking revenues generated — where do they go?
Parking revenues generated by the new facilities will go into an Enterprise Fund
dedicated to these new facilities. Fund used for parking operations and improvements and are
separated from revenues/expenses of all other governmental activities.
3/ Funding components of parking?
TIF, Parking Assessment District in the Triangle area, Bonding and parking revenues.
All TIF and parking assessment funds stay in the District.
41 Are there any developments pending?
One now under construction (mixed use senior center-taxable value approx. $7 mil.) and
one proposed at corner of Woodward and Maple (estimate $20 mil. taxable value). These
values not included in tax estimates.
5/ If decks are not built, will Authority return funds to OC? Yes
6/ Current Birmingham TIF Capture (non BRA): $0
7/ Current Oakland Co. Capture (approx..) $4 mil.
Draft: 8/13115
(2)
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Acknowledgements City Commission Stuart Sherman, Mayor Rackeline Hoff, Mayor Pro Tern George Dilgard Torn McDaniel Scott Moore Mark Nickita Gordon Rinschler Corridor Improvement Authority Mayor Stuart Sherman J. C. Cataldo Kip Cantrick Edward Fuller Curtis Hays Victor Saroki Robert Ziegelman City Staff Joseph A. Valentine, City Manager Jana Ecker, Planning Director Paul O'Meara, Engineering Director City Legal Counsel Tim Currier, Beier Howlett Patrick McGow, Miller Canfield Consulting Team LSL Planning Carl Walker Parking Development and TIFA Plan I Birmingham Triangle District
Table of Contents Chapter One: Introduction 1 Chapter Three: Tax Increment Finance Plan 17 Introduction Introduction Purpose of the Development and TIF Plans TIF Plan Triangle District Background Section 19 (3) (a) Sources of Revenue Existing Parking Conditions Section 19 (3) (b) Bond Reserves Chapter Two: Development Plan 9 Section 19 (3) (c) Purpose of Expenditures Introduction Section 19 (3) (d) Outstanding Bond Principal and Interest Section 19 (3) (e) Initial Assessed Value Development Plan Section 19 (3) (f) Captured Value Retained Section 21(2) (a) Development Area Boundary Section 19 (3) (g) Tax Increment Revenues Received Section 21(2) (b) Existing Streets and Public Facilities Section 19 (3) (h) SEV Increase as a Result of T1F Plan Section 21(2) (c) Existing Improvements Section 19 (3) (i) Capital Improvements Section 21(2) (d) Estimated Cost of Improvements Section 19 (3) (j) Miscellaneous Section 21(2) (e) Construction Timeline Section 21(2) (f) Open Spaces Section 21(2) (g) Conveyances Between CIA and City Section 21(2) (h) Desired Zoning Changes Section 21(2) (i) Financing Section 21(2) (j) Designated Beneficiaries Section 21(2) (k) Conveyance Procedures Section 21(2) (I) Population Estimates and Displacement Section 21(2) (m) Relocation Priorities Section 21(2) (n) Relocation Costs Section 21(2) (o) Relocation Assistance Act Section 21(2) (p) Authority Approval Section 21(2) (q) Development Plan Evaluation Birmingham Triangle District Table of Contents
E3Ton* Discott Down-Lawn Eirrcinzharn Econ RondiRail Regional Map Chapter One: Introduction Introduction The City of Birmingham is one of the premier suburban communities in metropolitan Detroit. Birmingham's Triangle District is physically located in the center of the city, between Adams Road and Woodward Avenue, south of Maple Road. Although the district has great potential for redevelopment, it is currently not well connected to the synergy that surrounds it (see Regional Map). To the west lies the city's vibrant Downtown, filled with shops, restaurants, movie theaters, offices and homes — in proximity to, but disconnected from the Triangle District by Woodward Avenue. Maple Road, which bounds the north end of the District, is lined with both successful businesses and underutilized properties and provides the primary pedestrian and vehicular connection to Downtown Birmingham. East of the Triangle District is a quality single family residential neighborhood that is well-established and planned to remain. The redeveloping Eton Road/Railroad District hosts landmark restaurants, new live-work condominiums, indoor recreation facilities and a wide variety of unique, clustered uses such as home furnishing shops, dance and art studios, and industrial uses. Development of the Triangle District Urban Design Plan in 2007 marked the beginning of a long-term effort to revitalize the district. Recognizing the potential growth in the district, the city identified the key elements necessary for the successful redevelopment of the district. The primary goal of the Triangle District Urban Design Plan project was to create a unified framework for development that improves the economic, social and pedestrian environments while protecting the central neighborhood that exists within the district. The resulting strategy included a set of development guidelines intended to create an urban, pedestrian-friendly environment similar to those that are so successful in other areas of the city. The Triangle District is also envisioned as a transit-oriented district that will draw on regional transit plans that include Birmingham as a destination. Doing so requires a more compact, urban building form, which is best achieved through a form-based code, which the city adopted in 2007. Introduction I Development & TIFA Plan
wcifigAtwdAls.foiaLL-4. CIA District Map The Triangle District's unique needs lay in the demand for improved circulation and parking. Parking is scattered and unorganized and building placements are, in many places, not conducive to the pedestrian scale and comfort envisioned. A form-based code was developed to encourage building placement and design in the form required to create attractive and inviting public streets and spaces. Over time, buildings developed under the form-based code will line the roadways to create a more urban street scale that is comfortable to pedestrians and suitable for mixed-use development. However, a key element to the successful revitalization of the Triangle District is the need for better organized and more efficient parking facilities. As evidenced by the success of the city's Downtown parking program, public parking structures that are designed and located appropriately can significantly impact the economic success of local businesses. Since the need for improved parking was identified as a primary concern, the city began to assess the feasibility of such a structure in the Triangle District. New legislation in 2005 enabled the city to use a new tool that allows tax increment financing to revitalize road corridors through the creation of a Corridor Improvement Authority (CIA). Pursuant to Act 280, Public Acts of Michigan, 2005 the Corridor Improvement Authority Act, the Birmingham Triangle District's CIA was incorporated on November 10, 2008 with the objective of stimulating and encouraging economic development activities within the established District. It was on this date that the Authority District boundaries were established. The CIA is overseen by a board comprised of six members appointed by the Mayor and confirmed by the City Commission. The City of Birmingham developed this Development and Tax Increment Finance Plan for the Triangle District to outline the improvements necessary to realize the vision established in the Triangle District Urban Design Plan. It describes proposed improvements needed to achieve the goals for the district and the method of financing proposed to fund them. Development & TIFA Plan Introduction 2
Building Design Recommendations Open Space Design Recommendations T-Y prc AL STR'i'E Triangle District Background The city developed an Urban Design Plan for the Triangle District in 2007, which included the following goals: • Improve the visual appearance of the area, its streets, alleys, public spaces, and buildings by establishing guidelines for design and implementation of public and private projects. • Improve the economic and social vitality by encouraging diversity of use and opportunities for a variety of experiences. • Better utilize property through more compact, mixed-use development. • Provide links to Downtown across Woodward's high traffic barrier. • Improve the comfort, convenience, safety, and enjoyment of the pedestrian environment by create an inviting, walkable, pedestrian neighborhood and setting aside public plazas. i Encourage sustainable development. • Protect the integrity of established residential neighborhoods. • Organize the parking and street system to facilitate efficient access, circulation, and parking to balance vehicular and pedestrian needs. Since development of the Triangle District Urban Design Plan, the city has established a CIA to carry out the parking recommendations. While the Urban Design Plan recommends a number of changes to the Triangle District that are being implemented by the City, the CIA's focus is to implement the parking aspects of the Urban Design Plan. The Birmingham Triangle District CIA held their first meeting on January 20, 2009, where they began their work by recommending the City Commission begin developing this Development and Tax Increment Financing Plan for the district. Their specific purpose is to facilitate the planning and financing of public parking in the Triangle District. 3 Introduction! Development & TiFA Plan
The Triangle District Development and TIF Plans were created according to the Corridor improvement Authority Act, P.A. 280 of 2005, as amended. Purpose of the Development and TIF Plans The purpose of a CIA is to plan for, correct and prevent deterioration in business districts, to encourage historic preservation and to promote economic growth within the district. The City of Birmingham has determined that the development plan and tax increment financing plan constitutes a public purpose, based on the following considerations: The proposed method of financing the development is feasible and the authority has the ability to arrange the financing. The development is reasonable and necessary to carry out the purposes of the CIA Act. • The land within the district that is to be acquired is reasonably necessary to carry out the purposes of the plan and of the CIA Act in an efficient and economically satisfactory manner. • The development plan is in reasonable accord with the City of Birmingham's Master Plan, which includes the Triangle District Subarea Plan. • Public services, such as fire and police protection and utilities, are adequate to service the project area. • Changes in zoning, streets, street levels, intersections, and utilities are reasonably necessary to facilitate the planned redevelopment of the District. Chapter Two of this Plan discusses the recommendations for stimulating redevelopment within the Triangle District. A key concern in the Triangle District Design Plan was the need for more organized and efficient parking. The Birmingham Triangle District Corridor Improvement Authority was established to facilitate the construction of new parking facilities that will serve the district. Chapter Three contains the Tax Increment Financing Plan that will be required to finance the development of parking facilities. Both plans have been prepared in consideration of the required legal parameters, economic factors, and realistic projections. Development & TIFA Plan I Introduction 4
Land Use S.kF.rrdy R,,miEncul Cornmercof 11.0,Frnly P49dcpt1,1 04a cicuoui 111 Flarl Urn, -run Re,vieno. Open Spece ,),k= P.--km, Cfilke Bj rningharnTr'rangle District Aaael EdVS trLnee Da-trIct Bounclari,. TrImew CV.,,,,Parczts 0.1.51,2-aum 0,,ZIrrre,Faln< 0 11.1ipn.1,1.1L. Pho.hy, According to the Corridor Improvement Authority Act, P.A. 280 of 2005, as amended, Development and Tax Increment Financing Plans must be adopted by the City Commission by resolution after holding a public hearing. The City of Birmingham held a public hearing on March 16, 2015 and adopted this Development and Tax Increment Finance Plan on Existing Land Use Land uses were inventoried in and adjacent to the Triangle District (see map). Sites along Woodward Avenue, the district's western boundary, contain more general commercial uses which transition to less intense commercial, office and residential land uses located farther east. Sites along Maple Road and Adams Road and [and to the west, across Woodward Avenue, are also commercial in use. Land to the east and north are generally developed as single-family neighborhoods. The districts wraps around an established single-family neighborhood, which has been excluded from the District boundary. The area within the CIA District does not contain any single family residential uses. There is an apartment building located within the district. 5 Introduction I Development & TIFA Plan
Legend StudyArea Parking Lot Usage in- 25% r 51% - 75% TrW, - 100% Street Parking Usage - 78% - 100% - 101% -126% No Street Parking - 26 3ovEr,s anbmgon CG1 L$L 120 240 400 Birmingham Triangle District Parking Usage 12/16/2006 Map er,ate,.. Existing Parking Conditions A detailed parking inventory was completed December, 2006. The inventory of parking was updated in 2009 for this plan. There are 1,711 private parking spaces and 303 on-street public parking spaces, for a total of 2,014 spaces in the Triangle District. While parking supply was adequate when considering the overall parking supply and demand in the district, the distribution of parking was not ideal relative to demand. The following table shows the supply of parking spaces verses the demand for parking relative to the square footage of buildings in the district: Overall District Retail Center Parking supply (spaces/1,000 sq. ft. of buildings) 2.99 4.03 Parking demand (cars/1,000 sq. ft. of buildings) 1.27 3.31 % of parking spaces occupied 42% 82% % off-street parking spaces occupied 44% 95% % on-street parking spaces occupied 30% 49% As can be seen in the table, in areas of clustered retail use, there was little available parking during peak periods with 82% of the parking used near the major retail uses. While at the same time, parking for other uses was significantly underutilized with only 42% of the parking being used for the overall district. This shows a clear need for an improved shared parking program or coordinated public parking to better manage parking supply and demand. While the city has established an extensive public parking program for the Downtown, it does not extend into the Triangle District. This leaves private property owners to provide for their _own parking needs, which has lead to inefficiencies in use and wasted land that could otherwise be developed to contribute to the desired vibrancy of the district. Development & TWA Plan I Introduction 6
414 Parking Demand Projected Parking Demand In order to estimate the amount of parking demand in the future that could support a public parking facility, the district was analyzed for future build-out. A full build-out shows the amount of development that could occur based upon the Urban Design Plan and new Overlay Zoning District. However, because it is unlikely that all of the current uses in the district will be removed and redeveloped, assumptions were made on which buildings would likely remain and which areas would likely redevelop. This "partial build-out" included development that is anticipated or likely to occur in the future and gives a more realistic estimate of future parking demands. Future parking demand was estimated based upon the Institute of Transportation Engineer's Parking Generation Manual and observed parking demands in the city. The projections assume that new development will be providing some on-site parking, either via private parking structures, underground lots or small surface lots. A summary of the parking analysis is provided below: Available On- street Parking Spaces Private Parking Spaces Projected Parking Demand Based Upon Partial Build-out Future Parking Deficit 303 1,770 3,616 1,543 The above projected deficit showed the future need for an additional 463 parking spaces in the north end of the Triangle District near Maple Road and an additional 1,080 spaces in the south portion of the District. The development of a public parking structures, in strategic locations that will best serve the maximum number of businesses is recommended. Because the demand for parking will occur incrementally over time as the Triangle District redevelops, it is recommended that the City first acquire land for one or more surface parking lots to be developed with structures as the area redevelops and parking demand increases. 7 lntroductionl Development & TIFA Plan
Development & TIFA Plan I Introduction 8
13irminpamTrianle Dis-r.6ca \ dis fica Eli ofia:.! . 0;1 ill'i I Rill laN11 Oa qk----_,„ e uitlI1 'Pi IL' I =IV s 1211111 11,5101" - ct*an., ...117-rumtary " " 'Shoe e V( • loam i VT 2 ; " WITS rp;lI aftd +I it C., e al kill 0 "kurce. rtit =I, 13 25 IZO 297,,rve 121114112114111114Y 301 4" li" 331 232 1111 siiSimillaRVI 2641 11 3 XI LI3 1451113/111 71E01 miiiPI • 2r: a*: satin' oz: eiggeasill el* ME MI • iii COM Chapter Two: Development Plan Introduction According to the Corridor Improvement Authority Act, P.A. 280 of 2005, as amended, the City of Birmingham's Corridor Improvement Authority must develop a Development Plan for any improvements that are proposed to be funded through Tax Increment Financing. The law prescribes the various elements required in the Development Plan, which are discussed in this Chapter. Development Plan According to Section 21 of the Corridor Improvement Authority Act, the Development Plan must address the following: • Section 21(2) (a) Development Area Boundary: The designation of boundaries of the development area in relation to highways, streets, streams, or otherwise. The Development Area is generally enclosed by Woodward Avenue on the west, Maple Road on the north and Adams Road on the east, excluding the existing single-family neighborhood along Forest, Chestnut and Hazel Streets east of Elm Street. The Triangle District serves as a transitional growth area between Birmingham's central business district west of Woodward and the residential neighborhoods to the east (See District Map, right). Section 21(2) (b) Existing Streets and Public Facilities: The location and extent of existing streets and other public facilities within the development area, designating the location, character, and extent of the categories of public and private land uses then existing and proposed for the development area, including residential, recreational, commercial, industrial, educational, and other uses, and including a legal description of the development area. 9 Chapter Two: Introduction I Development & TI FA Plan
Water Main Water Fitting Water Hydrant Right of Way Sewer Main Combined Sewer inieti,;:, The boundaries of the Development Area in relation to highways, streets, and other rights-of-way are shown on the District Map, as previously presented under item 21(2) (a). The district is also well served by public water and sewer services (See Utility Map, left). The city maintains a Fire Station at the northwest corner of Adams and Bowers. This is their main station, containing administrative offices and training facilities. Land uses in the district include a mix of commercial and office uses. The district is adjacent to a single-family neighborhood that is not proposed to be included in the TIF Plan. Most of the higher intensity uses are located along Woodward, with other fine stores and offices found throughout the district. Woodward Avenue is an eight-lane state trunkline with a center median that runs along the western edge of the district. Maple Road is a four-lane county arterial road that runs along the northern edge of the district. Streets within the district are generally two-lane local city streets with sidewalks and on-street parking. Street circulation in the south end of the district could be improved through road realignments, and some of the parking lots and loading areas are unorganized throughout the district, as are several building arrangements. The disjointed arrangement of buildings and parking does not create the physical context for a strong synergy between the various uses in the area. It is a goal of this Development Plan to provide more organized parking that will help improve business vitality in the district. Section 21(2) (c) Existing Improvements: A description of existing improvements in the development area to be demolished, repaired, or altered, a description of any repairs and alterations, and an estimate of the time required for completion. The Birmingham Corridor Improvement Authority plans to redevelop one or two sites within the district into a public parking facility. Immediate plans are to acquire a site(s) for the future parking facilities and construct a surface parking lot until the area redevelops and need for a parking structure increases. Because the site for the parking facilities has yet to be determined, the specific details regarding site demolition or repairs are Utility Map Chapter Two: Development Plan Development and T1FA Plan 10
unknown. If existing surface lots on the future site can be re-used to provide temporary parking, they will be repaired or retained if in good condition. Otherwise, purchase and demolition of existing commercial buildings is likely needed, as most lots in the district are developed to some extent. The timing of construction will depend on the redevelopment of the district creating additional parking demand and generating additional tax increment rate of capture to fund construction. The city plans to issue bonds for the land acquisition costs as well as the parking facility construction costs; therefore, the timing of bond issues will be determined when adequate revenues exists to make the expected payments. Preliminary Parking Cost Estimates (1) Land Cost $5,000,000 Interim Surface Parking Lot Cost $180,000 Parking Structure Cost $9,900,000 Total $15,080,000 (11 Amounts are expressed in 2015 dollar values. Actual costs will need to be adjusted, depending on the actual build year. Section 21(2) (d) Estimated Cost of improvements: The location, extent, character, and estimated cost of the improvements including rehabilitation contemplated for the development area and an estimate of the time required for completion. For each parking structure, preliminary estimates assume a land cost of approximately $5,000,000. When purchased, the land may be redeveloped immediately into a 90-space surface parking lot that is estimated to cost approximately $180,000. It is anticipated a 450-space parking structure cost will be approximately $9,900,000. It is anticipated that a portion of the cost of each structure will be funded through the CIA, and the remainder will be funded through other mechanisms, including a Special Assessment District. Demolition costs will be determined once a site is identified. The actual number and configuration of parking facilities will be determined based upon development in the District and growth in parking demand. Section 21(2) (e) Construction Timeline: A statement of the construction or stages of construction planned, and the estimated time of completion of each stage. Due to limited resources, the CIA will take a phased approach to developing the parking facilities. If TIF revenues and other available funds exceed those projected, the city may proceed with the site acquisition sooner. Once acquired, the site will be prepared for construction of the facilities. 11 Chapter Two: Development Plan I Development and TIFA Plan
Due to the large construction costs related to a parking structure, the CIA may need to wait for additional tax increment revenues to accrue before it can finance construction. Instead, the site(s) may first be developed into a surface parking lot containing approximately 90 parking spaces, to help offset immediate parking needs in the district. The specific construction dates will be determined as redevelopment in the surrounding area demands additional parking. Additional parking facilities may be constructed based upon development in the District and growth in parking demand. Section 21(2) (f) Open Spaces: A description of any parts of the development area to be left as open space and the use contemplated for the space. No new open spaces are proposed as part of this Development Plan, except for ancillary sidewalks and pedestrian areas associated with development of parking facilities. The Triangle District Master Plan included recommendations for public open space; however these will be implemented by other means and will not be funded through the CIA development plan. Section 21(2) (g) Conveyances Between CIA and City: A description of any portions of the development area that the authority desires to sell, donate, exchange, or lease to or from the municipality and the proposed terms. The CIA does not currently own or control any land in the Triangle District. Once a parking facility is complete, the CIA anticipates it will be conveyed to the City of Birmingham in its entirety. • Section 21(2) (h) Desired Zoning Changes: A description of desired zoning changes and changes in streets, street levels, intersections, traffic flow modifications, or utilities. No changes in zoning are required to implement the Corridor Improvement Authority's Development Plan. However, the city previously adopted a new Overlay District for the area. The overlay was adopted to implement the development contemplated in the Triangle Plan using form-based code requirements (see Triangle District Regulating Plan, at left). The code encourages mixed-use development rather than creating use-specific Chapter Two: Development Plan Development and TIFA Plan 12
districts. It encourages additional building height and high density residential uses that will complement the city's goals to become more transit-oriented. The Triangle District Urban Design Plan includes other recommendations for the district; however, the CIA has committed only to development of parking facilities at this time. Section 21(2) (1) Financing: An estimate of the cost of the development, a statement of the proposed method of financing the development, and the ability of the authority to arrange the financing. Incremental taxes on real property included in the CIA district boundary will be captured under the Tax Increment Financing Plan to reimburse eligible activity expenses. It is anticipated that the TIF will be used to cover a portion of the acquisition and construction costs, with the other portion coming from a parking special assessment district. The total taxable value of all real property was $43,898,300 for the 2014 tax year. The TIFA Plan assumes an annual increase in taxable value of 2.5% for the years 2015 and beyond. It is anticipated that the term of the TIFA Plan will depend on the actual cost estimates received after final plans are prepared. The estimated captured taxable value and tax increment revenues for the eligible property for each year of the Plan are presented in Chapter 3. The tax increment and capture year data presented in Chapter 3 are estimates based on currently available information. It is the intent of this plan to provide for capture of all eligible tax increments in whatever amounts and in whatever years they become available until all project costs described in this plan are paid. Cash flow estimates for eligible activities are also presented in Chapter 3. • Section 21(2) (j) Designated Beneficiaries: Designation of the person or persons, natural or corporate, to whom all or a portion of the development is to be leased, sold, or conveyed in any manner and for whose benefit the project is being undertaken if that information is available to the authority. 13 Chapter Two: Development Plan I Development and TIFA Plan
The projects undertaken by the CIA are intended to benefit all property owners within the district. They are not intended to benefit any one or set of property owners; rather to remedy a district-wide shortage in parking that will hopefully help to attract additional commerce and residential development to the district. The parking facilities will be conveyed to the city once completed. Section 21(2) (k) Conveyance Procedures: The procedures for bidding for the leasing, purchasing, or conveying in any manner of all or a portion of the development upon its completion, if there is no express or implied agreement between the authority and persons, natural or corporate, that all or a portion of the development will be leased, sold, or conveyed in any manner to those persons. The projects included in this Development Plan are intended to be publicly owned in perpetuity; no conveyances are anticipated. The city may enter into a public-private partnership with a developer to partially fund the structure. This can be achieved through a condominium development that allows partial ownership of the structure by the city. Additional construction cost savings may be realized if other private structures are proposed that could be built simultaneously. Should the city choose in the future to sell the parking facility proposed in this Plan, the procedures in the Birmingham City Charter will be followed. Section 21(2) (I) Population Estimates and Displacement: Estimates of the number of persons residing in the development area and the number of families and individuals to be displaced. If occupied residences are designated for acquisition and clearance by the authority, a development plan shall include a survey of the families and individuals to be displaced, including their income and racial composition, a statistical description of the housing supply in the community, including the number of private and public units in existence or under construction, the condition of those units in existence, the number of owner-occupied and renter-occupied units, the annual rate of turnover of the various types of housing and the range of rents and sale prices, an estimate of the total demand for housing in the community, and Chapter Two: Development Plan I Development and TIFA Plan 14
the estimated capacity of private and public housing available to displaced families and individuals. There is a single apartment building located in the Corridor Improvement Authority boundary. This building is not proposed to be impacted and no families or individuals will be displaced as result of development of a parking facility. Therefore, a demographic survey and information regarding housing in the community are not applicable and are not needed for this plan. Section 21(2) (m) Relocation Priorities: A plan for establishing priority for the relocation of persons displaced by the development in any new housing in the development area. No residents will be displaced as a result of this development. Therefore, a plan for relocation of displaced persons is not applicable and is not needed for this plan. Section 21(2) (n) Relocation Costs: Provision for the costs of relocating persons displaced by the development and financial assistance and reimbursement of expenses, including litigation expenses and expenses incident to the transfer of title, in accordance with the standards and provisions of the uniform relocation assistance and real property acquisition policies act 011970, Public Law 91-646, 84 Stat. 1894. No residents will be displaced as result of this development and no relocation costs will be incurred. Therefore, provision for relocation costs is not applicable and is not needed for this plan. • Section 21(2) (o) Relocation Assistance Act: A plan for compliance with 1972 PA 227, MCL 213.321 to 213.332. No residents will be displaced as result of this development. Therefore, no relocation assistance strategy is needed for this plan. Section 21(2) (p) Governing Body Approval of Amendments: The requirement that amendments to an approved development plan or tax increment plan must be submitted by the authority to the governing body for approval or rejection. 15 Chapter Two: Development Plan I Development and TIFA Plan
The Tax Increment Finance and Development Plans for the City of Birmingham Corridor Improvement Authority for the Triangle District was approved by the CIA Board on , and approved by the Birmingham City Commission on Section 21(2) (q) Development Plan Evaluation: A schedule to periodically evaluate the effectiveness of the development plan. The City of Birmingham Corridor Improvement Authority will review the Tax Increment and Development Plan as needed. It is anticipated that they will meet approximately 4 times a year, and will review the plan at least once per year to update key figures and ensure projects and recommendations are still re leva nt. Chapter Two: Development Plant Development and T1FA Plan 16
Introduction This Tax Increment Finance (TIF) Plan is prepared in connection with the Development Plan described in Chapter Two. It was reviewed and adopted alongside the Development Plan; therefore, the city satisfied its notification and publication requirements when preparing notices for the Development Plan. TIF Plan According to Section 18 to 20 of Act 280, Public Acts of Michigan, 2005, after establishing a TIF Plan, the city must report annually to the State Tax Commission regarding the status of the financing account. The report must include: • The amount and source of revenue in the account. • The amount in any bond reserve account. • The amount and purpose of expenditures from the account. • The amount of principal and interest on any outstanding bonded indebtedness. • The initial assessed value of the project area. • The captured assessed value retained by the authority. • The tax increment revenues received. The increase in the state equalized valuation as a result of the implementation of the tax increment financing plan. • The type and cost of capital improvements made in the development area. • Any additional information the governing body considers necessary. 17 Development & TIF Plan I Chapter Three: TIF Plan
Parcel Number 08-19-36-232-005 0S-19-56-233-021 08-19-36-233-022 08-19-35-234-002 08-19-36-234-004 08-19-36-234-007 08-19-35-235-003 08-19-36-235-004 08-19-35-235-005 08-19-35-235-006 08-19-36-235-007 08-19-36-235-008 08-19-36-235-009 08-19-36-235-010 08-19-36-235-011 08-19-36-235-012 08-19-36-235-015 08-19-36-280-002 08-19-36-281-003 08-19-36-281-004 08-19-36-281-005 08-19-35-281-017 08-19-36-281-022 08-19-36-281-028 08-19-36-281-029 08-19-36-281-030 Property Class 2014 Taxable 201 8797,020 402 SO 201 8988,360 405 $760,250 405 $235,950 405 $111,200 405 $114,300 405 $114,300 405 $114,300 405 $109,220 405 $104,140 405 $104,140 405 $104,140 405 $104,140 405 $81,280 405 $0 405 $220,960 201 $258,040 202 $262,550 201 $219,020 201 $267,440 201 $494,180 201 $175,190 201 $294,880 201 $1,071,450 201 $454,460 2014 Base Property Values for All CIA Parcels Property Parcel Number Class 2014 Taxable 08-19-36-226-002 202 $1,100,000 08-19-36-226-003 201 $500,230 08-19-36-226-007 201 8326,710 08-19-36-226-009 201 $301,100 08-19-36-226-012 201 $335,330 08-19-36-226-013 201 $299,370 08-19-36-226-020 201 $689,550 08-19-36-226-021 201 $55,530 08-19-30-226-022 201 $947,240 08-19-36-227-002 201 $813,580 08-19-36-227-003 201 $653,940 08-19-36-227-005 201 $203,200 08-19-36-227-006 201 $278,380 •08-19-36-227-007 201 $164,080 08-19-36-227-008 201 $237,410 08-19-36-227-023 201 $407,510 08-19-36-227-024 201 $1,325,000 08-19-36-227-027 202 $183,900 08-19-36-227-028 201 $508,000 08-19-36-228-001 201 $819,200 08-19-36-228-002 201 $379,750 08-19-36-228-003 201 $231,330 08-19-36-228-004 201 $300,000 08-19-35-228-005 201 $751,310 08-19-35-230-003 201 $877,050 08-19-36-230-004 402 $0 08-19-36-232-001 201 $1,093,010 Property Parcel Number Class 2014 Taxable 08-19-36-231-031 201 $2,127,270 08-19-36-282-005 201 $2,915,760 08-19-35-282-006 201 $3,301,410 08-19-36-282-007 202 $0 08-19-36-283-009 201 $782,730 08-19-36-233-014 201 8350,000 08-19-36-283-016 201 $747,080 08-13-36-283-019 201 $193,420 08-19-36-283-020 201 8237,980 08-19-36-283-021 231 $290,020 08-19-36-283-022 201 $307,740 08-19-36-283-024 201 $1,315,660 08-19-35-283-025 202 8268,480 08-19-36-284-001 201 8105,370 08-19-36-284-002 201 $107,590 08-19-36-284-009 201 8415,490 08-19-36-284-010 202 $191,400 08-19-36-285-001 201 $4,874,880 08-19-36-285-002 201 $160,570 08-19-36-285-006 201 $289,670 08-19-36-285-007 201 $0 08-19-36-285-008 201 $254,000 08-19-36-285-009 201 $234,750 08-19-36-285-010 201 $103,290 08-19-36-285-012 201 8262,060 08-19-36-285-013 201 $563,160 08-19-36-427-001 201 $607,400 Total 2014 Value $42,360,930 Development & TIF Plan I Chapter Three: TIF Plan 18
2014 Personal Property Values 08-99-00-007-153 1,220 08-99-00-011-074 08-99-00-000-106 08-99-00-000-174 08-99-00-000-176 08-99-00-001-015 08-99-00-001-042 08-99-00-001-043 08-99-00-001-149 08-99-00-001-210 08-99-00-002-030 08-99-00-002-072 08-99-00-002-103 08-99-00-003-176 08-99-00-004-094 08-99-00-004-098 08-99-00-004-112 08-99-00-004-114 08-99-00-004-115 08-99-00-004-146 08-99-00-004-166 08-99-00-004-169 08-99-00-005-082 08-99-00-005-109 08-99-00-005-153 08-99-00-006-144 08-99-00-006-145 08-99-00-007-069 08-99-00-007-075 08-99-00-007-076 08-99-00-007-077 08-99-00-007-078 08-99-00-007-151 08-99-00-007-152 2,700 59,800 - 21,370 790 - - 2,440 3,010 421,630 _ _ - - 4 29,950 - 2,160 1,870 _ 5,110 _ 750 _ 4,590 _ _ - 3,980 _ _ 08-99-00-007-154 08-99-00-007-194 08-99-00-007-234 08-99-00-008-014 08-99-00-008-018 08-99-00-008-041 08-99-00-008-046 08-99-00-008-047 08-99-00-008-048 08-99-00-008-054 08-99-00-008-103 08-99-00-009-003 08-99-00-009-046 08-99-00-009-051 08-99-00-009-054 08-99-00-009-055 08-99-00-009-073 08-99-00-009-074 08-99-00-009-075 08-99-00-009-103 08-99-00-009-104 08-99-00-009-105 08-99-00-009-155 08-99-00-010-041 08-09-90-010-042 08-99-00-010-043 08-99-00-010-099 08-99-00-010-149 08-99-00-011-004 08-99-00-011-037 08-99-00-011-067 08-99-00-011-099 08-99-00-011-101 08-99-00-011-102 08-99-00-011-103 08-99-00-011-108 08-99-00-011-137 08-99-00-011-150 08-99-00-012-021 08-99-00-012-024 08-99-00-012-025 08-99-00-012-028 08-99-00-012-030 08-99-00-012-042 08-99-00-012-043 08-99-00-012-045 08-99-00-012-112 08-99-00-013-005 08-99-00-013-007 08-99-00-013-008 08-99-00-013-009 08-99-00-013-010 08-99-00-013-012 08-99-00-013-013 08-99-00-013-034 08-99-00-013-035 08-99-00-013-042 08-99-00-013-082 08-99-00-013-108 08-99-00-013-111 08-99-00-013-129 08-99-00-013-135 - 2,670 - - _ _ 39,620 - 520 77,450 72,500 520 19,520 1,040 - - - - 75,840 17,110 1,020 - 2,030 75,000 510 1,020 _ _ 32,010 - 08-99-00-014-012 08-99-00-014-017 08-99-00-014-018 08-99-00-014-049 08-99-00-014-050 08-99-00-014-055 08-99-00-014-103 08-99-00-014-104 08-99-00-014-109 08-99-00-014-110 08-99-00-014-113 08-99-00-014-117 08-99-00-014-135 08-99-00-015-044 08-99-00-015-046 08-99-00-015-047 08-99-00-015-084 08-99-00-015-086 08-99-00-015-087 08-99-00-015-088 08-99-00-015-091 08-99-00-015-092 08-99-00-015-145 08-99-00-015-148 08-99-00-015-149 08-99-01-001-120 08-99-01-001-140 08-99-01-001-470 08-99-01-001-650 08-99-01-001-663 08-99-01-001-836 08-99-01-001-861 10,000 557,390 50,000 500 2,500 2,500 15,000 - - 128,350 - 46,390 5,780 - 110,990 41,460 520 15,040 127,840 3,390 214,130 1,370 3,940 95,280 1,560 100,070 13,520 305,740 53,960 106,690 8,210 10,690 35,670 19 Deveiopment & TIF Plan I Chapter Three: TIF Plan
08-99-01-001-935 08-99-01-001-950 08-99-01-001-958 08-99-01-002-392 08-99-01-002-397 08-99-01-002-450 08-99-01-002-554 08-99-01-002-780 08-99-01-002-860 08-99-01-003-640 08-99-01-003-705 08-99-01-003-719 08-99-01-003-865 08-99-01-004-835 08-99-01-004-970 08-99-01-005-065 08-99-01-005-697 08-99-01-010-290 08-99-01-013-695 08-99-01-850-089 08-99-01-860-104 08-99-01-860-230 08-99-01-880-017 08-99-01-880-196 08-99-01-890-046 08-99-01-890-054 08-99-01-890-056 08-99-01-890-057 08-99-01-890-059 08-99-01-890-060 08-99-01-890-136 08-99-01-900-024 08-99-01-900-030 _ 40,150 7 - 1,800 4,490 - 76,260 69,030 307,370 - - - 3,560 - 2,550 - - 5,600 15,230 37,860 1,440 - 2,290 m -- 08-99-01-900-048 08-99-01-910-037 08-99-01-920-010 690 08-99-01-920-179 08-99-01-930-027 08-99-01-930-158 1,280 08 99-01-940-016 2,620 08-99-01-940-040 08-99-01-950-068 08-99-01-950-099 08-99-01-950-111 08-99-01-960-165 08-99-01-960-168 08-99-01-970-284 41,630 08-99-01-970-303 1,480 08-99-01-970-318 830 08-99-01-970-438 2,650 08-99-01-970-798 08-99-01-970-803 08-99-01-970-888 76,920 08-99-01-980-239 08-99-01-980-244 08-99-01-980-373 08-99-01-980-378 Personal Property Total: 3,749,070 Development & TIF Plan I Chapter Three: TIF Plan 20
$46,110,000 47,262,750 48,444,319 49,655,427 50,896,813 52,169,233 53,473,464 54,810,301 56,180,559 57,585,073 59,024,700 60,500,318 62,012,826 63,563,147 65,152,226 66,781,032 68,450,558 70,161,822 71,915,868 73,713,765 75,556,609 77,445,524 79,381,662 81,366,204 83,400,359 85,485,368 87,622,502 $ 46,110,000 $ 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 46,110,000 ESTIMATED CAPTURED TAXABLE VALUEM 2015-2040 Taxable Value (2) % Value Base Value Increase 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Captured Value 1,152,750 2,334,319 3,545,427 4,786,813 6,059,233 7,363,464 8,700,301 10,070,559 11,475,073 12,914,700 14,390,318 15,902,826 17,453,147 19,042,226 20,671,032 22,340,558 24,051,822 25,805,868 27,603,765 29,446,609 31,335,524 33,271,662 35,256,204 37,290,359 39,375,368 41,512,502 (1) This table assumes capture based on inflation only - no new development or increase in value due to improvements. New development would increase capture. (2) 2015 - 2040 assume 2.5% growth/year. Base Year Tax Year 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 When developing the TIE Plan, the city must include the following: • A Development Plan: The Development Plan for this project is described in Chapter Two: Development Plan. • A detailed explanation of the tax increment procedure: Tax Increment Financing is a method of funding public investments in an area slated for (re)development by capturing, for a time, all or a portion of the increased tax revenue that may result from increases in property values, either as a result of (re)development or general market inflation. The concept of tax increment financing is applied only to the Development Area for which a development plan has been prepared by the Authority and adopted by the community's legislative body. "Captured Assessed Value" can be described as the amount in any year of the Plan in which the current assessed value exceeds the initial assessed value. Current assessed value for this purpose includes the amount of local taxes paid in lieu of property taxes. "Initial Assessed Value" represents the assessed value as equalized for all properties in the Development Area at the time of resolution adoption. (See 2014 Base Property Values for all CIA Parcels, on page 18). It is relevant to mention that the value of tax-exempt property is represented as a zero value, since no tax increment will be collected for that site, regardless of increases in actual property value. The taxable difference between the initial assessed value (base year total) and any incremental increase in the value can be captured and (re)invested by the CIA. The estimated capture for the Birmingham CIA is shown in the Estimated Captured Assessed Value (right). For this plan, very conservative projections have been used to depict a conservative scenario for tax increment. Due to current economic conditions, TIE projections assume a future increase in taxable value of 2.5% for the years 2015 and beyond. This increase is less than has historically occurred in Birmingham and assumes no new development in the Development Area. 17 Development 8t TIF Plan I Chapter Three: T1F Plan
In order to make use of tax increment financing the CIA must submit to the City governing body a Tax Increment Financing and Development Plan which the city must approve by resolution. Following approval of resolution, municipal and county treasurers must transfer to the CIA the amount of certain taxes paid to them as a result of increased value. The transmitted funds are denominated "tax increment revenues". Tax increment revenues are additionally limited as explained below: "Tax increment revenues" means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the Development Area. Tax increment revenues do not include any of the following: a. Taxes under the state education tax act, 1993 PA 331, MCL 211.901 to 211.906. b. Taxes levied by local or intermediate school districts. c. Ad valorem property taxes attributable either to a portion of the captured assessed value shared with taxing jurisdictions within the jurisdictional area of the authority or to a portion of value of property that may be excluded from captured assessed value or specific local taxes attributable to the ad valorem property taxes. d. Ad valorem property taxes excluded by the tax increment financing plan of the authority from the determination of the amount of tax increment revenues to be transmitted to the authority or specific local taxes attributable to the ad valorem property taxes. e. Ad valorem property taxes exempted from capture under section 18(5) or specific local taxes attributable to the ad valorem property taxes. f. Ad valorem property taxes specifically levied for the payment of principal and interest of obligations approved by the electors or obligations pledging the unlimited taxing power of the local governmental unit or specific taxes attributable to those ad valorem property taxes. g. Ad valorem property taxes levied under 1 or more of the following specific local taxes attributable to those ad valorem property taxes: I. The zoological authorities act, 2008 PA49, MCL 123.1161 to 123.1183 ii. The art institute authorities act, 2010 PA 296, MCL 123.1201 to 120.1229. Development & TlF Plan I Chapter Three: TIF Plan 18
Land acquisition and surface parking 2015 Estimated Costs $ 5,180,000 :tur 2016 Estimated Costs $ 5,309,500 Parking structure #1 2015 Estimated Costs $ 9,900,000 2017 Estimated Costs $ 10,502,910 Structure #2 Land acquisition and surface parking 2015 Estimated Costs $ 5,180,000 2025 Estimated Costs $ 6,630,838 Parking structure #2 2015 Estimated Costs $ 9,900,000 2030 Estimated Costs $ 15,423,877 Total $37,867,125 The maximum amount of bonded indebtedness to be incurred: The maximum amount of bonded indebtedness to be incurred by, or on behalf of, the City of Birmingham CIA is $37.9 million. These amounts were established using estimates of the land cost ($5,000,000), surface parking development cost ($180,000) and structure cost ($9,900,000) and inflating the costs with the assumption that the land acquisition for the first parking structure construction will occur in 2016 at an adjusted cost of $5,310,000, with the assumption that a structure will be built in 2017 ($10,503,000) and the assumption that the second structure's property may be acquired in 2025 ($6,631,000) and built in 2030 ($15,424,000). The construction of parking structure(s) will likely be timed to coincide with major new development. New development may necessitate construction of more than one parking structure. Parking structure(s) may also be partially funded through a public/private partnership with new development. The increased tax increment from major new development will likely accelerate repayment of any bonds for a parking structure. . The duration of the program: This Tax Increment Financing Plan is shown to be effective until 2040, based upon a "worst-case" scenario. Depending on actual market activity and rate of increment capture, this duration may be extended or shortened. With major new development in the district, repayment of bonds for parking facilities could be accelerated. Major new development may also make it feasible to implement land acquisition, parking lot construction and construction of parking structure(s) sooner than expected. Principal and interest on all bonded debt will need to be paid, or sufficient funds to repay the full balance set aside in order to terminate this plan. A statement of the estimated impact of tax increment financing on the assessed values of all taxing jurisdictions in which the development area is located: The impact of tax increment financing on the revenues of all taxing jurisdictions is shown on the Estimated Tax Capture by Taxing Jurisdiction Table (next page). The CIA is eligible to capture tax increment revenues from the city, Oakland County and regional authorities, such as Huron-Clinton Metropark Authority, SMART and Oakland County Community College. The 19 Development & TIF Plan j Chapter Three: TlF Plan
CIA will pay the debt service on the bonds for development of parking facilities from the tax increment revenues captured in the Development Area. The Authority may provide for the use of part or all of the captured assessed value, but the portion intended to be used by the authority shall be clearly stated in the tax increment financing plan: The CIA anticipates using all of the captured tax increment revenues to pay the costs of the development of parking facilities. Development & TlF Plan I Chapter Three: TIF Plan 20
793 1,606 2,439 3,292 4,168 5,065 5,984 6,927 7,893 8,883 9,898 10,938 12,004 13,097 14,218 15,366 16,543 17,749 18,986 20,253 21,553 22,884 24,249 25,648 27,082 28,552 951 1,926 2,925 3,949 4,999 6,075 7,178 8,308 9,467 10,655 11,872 13,120 14,399 15,710 17,054 18,431 19,843 21,290 22,773 24,293 25,852 27,449 29,086 30,765 32,485 34,248 208 422 641 865 1,096 1,331 1,573 1,821 2,075 2,335 2,602 2,875 3,156 3,443 3,737 4,039 4,349 4,666 4,991 5,324 5,665 6,016 6,374 6,742 7,119 7,505 1,368 2,769 4,206 5,679 7,189 8,736 10,322 11,948 13,614 15,322 17,073 18,867 20,706 22,592 24,524 26,505 28,535 30,616 32,749 34,935 37,176 39,473 41,828 44,241 46,715 49,250 680 1,377 2,092 2,824 3,575 4,344 5,133 5,942 6,770 7,620 8,490 9,383 10,297 11,235 12,196 13,181 14,191 15,225 16,286 17,373 18,488 19,630 20,801 22,001 23,231 24,492 Estimated Tax Capture by Taxing Jurisdiction Fiscal Year Ending June 30 City of Birmingham Oakland County Huron-Clinton Oakland Operating Levy Refuse Levy Library Levy Operating @ 75% Parks & Rec Metro Park Comm. Coll. Total Fiscal Captured 11.4943 @ 75% .9170 @ 75% L1000 @ 75% See Rates .2410 @ 75% Authority 1.5819 @ 75% SMART TIF Year Value °-) 8.6207 0.6878 0.8250 Below (2) 0.1808 OPT OUT 1.1864 0.5900 Revenue 2015 7016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 1,152,750 2,334,319 3,545,427 4,786,813 6,059,233 7,363,464 8,700,301 10,070,559 11,475,073 12,914,700 14,390,318 15,902,826 17,453,147 19,042,226 20,671,032 22,340,558 24,051,822 25,805,868 27,603,765 29,446,609 31,335,524 33,271,662 35,256,204 37,290,359 39,375,368 41,512,502 9,938 20,123 30,564 41,266 52,235 63,478 75,003 86,815 98,923 111,334 124,055 137,093 150,458 164,157 178,199 192,591 207,344 222,465 237,964 253,850 270,134 286,875 303,933 321,469 339,443 357,867 3,536 7,073 10,743 14,504 18,359 22,311 26,362 30,514 34,769 39,132 43,603 48,186 52,883 57,698 62,633 67,692 72,877 78,192 83,639 89,223 94,947 100,813 106,826 112,990 119,307 125,783 17,474 35,296 53,610 72,379 91,621 111,340 131,555 152,275 173,511 195,281 217,593 240,462 263,903 287,932 312,561 337,805 363,682 390,203 417,388 445,251 473,815 503,090 533,097 563,856 595,382 627,697 Totals 4,337,526 346,070 415,103 1,524,595 90,970 596,938 296,857 7,608,059 (1) 2016-2041 assume 2.5% growth/year (2) FY 2016 4.0900 mills; 4.0400 mills thereafter 21 Development & T1F Plan 1 Chapter Three: T1F Plan
411111City of armingham A Waartzste- CarnME41143' Pq IlkinbirMi 11<- LL P.ann:ng, Inc. Development & TIE Plan Chapter Three: T1F Plan 22
Estimated Tax Capture by Taxing Jurisdiction Fiscal Year Ending June 30 City of Birmingham Oakland County Huron-Clinton Oaklan d Operating Levy Refuse Levy Library Levy Operating @ 75% Parks & Rec Metro Park Comm. Con, Total Fiscal Captured 11,4943 @75% .91703) 75% 1.10003) 75% See Rates .2410 3)75% Authority 1.5519 @75% SMART T1F Year _ Value [I) 8.6207 0.6878 0.8250 Below 1.4 0.1808 OPT OUT 1.1864 0.5990 Revenue 2015 2416 1,152,750 9,938 793 951 3,536 208 1,368 680 17,474 2017 2,334,319 20,123 1,606 1,926 7,073 422 2,769 1,377 35,296 2018 3,545,427 30,564 2,439 2,925 10,743 641 4,206 2,092 53,510 2019 4,786,813 41,266 3,292 3,949 14,504 865 5,679 2,824 72,379 2020 5,059,233 52,235 4,158 4,944 18,359 1,096 7,189 3,575 91,621 2021 7,353,464 63,478 5,055 6,075 22,311 1,331 8,736 4,344 111,340 2022 8,700,301 75,003 5,984 7,178 26,362 0,573 10,322 5,133 131,555 2022 10,070,559 86,515 6,927 8,308 30,514 1,821 11,948 5,942 152,275 2024 11,475,073 98,928 7,893 9,457 34,769 2,075 1.3,614 6,770 173,511 2025 12,914,700 111,334 8,883 10,655 39,132 2,335 15,322 7,620 195,281 2026 14,390,318 1.24,055 9,898 11,872 43,603 2,602 17,073 8,490 2.17,593 2027 15,902,826 137,093 10,938 13,120 48,185 2,875 18,867 9,383 240,452 2028 17,453,147 150,458 12,004 14,399 52,883 3,155 20,705 10,297 263,903 2029 19,042,226 164,157 13,097 15,710 57,698 3,443 22,542 11,235 287,932 2030 20,671,032 178,199 14,218 17,054 62,633 3,737 24,524 12,196 312,551 2031 22,340,558 192,591 15,366 18,431 67,692 4,039 26,505 13,181 337,805 2032 24,051,822 207,344 15,543 19,843 72,877 4,349 28,535 14,191 353,682 2033 25,805,868 222,465 17,749 21,290 75,192 4,6E5 30,616 15,225 290,203 2034 27,603,765 237,954 18,986 22,773 53,639 4,991 32,749 16,286 417,385 2035 29,446,609 253,85 20,253 24,293 85,223 5,324 34,935 17,373 445,251 2036 31,335,524 270,1.34 21,553 25,852 94,547 5,555 37,176 18,488 473,815 2037 33,271,662 286,825 22,884 27,449 1.00,813 6,216 39,473 19,630 503,090 2038 35,256,204 303,933 24,249 29,086 105,826 6,374 41,828 20,801 533,097 2039 37,290,359 321,469 25,645 30,765 112,990 6,742 44,241 22,001 563,556 2040 89,375,368 339,443 27,082 32,436 119,307 7,119 45,715 23,231. 595,382 2041 41,512,502 257,857 28,552 34,248 125,783 7,505 49,250 24,492 627,697 Totals 4,337,575 346,070 415,103 1,524,595 90,970 596,938 296,857 7,608,059 2016-2041 assume 2.3% growth/year M FY 2016 4.0900 mi1la 4.0400 mills thereafter City County HCMA Community College SMART Amount 5,098,699 1,615,565 - 596,938 296,857 % of FundTri. 67.0% 21.2% 0.0% 7.8% 3,9% Total 7,603,059 99.9%
Resolution #15274 November 12, 2015
Moved by Spisz supported by Quarles the resolutions (with fiscal notes attached) on the Consent Agenda
be adopted (with accompanying reports being accepted).
AYES: Dwyer, Fleming, Gershenson, Gingell, Gosselin, Hoffman, Jackson, Kowaif , Long,
McGillivray, Middleton, Quarles, Scott, Spisz, Taub, Weipert, Woodward, Zack, Bowman,
Crawford. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions (with fiscal notes attached) on the Consent
Agenda were adopted (with accompanying reports being accepted).
i f
I HEREBY APPROVE THIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO MCL 45.559A (7)
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and
accurate copy of a resolution adopted by the Oakland County Board of Commissioners on November 12,
2015, with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the County of Oakland at
Pontiac, Michigan this 12th day of November 2015,
Lisa Brown, Oakland County