SlideShare una empresa de Scribd logo
1 de 17
Descargar para leer sin conexión
New Brunswick:
Maximizing the Benefit of
Publicly-Owned Property
Panelists:
Mitchell Karon, Executive Director – Parking Authority of the City of New
Brunswick (NBPA)
Cheryl J. Oberdorf, Esq. – Wilentz, Goldman & Spitzer, P.A., Bond
Counsel and Special Counsel
Parking Projects Undertaken by the Parking
Authority of the City of New Brunswick In
Redevelopment Areas
2
Case Study I - Spring Street Project
3
Case Study I - Spring Street Project
4
Two contiguous surface parking lots owned by
NBPA in government business district
redevelopment area; 91 spaces, land underutilized,
not subject to taxation
Two surface lots purchased by Redeveloper from
NBPA
Redeveloper owned and privately financed
Redevelopment project in redevelopment area
consisting of 422 parking spaces, office space and
121 residential units
Case Study I - Spring Street Project
5
Project completed, awaiting final CO’s
Tax abatement – 15% - Annual Gross Revenue
Method
NBPA to lease 94 spaces for daily/hourly parkers
from Redeveloper
NBPA will receive revenue generated from those
spaces and will be responsible for general
maintenance and housekeeping of those 94 spaces
Case Study I - Spring Street Project
6
Case Study II - New Street Deck
7
Case Study II - New Street Deck
8
Surface lot owned by NBPA
NBPA constructed 430 parking space deck next to
family courthouse
Middlesex County College owns office space within
the footprint of deck
Redevelopment project in redevelopment area
Additional land acquired by NBPA and Redeveloper
Land swap to assemble remaining parcels for deck
Case Study II - New Street Deck
9
No condemnation
Construction contract publicly bid by NBPA
NBPA issued revenue bonds to finance the
deck; revenues from operation of all facilities of
NBPA are pledged to pay debt service on bonds
County paid for judges’ spaces and
associated construction
County college paid for construction of its office
space
Case Study II - New Street Deck
10
Case Study III - Morris Street Deck
11
Redevelopment project in redevelopment area
Land acquired by Redeveloper and NBPA
Land swap to assemble parcels for deck
No condemnation
Tax abatement – 15% - Annual Gross Revenue
Method (contiguous dormitory facility owned by
501(c)(3) entity)
820 space parking deck constructed to service
dormitory, publicly owned hotel/conference
center and public uses
Case Study III - Morris Street Deck
12
Issues – demand study assumptions and timing
for construction and completion
Developer’s Agreement executed with
Redeveloper for construction of deck
GMP
No fixed completion date
No liquidated damages
NBPA financed land acquisition costs and deck
through the issuance of revenue bonds
Case Study III - Morris Street Deck
13
Case Study IV - Plum Street/French Street Deck
14
Redevelopment project in redevelopment area
Land acquired by NBPA and Redeveloper
Land swap with Redeveloper to assemble
parcels for construction of deck
No condemnation
Tax abatement – 15% Annual Gross Revenue
Method (office and residential
components)
854 space deck constructed to meet public
parking demands in redevelopment area
Case Study IV - Plum Street/French Street Deck
15
Developer’s Agreement executed with
Redeveloper
GMP
Scheduled completion date – March 31, 2007
Liquidated damages equal to daily debt service in the
event deck is not open by scheduled completion date
In the event of construction savings, savings shared
between Contractor, Redeveloper and NBPA
NBPA is an obligee on construction contract in the
event of a default by either Contractor or Redeveloper
NBPA financed land acquisition costs and
construction of deck through issuance of revenue
bonds
Case Study IV - Plum Street/French Street Deck
16
Basis for Transactions
N.J.S.A. 40A:12A-39(f)
Any public body may do all things necessary or
convenient to and in the planning, undertaking,
construction or operation of redevelopment projects
N.J.S.A. 40:11A-6
Any parking authority is authorized to plan, design
construct…such parking project as, in the opinion of
such authority, will provide an effective and satisfactory
method of promoting the purposes of the authority
Any parking authority may sell, transfer and dispose of
any property or interest therein at any time acquired by
it upon such terms and conditions as it may determine,
with or without public bidding
17
Points to Consider
Allocation of costs between Redeveloper and
NBPA
Economic viability of project and assumptions
related thereto
Defaults of Redeveloper – construction and
performance
Remedies of Redevelopment Agency in the
event of a default by Redeveloper
Can a Parking Authority be designated a
Redeveloper?

Más contenido relacionado

Destacado

Creative Financing Methods to Fund Project Finance-PPP Projects
Creative Financing Methods to Fund Project Finance-PPP ProjectsCreative Financing Methods to Fund Project Finance-PPP Projects
Creative Financing Methods to Fund Project Finance-PPP ProjectsCherylOberdorf
 
Learn BEM: CSS Naming Convention
Learn BEM: CSS Naming ConventionLearn BEM: CSS Naming Convention
Learn BEM: CSS Naming ConventionIn a Rocket
 
How to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media PlanHow to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media PlanPost Planner
 
SEO: Getting Personal
SEO: Getting PersonalSEO: Getting Personal
SEO: Getting PersonalKirsty Hulse
 
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika AldabaLightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldabaux singapore
 

Destacado (8)

Lövudden
LövuddenLövudden
Lövudden
 
Creative Financing Methods to Fund Project Finance-PPP Projects
Creative Financing Methods to Fund Project Finance-PPP ProjectsCreative Financing Methods to Fund Project Finance-PPP Projects
Creative Financing Methods to Fund Project Finance-PPP Projects
 
Case study Research
Case study Research Case study Research
Case study Research
 
Learn BEM: CSS Naming Convention
Learn BEM: CSS Naming ConventionLearn BEM: CSS Naming Convention
Learn BEM: CSS Naming Convention
 
How to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media PlanHow to Build a Dynamic Social Media Plan
How to Build a Dynamic Social Media Plan
 
SEO: Getting Personal
SEO: Getting PersonalSEO: Getting Personal
SEO: Getting Personal
 
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika AldabaLightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldaba
 
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job? Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
Succession “Losers”: What Happens to Executives Passed Over for the CEO Job?
 

Similar a The Use of Publicly Owned Property to Facilitate PPP/Redevelopment Projects

Phoenix Park: Urban Renewal Case Study
Phoenix Park: Urban Renewal Case StudyPhoenix Park: Urban Renewal Case Study
Phoenix Park: Urban Renewal Case StudyStephen_Nick
 
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)NYCHA Nyc-Housing
 
Land readjustment _e_
Land readjustment _e_Land readjustment _e_
Land readjustment _e_Bayar Tsend
 
WPR_02.01.2023 W-114 - Copy (1).pptx
WPR_02.01.2023 W-114 - Copy (1).pptxWPR_02.01.2023 W-114 - Copy (1).pptx
WPR_02.01.2023 W-114 - Copy (1).pptxcyberyogi07
 
Former Kodak Lands Update - November 19, 2015
Former Kodak Lands Update - November 19, 2015Former Kodak Lands Update - November 19, 2015
Former Kodak Lands Update - November 19, 2015Crosstown TO
 
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...bristolrising
 
Planning and development club, Nottingham, November 2018
Planning and development club, Nottingham, November 2018Planning and development club, Nottingham, November 2018
Planning and development club, Nottingham, November 2018Browne Jacobson LLP
 
Block 10102 redevelopment plan 11.25.2013 - DRAFT
Block 10102 redevelopment plan 11.25.2013 - DRAFTBlock 10102 redevelopment plan 11.25.2013 - DRAFT
Block 10102 redevelopment plan 11.25.2013 - DRAFTCandice Osborne
 
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14Planning Staff Report Elizabeth Ann Seton 2010 Oct 14
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14Adam Cohen
 
New Hanover Crossing 8 6 08 1
New Hanover Crossing 8 6 08 1New Hanover Crossing 8 6 08 1
New Hanover Crossing 8 6 08 1mcaffrey81
 
Pathology assignment
Pathology assignment Pathology assignment
Pathology assignment Mark Percival
 
Annual Plan for Fiscal Year 2014 Presentation - Queens
Annual Plan for Fiscal Year 2014 Presentation - QueensAnnual Plan for Fiscal Year 2014 Presentation - Queens
Annual Plan for Fiscal Year 2014 Presentation - QueensNYCHA Nyc-Housing
 
Demystifying The Public Private Partnership
Demystifying The Public Private PartnershipDemystifying The Public Private Partnership
Demystifying The Public Private Partnershipphilippduffy
 
Campos Plaza Land Lease Presentation 6-19-13
Campos Plaza Land Lease Presentation 6-19-13Campos Plaza Land Lease Presentation 6-19-13
Campos Plaza Land Lease Presentation 6-19-13NYCHA Nyc-Housing
 
Delivering the Rehabilitation of the F.G. Gardiner Expressway
Delivering the Rehabilitation of the F.G. Gardiner ExpresswayDelivering the Rehabilitation of the F.G. Gardiner Expressway
Delivering the Rehabilitation of the F.G. Gardiner ExpresswayToronto Public Consultation Unit
 
Private and Public Partnerships Move Mainstream
Private and Public Partnerships Move MainstreamPrivate and Public Partnerships Move Mainstream
Private and Public Partnerships Move MainstreamKerry Carey
 
South Orange Valley and Third Street Redevelopment Plan
South Orange Valley and Third Street Redevelopment PlanSouth Orange Valley and Third Street Redevelopment Plan
South Orange Valley and Third Street Redevelopment PlanAlex Torpey
 

Similar a The Use of Publicly Owned Property to Facilitate PPP/Redevelopment Projects (20)

Capital Programs - O'Hare 21
Capital Programs - O'Hare 21 Capital Programs - O'Hare 21
Capital Programs - O'Hare 21
 
Phoenix Park: Urban Renewal Case Study
Phoenix Park: Urban Renewal Case StudyPhoenix Park: Urban Renewal Case Study
Phoenix Park: Urban Renewal Case Study
 
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)
NYCHA Infill Sites Presentation for Roundtable 4-9-13 (Campos Plaza)
 
Land readjustment _e_
Land readjustment _e_Land readjustment _e_
Land readjustment _e_
 
WPR_02.01.2023 W-114 - Copy (1).pptx
WPR_02.01.2023 W-114 - Copy (1).pptxWPR_02.01.2023 W-114 - Copy (1).pptx
WPR_02.01.2023 W-114 - Copy (1).pptx
 
Former Kodak Lands Update - November 19, 2015
Former Kodak Lands Update - November 19, 2015Former Kodak Lands Update - November 19, 2015
Former Kodak Lands Update - November 19, 2015
 
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...
Renaissance Downtowns Depot Square Phase I Financial Proposal; Supplemental S...
 
Planning and development club, Nottingham, November 2018
Planning and development club, Nottingham, November 2018Planning and development club, Nottingham, November 2018
Planning and development club, Nottingham, November 2018
 
Block 10102 redevelopment plan 11.25.2013 - DRAFT
Block 10102 redevelopment plan 11.25.2013 - DRAFTBlock 10102 redevelopment plan 11.25.2013 - DRAFT
Block 10102 redevelopment plan 11.25.2013 - DRAFT
 
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14Planning Staff Report Elizabeth Ann Seton 2010 Oct 14
Planning Staff Report Elizabeth Ann Seton 2010 Oct 14
 
New Hanover Crossing 8 6 08 1
New Hanover Crossing 8 6 08 1New Hanover Crossing 8 6 08 1
New Hanover Crossing 8 6 08 1
 
Pathology assignment
Pathology assignment Pathology assignment
Pathology assignment
 
Annual Plan for Fiscal Year 2014 Presentation - Queens
Annual Plan for Fiscal Year 2014 Presentation - QueensAnnual Plan for Fiscal Year 2014 Presentation - Queens
Annual Plan for Fiscal Year 2014 Presentation - Queens
 
Demystifying The Public Private Partnership
Demystifying The Public Private PartnershipDemystifying The Public Private Partnership
Demystifying The Public Private Partnership
 
Campos Plaza Land Lease Presentation 6-19-13
Campos Plaza Land Lease Presentation 6-19-13Campos Plaza Land Lease Presentation 6-19-13
Campos Plaza Land Lease Presentation 6-19-13
 
Water Management Financing in the Caribbean - Part 4
Water Management Financing in the Caribbean - Part 4 Water Management Financing in the Caribbean - Part 4
Water Management Financing in the Caribbean - Part 4
 
Delivering the Rehabilitation of the F.G. Gardiner Expressway
Delivering the Rehabilitation of the F.G. Gardiner ExpresswayDelivering the Rehabilitation of the F.G. Gardiner Expressway
Delivering the Rehabilitation of the F.G. Gardiner Expressway
 
Private and Public Partnerships Move Mainstream
Private and Public Partnerships Move MainstreamPrivate and Public Partnerships Move Mainstream
Private and Public Partnerships Move Mainstream
 
13
1313
13
 
South Orange Valley and Third Street Redevelopment Plan
South Orange Valley and Third Street Redevelopment PlanSouth Orange Valley and Third Street Redevelopment Plan
South Orange Valley and Third Street Redevelopment Plan
 

Último

Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfAnhNguyen97152
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023Steve Rader
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessAPCO
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..dlewis191
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024Stephan Koning
 
Amazon ppt.pptx Amazon about the company
Amazon ppt.pptx Amazon about the companyAmazon ppt.pptx Amazon about the company
Amazon ppt.pptx Amazon about the companyfashionfound007
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toumarfarooquejamali32
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarNathanielSchmuck
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Lviv Startup Club
 
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxChapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxesiyasmengesha
 
Scrum Events & How to run them effectively
Scrum Events & How to run them effectivelyScrum Events & How to run them effectively
Scrum Events & How to run them effectivelyMarianna Nakou
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...IMARC Group
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.ukaroemirsr
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsIntellect Design Arena Ltd
 

Último (20)

Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023
 
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for BusinessQ2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
Q2 2024 APCO Geopolitical Radar - The Global Operating Environment for Business
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 
Investment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV IndustriesInvestment Opportunity for Thailand's Automotive & EV Industries
Investment Opportunity for Thailand's Automotive & EV Industries
 
Amazon ppt.pptx Amazon about the company
Amazon ppt.pptx Amazon about the companyAmazon ppt.pptx Amazon about the company
Amazon ppt.pptx Amazon about the company
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb to
 
Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry Webinar
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)
 
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptxChapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
Chapter_Five_The_Rural_Development_Policies_and_Strategy_of_Ethiopia.pptx
 
Scrum Events & How to run them effectively
Scrum Events & How to run them effectivelyScrum Events & How to run them effectively
Scrum Events & How to run them effectively
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
 
7movierulz.uk
7movierulz.uk7movierulz.uk
7movierulz.uk
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
WAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdfWAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdf
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking Applications
 

The Use of Publicly Owned Property to Facilitate PPP/Redevelopment Projects

  • 1. New Brunswick: Maximizing the Benefit of Publicly-Owned Property Panelists: Mitchell Karon, Executive Director – Parking Authority of the City of New Brunswick (NBPA) Cheryl J. Oberdorf, Esq. – Wilentz, Goldman & Spitzer, P.A., Bond Counsel and Special Counsel Parking Projects Undertaken by the Parking Authority of the City of New Brunswick In Redevelopment Areas
  • 2. 2 Case Study I - Spring Street Project
  • 3. 3 Case Study I - Spring Street Project
  • 4. 4 Two contiguous surface parking lots owned by NBPA in government business district redevelopment area; 91 spaces, land underutilized, not subject to taxation Two surface lots purchased by Redeveloper from NBPA Redeveloper owned and privately financed Redevelopment project in redevelopment area consisting of 422 parking spaces, office space and 121 residential units Case Study I - Spring Street Project
  • 5. 5 Project completed, awaiting final CO’s Tax abatement – 15% - Annual Gross Revenue Method NBPA to lease 94 spaces for daily/hourly parkers from Redeveloper NBPA will receive revenue generated from those spaces and will be responsible for general maintenance and housekeeping of those 94 spaces Case Study I - Spring Street Project
  • 6. 6 Case Study II - New Street Deck
  • 7. 7 Case Study II - New Street Deck
  • 8. 8 Surface lot owned by NBPA NBPA constructed 430 parking space deck next to family courthouse Middlesex County College owns office space within the footprint of deck Redevelopment project in redevelopment area Additional land acquired by NBPA and Redeveloper Land swap to assemble remaining parcels for deck Case Study II - New Street Deck
  • 9. 9 No condemnation Construction contract publicly bid by NBPA NBPA issued revenue bonds to finance the deck; revenues from operation of all facilities of NBPA are pledged to pay debt service on bonds County paid for judges’ spaces and associated construction County college paid for construction of its office space Case Study II - New Street Deck
  • 10. 10 Case Study III - Morris Street Deck
  • 11. 11 Redevelopment project in redevelopment area Land acquired by Redeveloper and NBPA Land swap to assemble parcels for deck No condemnation Tax abatement – 15% - Annual Gross Revenue Method (contiguous dormitory facility owned by 501(c)(3) entity) 820 space parking deck constructed to service dormitory, publicly owned hotel/conference center and public uses Case Study III - Morris Street Deck
  • 12. 12 Issues – demand study assumptions and timing for construction and completion Developer’s Agreement executed with Redeveloper for construction of deck GMP No fixed completion date No liquidated damages NBPA financed land acquisition costs and deck through the issuance of revenue bonds Case Study III - Morris Street Deck
  • 13. 13 Case Study IV - Plum Street/French Street Deck
  • 14. 14 Redevelopment project in redevelopment area Land acquired by NBPA and Redeveloper Land swap with Redeveloper to assemble parcels for construction of deck No condemnation Tax abatement – 15% Annual Gross Revenue Method (office and residential components) 854 space deck constructed to meet public parking demands in redevelopment area Case Study IV - Plum Street/French Street Deck
  • 15. 15 Developer’s Agreement executed with Redeveloper GMP Scheduled completion date – March 31, 2007 Liquidated damages equal to daily debt service in the event deck is not open by scheduled completion date In the event of construction savings, savings shared between Contractor, Redeveloper and NBPA NBPA is an obligee on construction contract in the event of a default by either Contractor or Redeveloper NBPA financed land acquisition costs and construction of deck through issuance of revenue bonds Case Study IV - Plum Street/French Street Deck
  • 16. 16 Basis for Transactions N.J.S.A. 40A:12A-39(f) Any public body may do all things necessary or convenient to and in the planning, undertaking, construction or operation of redevelopment projects N.J.S.A. 40:11A-6 Any parking authority is authorized to plan, design construct…such parking project as, in the opinion of such authority, will provide an effective and satisfactory method of promoting the purposes of the authority Any parking authority may sell, transfer and dispose of any property or interest therein at any time acquired by it upon such terms and conditions as it may determine, with or without public bidding
  • 17. 17 Points to Consider Allocation of costs between Redeveloper and NBPA Economic viability of project and assumptions related thereto Defaults of Redeveloper – construction and performance Remedies of Redevelopment Agency in the event of a default by Redeveloper Can a Parking Authority be designated a Redeveloper?

Notas del editor

  1. CJO may want to add notes to this presentation.
  2. Does CJO want a chart inserted instead?