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- 1. Milken Innovation Center Sustainable Jerusalem: Next Steps towards 2020 Prof. Glenn Yago, Senior Director Jerusalem Institute for Israel Studies Jerusalem 3-D Conference Nazarian Center for Israel Studies UCLA May 31, 2015
- 2. Milken Innovation Center Milken Innovation Center Based at the Jerusalem Institute for Israel Studies, we are a financial R&D center that focuses on building financial solutions to enable Israel to move from the “start-up nation” to the “scale- up nation.” Fellows Projects Financial Innovations Labs We build practical, market-based, data-driven solutions that achieve results…
- 4. Milken Innovation Center Specifics Fellows Projects Financial Innovations Labs • Towards Affordable Housing in Israel • Capital Access in Israel’s Underserved Markets • (Re)Investing Israel’s Capital Markets • Building a Social Capital Market in Israel • New Techniques for Financing Biomedical Technologies • Financing Solid Waste Treatment in Israel • Cultural Heritage as an Economic Development Resource • National Economic Council • Tax Authority • Ministry of Finance • Ministry of Economy • Office of the Chief Scientist • Ministry of Environmental Protection • Bank of Israel • Office of Fuel Alternatives • Strengthening Israel’s Regions • Financing the Infrastructure for the Kidron Valley • Financial Inclusion Tools and Policies
- 5. Milken Innovation Center Regional Development Financial Authority • Revenue bonds for infrastructure, small business • Credit enhancement from philanthropic investors and government • Our Role: Lab, research, modeling, structuring (2007 to 2014) • Results: government action being considered for Negev and Galilee • Initial social investment: $220,000 • Expected program results: $60,000,000 • Status: pending official government action led by National Economic Council, Ministry of Finance, and Ministry of Economy New Models – New Results Relevant examples of some other related projects…and results so far 5 Social Investment Fund • Leverage social investment into social enterprise • Credit enhancement from philanthropic investors and government to leverage capital market investments • Our role: Lab, Fellows, research, modeling, structuring (2010-2014) • Results: government tender for launch of social investment fund in 2014 • Initial social investment: $180,000 • Expected program results $50,000,000 • Status: tender issued Affordable Housing Initiative • Range of tools and programs to encourage development of affordable housing • Equity, debt, tax credits, guarantees, etc. • Role: Lab, fellows, research, modeling, structuring (2012-2014) • Results: Ministries considering adapting specific actions • Initial social investment: $125,000 • Expected program results: $23 billion (long term private investment) • Status: Under review by Housing Cabinet and Ministries River Revitalization • Range of tools and programs to encourage infrastructure, clean- up, and development • Project financing • Role: Lab, research, modeling, project structure (2011-2014) • Results: project financing plan for regional sewage treatment, economic and community development plan • Initial social investment: $110,000 • Expected program results: $98.6 million • Status: pending government approval
- 6. Milken Innovation Center Getting traction from research 6
- 7. Milken Innovation CenterJerusalem 2020: Next Steps for Strategic Plan 7
- 8. Milken Innovation CenterWhat are the strategic investment opportunities in Jerusalem? Affordable Communities Downtown Partnerships Sustainable Infrastructures East Jerusalem Economic Development Project goals and representative projects These goals are based on the Jerusalem Foundation’s Working Policy Paper on Jerusalem (May 2014)
- 9. Milken Innovation CenterStrategic opportunity Affordable Communities Opportunity § Increase the range of housing options for poor, working poor, students, young families, and the middle class § Design scalable financial services to Jerusalem’s youth, student, and growing family populations Projects • Affordable housing - leverage philanthropic investments to create scalable and sustainable financing solutions to provide affordable housing in Jerusalem • Credit union - create community-based credit union to provide cost-effective, scalable financial services to students, young families, and the city’s middle class • Business development – technical assistance and access to affordable financing for the development and growth of small businesses
- 10. Milken Innovation CenterStrategic opportunity Downtown Partnerships Opportunity • Enhance downtown as a destination for retail, quality office, and cultural attractions • Build public and private partnerships to attract investment and residents into urban center Projects • Office incubator spaces - invest in incubator office spaces for competitive businesses in the City’s core to leverage the City’s comparative advantages • Creative hubs - leverage philanthropic and government investments in the city core to strengthen the growth and development of schools, dormitories, art studios and galleries, and related services in the urban core • Business improvement districts - create public, private, and philanthropic partnerships to leverage new sources of investment for business district development.
- 11. Milken Innovation CenterStrategic opportunity Developing Urban Infrastructures Opportunity § Improve tourism and cultural heritage infrastructures, including museums, parking, and support services § Strengthen water, alternative energy sources, land management, and education facilities § Integrate and enhance natural habitats in urban fabric Projects • Physical assets - Develop scalable environmental, energy, transit, and tourism and cultural heritage, and waste treatment assets • Community assets - Leverage philanthropic investments and engage private investors in creative communities (creative arts and engineering schools, galleries, and community- based programs)
- 12. Milken Innovation CenterStrategic opportunity East Jerusalem Economic Development Opportunity § Leverage global market for Jerusalem’s modern and ancient cultures § Expand business and community development in Arab neighborhoods Projects • Leverage philanthropic investments in build a sustainable financing and technical support program, including: – Youth outreach and center for entrepreneurial training in social enterprise and technology – Business hub for tourism-related business development and network development – Community-based and business development and entrepreneurship training – Social enterprise development to support young leaders to develop social enterprises • Create regional tourism improvement district to invest new capital into tourism sector
- 13. Milken Innovation CenterEconomic Development Tools Economic Development Real Estate Project Real Estate & Property Special Districts (Tourism, BIDs, etc.) Taxes & Revenue/ Results Based Financing P3 + Infrastructure Land Use / Zoning (Higher Density; Parking) Cities have 5 BASIC TOOLS for Public Private Projects Theses tools often work best when used together 13
- 14. Milken Innovation Center Opportunities Investment structure financial and social returns Affordable communities • Community investment notes • Community development bank • Shared equity funds • Loan interest • Sustainable financial services • Fee income • Upside equity returns Infrastructure • Credit enhancements • Regional development bonds • Tax increment financing • Guarantee fees • Bond interest and fees • Access to low cost capital Downtown partnerships • Business improvement districts • Business revolving loan funds • Sustainable downtown services • Stronger downtown amenities East Jerusalem • Business development financing • Business network development • Regional asset financing • Social Impact Bonds • Royalties, interest, and fees • Sustainable business networks • Jobs and incomes for residents Examples of social investment structures with types of returns 14
- 15. Milken Innovation Center Stakeholders Examples of returns Businesses more income, stronger market Cultural institutions stronger market base, larger donor base NGOs new revenue models and new sources of investment capital Local government stronger tax base, new sources of capital for investment projects Government less fiscal dependence, stronger populations Population jobs, education, community assets Community schools, sustainable services, and new sources of capital Philanthropy Sustainable, scalable investments; potential returns on project upsides to support ongoing project and program design and development Examples of returns on investments to stakeholders 15
- 16. Milken Innovation Center Social investment Leverage multiple Organization and capacity Low-cost, long- term debt Guarantees Participating equity Capital market investments Jobs and incomes Fiscal balance and savings Investing in a sustainable Jerusalem now A seed investment with high leverage potential 16 Indirect returns for philanthropic seed investors: • sustainable, scalable investments; • high impact outcomes; and • potential returns on project upsides to support ongoing project and program design and developmentProposed seed investment research and planning
- 24. Milken Innovation Center Kidron Eco-Systems Ecological & Economic: Sustainability Case Study Water & Sewer Treatment Solid Waste Treatment Education Agriculture Recreation & Tourism Heritage & Tourism Economic & Community Development Source: Milken Institute 24
- 27. Milken Innovation Center Steering Committee, Institutions, Basin Management and Planning Committees 27 Planning Committee: Head of the Planning Arie Rahamimoff Liora Meron Committee: Laure Dachy - Rahamimoff Architect Gregory Katz Demographic and Society: Planner Israel Kimhi - Jerusalem Institute Community Planning: Planner Muhammed Nakhal Sewage: Eng. Amir Avishai- Afik Drainage: Dr. Eng. Nimrod Halamish, Afik, Dr. Yulia Alexandrov Authority: Eng. Avi Freund - Engineer at Dead Sea Drainage Authority Landscape Architecture: Arch. Vardit Tsurnamal - Arch. Avital Hagai - Tsurnamal-Turner Transportation: Marc Render- Amav Transportation Planning Chaim Schwartz - Amav Law and Administration: Adv. Dani Livney- Laster- Gouldman International Law: Dr. Robbie Sabel Economy: Prof. Glenn Yago, Dr. Steven Zecher, Milken Institute Archaeology, Heritage, Green Osnat Post, Avner Haramati, Avner Goren Pilgrimage and Tourism: Muhammed Nakhal Municipal Project : Idit Alhasid Orit Golan – New Community Muhammed Nakhal, Fuad Abu Hamed, Haled Abu Kaf Engineers Without Borders: Dr. Vered Blass, Avner Goren, Co-Chairs, EWB, Israel Society for the Protection Pazit Schweid, Pearl Kaplan, Sigalit of Nature in Israel SPNI Rachman, Ido Wachtel, Amir Balaban Community Building in a Global Society Planning: Yoel Siegel, Ph.D. Director Metro-Jerusalem URBIS Local business initiatives Naim Awissat Members who participated in the Master Plan Committee: Hydrology : Prof. Eliahu Rosenthal Drainage and Sewage:Eng. Ilan Helbetz - Lavi Natif Members of the Steering Committee: Chairman of the Steering Gery Amel , Dead Sea Drainage Authority Committee: Prof. Richard Laster Institutions participating in the Steering Committee: City of Jerusalem Dead Sea Drainage Ministry of the Environment Jerusalem Institute for Israel Studies Milken Institute Peres Center for Peace Basin Management Committee: City of Jerusalem: Naomi Tsur, Deputy Mayor of Jerusalem and Deputy chair of Dead Sea Drainage Dead Sea Drainage Authority: Gery Amel , Dead Sea Drainage City of Ubiedyeh: Suleiman Abdallah Al Assa
- 29. Milken Innovation Center Making Us Secure: Rivers as a Bridge
- 31. Milken Innovation Center One of 5 Crossing Border Rivers Kidron- Wadi El Nar Basin- Planning Boundaries 31 :מקרא Areas addressed - Og, Kumran and Dargot basins קומראן ُﻡمﺭرﺍاﻥنﻕق Kumranקדרון ﺍاﻝلﻥنﺍاﺭر ﻭوﺍاﺩدﻱي Kidron דרגות ﺩدﺭرﺝجﺓة Dargot ערוגות ﻉعﺭرﻭوﺝجﻭوﺕت Arugot פרת ﺍاﻝلﻕقﻝلﻁط Pratt שורק ﺱسﻭوﺭرﻱيﻙك Soreq חצצן ﺡحﺹصﺹصﺍاﻥن Hazezan חבר ﺡحﺏبﺭر Hever אוג ﺍاﻭوﻍغ Og ירושלים ﺍاﻝلﻕقﺩدﺱس ﺍاﻭوﺭرﺵشﻝلﻱيﻡم Jerusalem המלח ים ﺍاﻝلﻡمﻱيﺕت ﺍاﻝلﺏبﺡحﺭر Dead Sea Planning area - Kidron Basin National watershed line
- 32. Milken Innovation Center A Visit to the Neighbors Mayor Suleiman Siting Wastewater Treatment Plant
- 34. Milken Innovation Center Lower Region Central Region Upper Region Kidron Basin- Planning Regions Length of the streambed 40 km Aerial length 24 km Area of the Basin 120 Sq. km. • Upper Region 20 Sq. km. • Central Region 70 Sq. km. • Lower Region 30 Sq. km. 4 Legal Juristictions Kidron Basin Borders between Basin Regions Streambed34
- 35. Milken Innovation Center 35 Kidron/ Wadi El Nar Basin התחתון המרחב המרכזי המרחב העליון המרחב
- 36. Milken Innovation Center The Kidron around the Old City of Jeruslem העתיקה העיר סביב הקדרון 36
- 37. Milken Innovation Center 37 View towards The Separation barrier
- 38. Milken Innovation Center Mar Saba Monastery סבא מר מנזר - האגן מרכזCentral Basin - Ma 38
- 39. Milken Innovation Center Central and Lower האגן ומורד מרכז Basin 39
- 40. Milken Innovation Center Sewage Pipe from Bethlehem-Beit Sahur region flowing into the Kidron/Nar river 40
- 41. Milken Innovation Center Central and Lower האגן ומורד מרכז Basin 41
- 42. Milken Innovation Center Sewage in the Kidron/Nar Dumping of untreated sewage in the streambed: A violation of Israeli law, International law (crossboundary pollution), the law in the Israeli-administered West Bank (Area C), and Palestinian law. 42 ü One third of Jerusalem’s sewage, approximately 30,000 cubic meters per day, flows down the Kidron Stream/Wadi Nar without any type of treatment. ü Approximately 15,000 cubic meters of sewage from the Bethlehem-Beit Sahur region flows down the stream every day. ü A total of 40,000 to 45,000 cubic meters per day (projection for the year 2025: 60,000 cubic meters). ü This comes to a total of 15 million cubic meters per year.
- 43. Milken Innovation Center Involving the Community and Stakeholders 2011 ינואר ,העירונית התכנון ועדת 2011 נובמבר ,III -ה תיאופילוס היווני הפטריארך 2010 מרץ ,עניין בעלי מפגש 2010 ספטמבר ,א-סוואחרה ערב בתכנית דיון 43
- 44. Milken Innovation Center GOALS OF THE MASTER PLAN - Guiding Principle: The Kidron Basin- A quality area between the Old City, Central Jerusalem and the Dead Sea - “The Stream as a Bridge” - Between Political Entities and Cultures - Solving the Kidron sewage problem - Involving the Community and Stakeholders - Improving the Population's Quality of Life - Renewing the connection between Jerusalem, the Basin and the Desert - Implementation of the Basin Plan in the Future44
- 45. Milken Innovation Center 45 ILLUSTRATION OF SEWAGE PIPE Gravity Pipeline גרביטציוני קו Gravity Pressurized Pipeline קו בלחץ גרביטציוני WWTP
- 46. Milken Innovation Center חלופה מספרמשפחה בעלות לפי להשתתף נכונות סולם לא -1 סנד ואבו סלימאן מאוד טוב -9 טוב דונם 20 שטח גודל לפחות 1עצא סעאדה9יש 2עצא סעאדה9יש 3סאפי עלאן אחמד9יש 4עצא ח'לף9יש 5סאפי עלאן אחמד9יש 6רחמאן עבד מוחמד6יש 7עצא סעאדה9יש 8עצא סעאדה9יש 9רבאיעה חסן9יש Ownership of the Sewage treatment Plant Area 46
- 49. Milken Innovation CenterFinancing Model Concept New Business Development & Growth Special District Fees Business & Individual Taxes Project Financing 49 Source: Milken Institute 7 8 9 102 4 3 5 1 6 11 Special Purpose Vehicle Infrastructure Construction Sewage Collection & Treatment Operating Revenues Service fees
- 50. Milken Innovation CenterFinancing Model Explanation Special Purpose Vehicle Project Financing Capital Costs • Waste water treatment works • Nonpoint pollution control management • Clean-up, remediation, and conservation ProgramOperations • Water Collection • Treatment • Distribution Operating Revenues • Grey Water Sales • Compost Sales • Methane Gas Sales • Energy Sales Direct Public Fees • Tap-in Fees • Flushing Fees • Drainage fees • Drinking water fees Business Growth • Heritage & Recreation • Tour & Lodging • Commercial Services • Education Indirect Revenues • Real Estate Taxes, Improvement Taxes • Recreational fees, use fees • Business licenses Indirect Revenues • Tax Increments • Special purpose taxes • Event fees 50 Source: Milken Institute
- 51. Milken Innovation CenterProject Financing Capital Structure Assumptions Senior Debt First Loss Protection Subordinated Debt Credit Enhancement Market Equity Socia l Equit y 51 Senior Debt – 67% - Revenue bond - Priority lien on all project income and assets; limited recourse to project (with limited guarantee; priced at market interest rates (-50 bp with limited guarantee); 20 years Subordinated Debt – 20% - International Loans (World Bank - IBRD, USAID, EIB) - Subordinated lien on all project income and assets; priced below market and longer term Credit enhancement - Israeli, EU, and US sources (OPIC, EU-EIB, World Bank partial risk guarantees) - Standby guarantee with coverage on first losses up to 20% of the outstanding principal on the senior debt; reduced based on debt coverage Market Equity – 5% - In-kind services and cash contributions by limited partners Social Equity – 8% - Convertible Grant (World Bank IDA Credits and grants) - Convertible Grant (World Bank IDA Credits and grants) Source: Milken Institute, 2013
- 52. Milken Innovation Center Operating Revenues Treated Water Sales Israel Services Palestinian Services Project Financing Operating Revenue Assumptions Direct - Services revenues (2.51 NIS/cm) provided to resident population in Jerusalem (85%); Jerusalem payments handled by Gihon Water Company Direct - Sale of ~65% of the treated water for agricultural production at .50 NIS/cm; payments on sales to Palestinian agriculture paid by Palestinian Authority Indirect - Reserve Funding – Capitalized with project financing and financed based on a portion* the incremental sales revenues; fees may be collected as supplemental fee or assessment on international tourists Direct - Palestinian Authority areas (15%) at a cost of .55 NIS/ cm; Palestinian payments made by a Palestinian water company Source: Milken Institute 52