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Creative Finance for Smaller Communities James R Reaching for the Future Creative Finance for Smaller Communities James R. Harris Founding Partner James R. Harris Partners LLC The ULI Creative Financing project was made possible through a generous grant provided by ULI Foundation Governor James R. Harris, whose contributions and val- Cover: Music Hall ued counsel enabled the content and ideas found in this in Cincinnati’s report to take shape. The ULI Foundation acknowledges Washington Park. James Harris for his longstanding commitment to support 3CDC ULI’s efforts to advance the practice and understanding of responsible development and land use. Reaching for the Future Creative Finance for Smaller Communities About the Urban Land Institute The mission of the Urban Land Institute is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI is committed to ■■ Bringing together leaders from across the fields of real estate and land use policy to exchange best practices and serve community needs; ■■ Fostering collaboration within and beyond ULI’s membership through mentoring, dialogue, and problem solving; ■■ Exploring issues of urbanization, conservation, regeneration, land use, capital formation, and sus- tainable development; ■■ Advancing land use policies and design practices that respect the uniqueness of both built and natural environments; ■■ Sharing knowledge through education, applied research, publishing, and electronic media; and ■■ Sustaining a diverse global network of local practice and advisory efforts that address current and future challenges. Established in 1936, the Institute today has more than 37,000 members representing the entire spec- trum of the land use and development disciplines. ULI relies heavily on the experience of its members. It is through member involvement and information resources that ULI has been able to set standards of excellence in development practice. The Institute has long been recognized as one of the world’s most respected and widely quoted sources of objective information on urban planning, growth, and development. Patrick L. Phillips Global Chief Executive Officer, ULI About the ULI Foundation The mission of the ULI Foundation is to serve as the philanthropic source for the Urban Land Institute. The Foundation’s programs raise endowment funds, major gifts, and annual fund monies to support the key initiatives and priorities of the Institute. Philanthropic gifts from ULI members and other funding sources help ensure ULI’s future and its mission of providing leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. © 2016 by the Urban Land Institute. Printed in the United States of America. All rights re- served. No part of this book may be reproduced in any form or by any means, electronic or mechanical, includ- ing photocopying and recording, or by any information storage and retrieval system, without written permis- sion of the publisher. Recommended bibliographic listing: McAvey, Maureen, Tom Murphy, and Bridget Lane. Reaching for the Future: Creative Finance for Smaller Communities. Washington, DC: Urban Land Institute, 2016. ISBN: 978-0-87420-376-9 Urban Land Institute 1025 Thomas Jefferson St., NW Suite 500 West Washington, DC 20007-5201 ii Reaching for the Future: Creative Finance for Smaller Communities Acknowledgments City Contacts A special thank you goes to the following people for their assistance in the development of the city case studies: Skip Schwab Anastasia Mileham Vice President, East Liberty Development Vice President, Cincinnati Central City Initiative Development Corporation Nancy Whitworth Tori Torres Director, Economic Development, Greenville Johnson Development Corp., Sugar Land James Harbaugh Diane Williams City Center Lehigh Valley, Allentown Partner, BDI (for assistance with Sugar Land) Michael Kowski Diane Barrett Development Services Department, Village of Mayor’s Office, Denver Orland Park Advisory Group We are also grateful to the Advisory Group whose members offered insight and advice at the onset of this project: Lisa Abuaf Tommy Pacello Central City Manager Project Manager, Neighborhood Economic Portland, Oregon, Development Commission Vitality Mayor’s Innovation Delivery Team, Memphis Diane Barrett Special Assistant to the Mayor Patrick Rhodes City and County of Denver Vice President of Development Sora Development Lev Gershman Managing Partner Cassie Seagren Tideline Partners Deputy Chief of Staff, Mayor’s Office City of Omaha James R. Harris Partner Pamela Stein James R. Harris Partners LLC Executive Director ULI North Texas Anne Haynes Director of Transformative Development Yaromir Steiner MassDevelopment Chief Executive Officer Steiner + Associates Bert (Robert) Mathews III Owner Karl Zavitkovsky The Mathews Company Economic Development Director City of Dallas Reaching for the Future: Creative Finance for Smaller Communities iii About the Authors About This Publication Tom Murphy, ULI Canizaro/Klingbeil Families This publication is inspired by the many com- Chair for Urban Development, has been a senior munities that have taken the initiative to revital- resident fellow at the Urban Land Institute since ize themselves and by the leaders who made it 2006. He is the former mayor of Pittsburgh. happen. We hope it will be used as a resource by communities that are aspiring to reach for Maureen McAvey is the ULI Bucksbaum Family the future. Chair for Retail. She has an extensive array of experience in public and private real estate devel- Project Staff opment and land use positions. Maureen McAvey Bridget Lane has been a frequent writer for ULI Bucksbaum Family Chair for Retail ULI publications and is the director of Business Tom Murphy Districts Inc. in Evanston, Illinois. ULI Canizaro/Klingbeil Families Chair for Urban Development ULI Senior Executives Jess Zimbabwe Rose Center for Public Leadership Patrick L. Phillips Global Chief Executive Officer, and President, Anita Kramer ULI Foundation Senior Vice President, Capital Markets Michael Terseck Alison Johnson Chief Financial Officer/Chief Administrative Program Manager, Content Officer Brett He Cheryl Cummins Arun Lertsumitkul Global Governance Officer Amy Mulcahy Interns, University of Sydney, New South Wales, Lisette van Doorn Chief Executive, ULI Europe Australia John Fitzgerald Reema Singh Chief Executive, ULI Asia Pacific Intern, Carnegie Mellon University Kathleen B. Carey James A. Mulligan President and Chief Executive Officer, ULI Senior Editor Foundation Joanne Platt, Publications Professionals LLC Chief Content Officer Manuscript Editor Lela Agnew Betsy Van Buskirk Executive Vice President, Strategic Creative Director Communications Deanna Pineda, Muse Advertising Design Marilee Utter Book Designer Executive Vice President, District Councils Craig Chapman Steve Ridd Senior Director, Publishing Operations Executive Vice President, Global Business Operations iv Reaching for the Future: Creative Finance for Smaller Communities Contents Contents Introduction .................................................................................... 2 The Art of Six Deals ........................................................................... 8 East Liberty: A Pittsburgh Neighborhood.............................................. 10 City Center: Greenville, South Carolina............................................... 16 Allentown, Pennsylvania: Downtown ................................................... 20 Orland Park, Illinois: A Chicago Suburb................................................ 26 Over-the-Rhine Neighborhood: Cincinnati, Ohio..................................... 32 Sugar Land, Texas: Redevelopment of the Imperial Sugar Site .................... 36 Financing Transformational Projects .................................................. 42 Final Notes: Lessons Learned .............................................................. 48 Are You Ready? ................................................................................ 50 Introduction ome cities are breaking the rules; exuding an appetite for risk, vision, and Sleadership; forming great partnerships; and shaping their communities for the 21st century. Most important, as traditional sources of funding have changed or declined, entrepreneurial public and private leaders are figuring out how to move their com- munities forward. Those leaders set their communities ahead of their peers and offer lessons for all. This publication highlights examples of urban and suburban leadership using innovative partnerships and financing. Too often, cities budget all their resources for intentional decision to move from a tobacco and the challenges of today, such as crime and road lumber economy to a technology economy; San repairs. They do not budget time and resources Diego made an intentional decision to move from for tomorrow. If a community is going to succeed, being just a military town to the fifth-largest tech- it must invest in its future, whether that includes nology economy in the country; Pittsburgh made redeveloping vacant industrial properties, re- an intentional decision to move from a failing invigorating a declining downtown, or creating manufacturing economy to a vibrant technology new employment opportunities by partnering economy; Greenville made an intentional deci- with prospective employers. sion to revitalize its downtown by challenging the Every community both large and small is South Carolina Department of Transportation’s buffeted by global and national
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