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Minority Business Participation in Public/Private Partnerships: a Manual on Joint Development

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Minority Business Participation in Public/Private Partnerships: a Manual on Joint Development DOCUMENT RESUME ED 281 927 UD 025 476 AUTHOR Beltran, Celestino M.; And Others TITLE Minority Business Participation in Public/Private Partnerships: A Manual on Joint Development. Final Report. INSTITUTION Comprehensive Technologies International, Inc., Fairfax, VA. SPONS AGENCY Department of Transportation, Washington, D.C. REPORT NO DOT-I-86-14 PUB DATE Feb 86 NOTE 273p; Distributed in cooperation with Technology Sharing Program, U.S. Department of Transportation. PUB TYPE Guides - General (050) EDRS PRICE MF01/PC11 Plus Postage. DESCRIPTORS *Business; *Community Development; Development; Disadvantaged; Entrepreneurship; *Minority Groups; *Urban Improvement IDENTIFIERS *Public Private Relationship; Public Transportation; Self Employment ABSTRACT The Urban Mass Transportation Association promotes Commercial real=estate development projects in and adjacent to transit facilities as a means of generating additional revenues to defray part of local_transit:agency operating cost; Transit-related real estate development, or joint development, provides unique financial benefits for investors and equity owners, whether for the public or private sectors; Disadvantaged business entrepreneurs (DBEs), defined_as minority7_and_women-owned firms and minority/women entrepreneurs_i_have not participated as:fully as possible in the equity ownership opportunities offered:by joint development projects; This_ manual_attempts to_encourage participation by_introducing DBEs tO the benefits and risks of commercial_real estzte development and the specific requirements of joint development_projects. A self-teaching guide, it describes_the unique_characteristics of joint development projects, explaining in_detail the underlying process, With_special attention paid to participant roles_and policies; It provides a_basic_introduction_to financial planning so DBEs_can evaluate their_financial readiness to pursue equity ownership opportunities in joint development pro3ects. The_manual providesan analytical framework_in which to_apply the technical tools commonly used in analyzing a transit-related real estate investment__ opportunity. The_appendixes_include case stUdies highlighting key issues associated with joint development projectsi_a list of sources of information on commercial real estate, an_example_of a local transit agency prospectus, a personal financial profile questionnaire, a glossary of terms* and a bibliography. (Author/LHW) *********************************************************************** Reproductions supplied by EDRS are the best that can be made from the original document. *********************************************************************** N.. Minority Business CN U.S. Dejxartment 03 of Transportation Participation in Public/Private Partnerships: 14.1 A Manual on Joint Development February 1986 U.S. DEPARTMENT OF EDUCATION Office of Educational Research_and Improvement EDUCATIONAL RESOURCES INFORMATION CENTER (ERIC) hes document has been reproduced as eceived_trom the person or organizabon oregmatmg It 0 Minor changes have been made to Improve rebroduchon duality Pointsof view or opinionsstated on thisdocu- ment do not necessardy represent official OERI position or pohcy. DESCRIPTION OF DOCUMENT COVER PHOTOGRAPHS The photographs on this Document Coverare a graphic design presentation of the proposed FAREAST TRADE CENTER joint development project at the Gallery Place NorthMetro Station in Washington, D.C. These graphic designs were developed by Alfred H. Liu, A.I.A. and AEPA (Architects Engineers, a Profesisonal Corporation) and 6r6 copyrightedmaterials. Mr. Liu has authorized the reproduction of these graphicdesigns in this document. Any inquiries about furtheruse or reproduction of these materials must be directed to thecopyright holder (i.e. Alfred H. Lui (202) 822-=8320 ). Minority Business ParticipatIon in Public/ Private Partnerships: A Manual on Joint Development Final Report February 1986 Prepared by Celestino M. Beltran, Peter M. Theobald, Fernando Milan, and Anthony Gomes Comprehensive Technologies International, Inc. 4260B Chain Bridge Rd. Fairfax, Virginia 22030 Prepared for Office of Grants Management Urban Mass Transportation Administration U.S. Department of Transportation Washington, D.C. 20590 Distributed in Cooperation with Technology Sharing Program Office of the Secretary of Transportation DOT-1-86-14 ACKNOWLEDGEMENTS _The deSign, development_ and production of this manual required the_ assistance of both public and private sector resources and individuals. In_particular4 CTI_would like_to recognize the ContribOtiOna Of Several indiVidUala tO this effort. First,Mr. Wallace Katz of UMTA's Office of Grants Management was assigned to monitor this project. HiS participation was essential. His guidance and review of all drafts of this document provedmost beneficial in assisting CTI narrow the focus and emphasis of the manual. Second, special thanks are in order for Mr. JohnGreen and Mr. Lee Sillman from the Office of Planning at the Washington Metropolitan Area Transportation Authori_ty (WMATA). Both gentlemen graciously provided CTI staff mith extensive information on the problems and issues underlying the evolution of WMATA's joint development program. They spent hours explaining the complexities of transit planningand the role of transit agencies in joint development ventures. Their technical review of the final drafts helped to clarify public/private development issues. Third, as part of the research for this project, CT1 interviewed several entrepreneurs and developers who have attempted to participate as equity owners in joint development projects throughout the country. Their willingness to share their positive and negative experiences in joint development provided an invaluable source of data for the project. Their "lessons learned" were incorporated throughout the manual. In closing, CTI would like to give due'recognition to its own staff for their untiring efforts to produce a document which will "make a difference". Too ofteni major socioeconomic issues are studied and restudied without practical applicaton. CTI has strived to make this manual a practical approach to evaluating participation in transitrelated real estate investments.The following CTI staff contributed to the design and production of this manual. Celestino M. Beltran Project Manager/Writer Peter M. Theobald Senior Researcher Fernando Milan Senior Researcher/Writer Anthony Gomes Researcher Mary Cary Production Typist Ana Flores Production Typist Marta L; VaIldejuli Production Supervisor DISCLAIMER The information provided in this document is the sole responsibility of CTI and does not necessarily represent the policies of UMTA. CT1 takes all responsibility for errors and omissions pertaining to this document. This document is disseminz.ted under the sponsorship of the Department of Transportation in the interest of information exchange. The United States government assumes no liability for the contents or use thereof. ii TABLE OF CONTENTS PAGE . PREFACE CHAPTER ONE: LAND DEVELOPMENT AND OWNERSHIP OPPORTUNITIES IN TRANSITRELATED REAL ESTATE DEVELOPMENT PROJECTS OVERVIEW 4 WHAT IS JOINT DEVELOPMENT 5 II; EXAMPLES OF DBE_EQUITY PARTICIPATION IN JOINT DEVELOPMENT 6 FRAMEWORK FOR JOINT DEVELOPMENT 9 IV. BENEFITS OF DBE EQUITY PARTICIPATION IN JOINT DEVELOPMENT PROJECTS 10 2inancial Benefits 12 B. Reduction in Financial RiSk 13 C. Management Participation/Control 14 V. BARRIERS TO DBE 'OUITY PARTICIPATION IN JOINT DEVELOPMEW 15 1. Lack of Risk Capital 15 2. Lack of Equity Capital 16 3. Lack of Experience in Real Estate Development 16 4. Lack of Knowledge in the Technical and Legal Aspects of Real Estate Development . 16 5. Lack of Knowledge About How the Political Process Underlying Joint Development Works . 17 6. Lack of Minority Organizations 17 CHAPTER TWO: JOINT DEVELOPMENT AS A DECISIONMAKING PROCESS 18 OVERVIEW 18 I. JOINT DEVELOPMENT AS A PROCESS LEADING TO DEALMAKING 19 111 PAGE II. ISSUES, PARTICI;PANTS, ROLES AND OBJECTIVES OF THE PUBLIC S8CTOR IN JOINT DEVELOPMENT . 21 A. Public Sectoi Transit Issues 22 B. Public Sector Participants, Roles andGoals 23 C. Public Sector Joint Development Objectives 24 III. ISSUES' PARTICIPANTS, ROLES ANDOBJECTIVES OF THE PRIVATE SECTOR IN JOINT DEVELOPMENT 25 A. Private Sector Development IssueS 25 B. Private Sector Participants, Roles and Goals 26 I. Developer 27 2. Equity Investors 27 3. Conventional Financial Lenders 28 C. Private Sector Joint Develdptent Objectives 28 IV. FACTORS IN ESTABLISHING A SUCCESSFUL PLANNING AND DEVELOPMENT FRAMEWORK 29 A. Issues,in the Design -Of Contradt Bidding_Procedures and PolidieS 30 B. DBE_Equity ParticipatiOn as Partof_ Contract Bidding ProdedureS and Policy . 31 V. LOCAL TRANSIT AGENCY JOINT DEVELOPMENT SITE PREPARATION 33 A. The Offering ProSpedtuS 34 B. The Joint Develtipment "Padkaged" Opportunity 15 VI. PRIVATE SECTOR RESPONSE TO REQUEST FOR JOINT DEVELOPMENT PROPOSAL 35 VII; SELECTION OF DEVELOPER/JOINT VENTURE TEAM . 36 VIII; PARAMETERS OF DEALMAKING 38 IX. DBE STRATEGIES FOR PARTICIPATING IN THE JOINT DEVELOPMENT PROCES-7 39 A. Local TranSit Agency DBE Goals 40 B. Integrate DBE Equity Participation intothe Private Sector Joint Development Objectives . 41 C. Competitive Bidding Procedures Which Reouire DBE Equity Participation 41 D. Transit Agency Land Acquisitionas a Means to DBE Equity Participation 41 iv PAGE E. DBE Equity Participation in Weak and Uncertain Joint DevelopMent Market Areas . 42 F. New Opportunities for Passive Equity Participation
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