Urban Development Investment Guidelines Addendum

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Urban Development Investment GuidelinesAddendum
1 Corporate Parks
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Urban Development Investment GuidelinesAddendum
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• Purpose
• Provide consistent City investment policy for
  promoting Corporate Parks that are strategically
  located and timely, economically strong and of
  the highest quality

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Urban Development Investment GuidelinesAddendum
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• Eligible Projects
• In City or annexed within 5 years
• Consistent with Connections 2025
• Minimum private investment of 15 million
• Minimum size is generally 300 acres
• Must hold use for 15 years
• City M/WBE requirements for publicly-funded
  infrastructure

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Urban Development Investment GuidelinesAddendum
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• Eligible Uses of City Assistance
• Infrastructure assistance (water, sewer,
  storm-sewer, and streets) is the preferred type
  of assistance

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Urban Development Investment GuidelinesAddendum
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• Application Requirements
• Part I-A Viability and need for funding
• Recommendation from Greensboro Economic
  Development Alliance
• Info. on past hits and commitments
• Independent financial analysis
• Site layout, phasing and development standards
• Budget, including commitment letters

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Urban Development Investment GuidelinesAddendum
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• Application Review
• Part I-A Viability and funding need
• Part IV Corporate/Industrial Parks
• Compliance w/ Connections 2025
• In-hand Commitments
• Past Hits
• Transportation Access
• Environmental Suitability
• Development Standards
• Bonus Points
• Accessibility
• Highway frontage
• Promotes green building
• Designated transit corridor

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Urban Development Investment GuidelinesAddendum
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• Application Review
• Part I-A Viability and funding need
• Independent analysis demonstrates viability of
  project
• But for financial analysis demonstrates need
  for assistance
• Demonstrates ability to pay private debt service
• Clearly documented financial commitments
• Developer or partner has successful experience
  with similar projects
• Developer equity in project, including cash and
  basis in property is acceptable

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Urban Development Investment Guidelines
Addendum 1 Corporate Parks