DC Streetcar: Capital Funding Sources Local Government.

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Presentation transcript:

DC Streetcar: Capital Funding Sources Local Government

General Fund: Annual Contributions or One Time Grants/Earmarks Harman Center for the Shakespeare Theater ($20MM of $86MM) Ford’s Theatre and Museum and Lincoln Center for Learning($10MM of $50MM) School Modernization (first year or two)

General Obligation (A) or Income Tax- Backed Bonds (AAA/AA) Florida Avenue Metro Station School Modernization (current) 11 th Street, SE, Bridge DOES headquarters building Libraries, fire trucks, police cars, etc…

Use of City Owned Land -- Sale Affordable Housing (Columbia Heights and City Vista and CityCenterDC) Parking (CityCenterDC)

Use of City Owned Land -- Lease Retail, Affordable Housing and Parking (CityCenterDC) West End Library

Use of City Owned Land – Joint Development Workforce Housing (Capital Quarters????)

Up Zoning in Return for Developer Cash Contribution Planned Unit Developments in DC Potomac Yards New Metro Station –$10 to $20 per FAR SF

Use of Projected Future Tax Revenue -- TIFs Gallery Place Mandarin Hotel Embassy Suites Hotel (Downtown) Coutryard Marriot (SE) Downtown Retail TIF Convention Center Headquarters Hotel

Use of Projected Future Tax Revenue -- PILOTs Oyster School U.S. Department of Transportation Yards, SE

Dedication or Partial Dedication of Specific Taxes and/or Fees Parking meter revenues to DC Dept of Transportation (not all goes to dDot) Ballpark food and merchandise sales taxes Income tax-backed bonds

Dedication of New Taxes Arena bonds for new subway entrance for MCI Center (new gross receipts tax) Ballpark bonds (new gross receipts tax) Scoreboard dedicated tax for Verizon Center (sales tax on merchandise and food sales)

Property Tax Abatements Downtown and NoMa Residential Development Incentive Tax Abatement NPR United Negro College Fund (Howard Theatre project) CoStar

DC Government Funding Options – Issues to Consider DC’s financial condition –Expectations for DC’s economy –Expenditure controls –Performance of previously issued economic development debt (TIFs and PILOTs) DC’s self-imposed debt cap –Makes tax abatement more attractive Return on investment analysis –Include the possibility that tax revenues could decline without investment Fiscal impact statements required under DC law –Makes TIFs and PILOTs relatively more attractive