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HomeMy WebLinkAboutCAO-13-020 - Downtown Financial Incentive Review - Summary of Consultation REPORT TO: Finance & Corporate Services Committee DATE OF MEETING: August 12, 2013 SUBMITTED BY: Rod Regier, Executive Director or Economic Development 519-741-2200 ext 7506 PREPARED BY: Cory Bluhm, Manager of Downtown Development 519-741-2200 ext 7065 WARD(S) INVOLVED: 9 & 10 DATE OF REPORT: August 6, 2013 REPORT NO.: CAO-13-020 SUBJECT: DOWNTOWN FINANCIAL INCENTIVE REVIEW - SUMMARY OF PUBLIC CONSULTATION RECOMMENDATION: That report CAO-13-020 be received for information; and further, That, subject to any direction provided by the Finance & Corporate Services Committee, staff present final recommendations on the Downtown Financial Incentive Review to a future Finance & Corporate Services Committee meeting in the Fall of 2013. EXECUTIVE SUMMARY: The City of Kitchener is currently reviewing its Downtown Financial Incentive Program to ensure the incentives offered are i) relevant to the development community; ii) reflect the City’s current policy objectives; and, iii) implement the Downtown Kitchener Action Plan 2012-2016. This report summarizes the feedback received thus far. The attached discussion paper entitled “Downtown Financial Incentive Review” outlines staff’s findings of this review. The discussion paper includes an analysis of today’s current economic context, an evaluation of the existing incentive programs, a discussion on the City’s capacity to fund incentives, and options for moving forward. In short, the discussion paper concludes that incentives are still necessary to attract investment to Downtown Kitchener, but that the City can no longer afford to offer incentive programs where the City’s financial commitment is open- ended. The discussion paper also identifies the need for the City to impose greater design requirements to ensure incentives stimulate high quality developments, and that the City needs to consider a new incentive program to encourage emerging start-ups, such as those graduating from the hub, to locate Downtown. BACKGROUND: The Downtown Kitchener Action Plan 2012-2016 recommends that the City review its financial incentive programs to ensure they support and enable the objectives outlined in the Action Plan. The review of the Downtown Financial Incentive Program will occur in two phases: 1) Phase 1 - Discussion Paper/public consultation leading to recommendations on what changes, if any, should be made; and, 4 - 1 2) Phase 2 - If as part of Phase 1, City Council resolves to modify or repeal any of the incentive programs, or establish any new programs, such changes would occur in accordance with the processes prescribed by the Ontario Planning Act and the Municipal Act (beginning as early as late Fall 2013). As such, a discussion paper, entitled “Downtown Financial Incentive Review – Discussion Paper” was circulated to Finance & Corporate Services Committee on May 27, 2013, for information purposes and staff have undertaken public and stakeholder consultation. REPORT: Summary of Public Consultation To date, staff have received formal comments from three downtown developers. Staff have also met with two other downtown developers who provided input verbally. Generally speaking, all of the developers who commented agree with the approach suggested by staff. They all strongly noted that if not for the financial incentives, most notably the development charge exemption, the likelihood of them carrying out projects in Downtown Kitchener would be far less. In addition, the following key issues were raised: Issue #1 - For projects currently in the planning and building permit stages, which have been initiated based on the current set of incentives, that the City should provide a reasonable timeframe for these projects to be completed prior to modifying or eliminating any programs. Staff Response - Staff are in agreement and suggest that appropriate sunset timelines can be established for each program through Phase 2 of this review. Issue #2 - That when considering changes to the Parkland Dedication Fee Exemption, that the City consider it in context with its cash-in-lieu policy for the entire city. Staff Response - As part of Phase 2 of this review, staff intend to review the cash-in-lieu policy as it relates to infill (or reurbanization) projects which would include an area much larger than just Downtown Kitchener. Issue #3 - That the City consider extending the Community Improvement Plan east towards Betzner Street, as a means of stimulating intensification and revitalization of the Market District and lands surround the Kitchener Market and future LRT station. Staff Response - staff’s position on this issue is contained in the Discussion Paper on page 21 and remains unchanged. Staff presented the findings of this review to the Downtown Kitchener BIA who passed a motion of support for the preliminary recommendations. Staff also presented the findings to a joint meeting of the Downtown Action & Advisory Committee and the Economic Development Advisory Committee. Committee members asked numerous questions and made a number of comments generally in support of the preliminary recommendations, but given the complexity of the subject matter, were not prepared to pass a formal motion. Net Tax Assessment vs Cost of Incentives 4 - 2 Staff were asked to determine the number of years it would take for the City to recoup incentives through new tax assessment. In particular, how many years would it take before the amount of assessment collected on a new residential condominium unit would be equivalent to the value of the financial incentive provided for that unit. Using 2012 rates, the following chart identifies the length of time it would take the City to collect an equivalent assessment for the following condominium units: Value of City Portion Value of Estimated# Years to # Years to Total # Unitof DC ParklandAnnual City Equal DC EqualYears ExemptionFeeTaxExemptionParkland WaiverCollectedFee Waiver $200,000$3,066$1,573$8643.551.825.37 $250,000$3,066$1,573$1,0802.841.464.30 Using 2012 rates, the following chart identifies the length of time it would take the Region to collect an equivalent assessment for the following condominium units: Value of RegionalEstimated# Years to UnitPortion of AnnualEqual DC DCRegional Tax Exemption ExemptionCollected $200,000$9,111$1,3506.75 $250,000$9,111$1,6885.40 Landing Pad Program - Additional Context As part of EDIF, the City made a strategic investment in the Communitech Hub. This facility not only develops emerging start-up companies, but has attracted similar companies to the core. A number of these companies graduate from the Hub and need a new location to grow their company from. They often have access to venture capital (funding provided by investors, typically focused solely on research and development functions) but are not yet generating income. Thus, they are often unable to pay high rents or pay for extensive leasehold improvements. These start-ups typically have 2-5 employees but have short term growth potential of up to 20 employees, with long-term potential to grow to 50+ employees. While most prefer to remain close to the Hub, without the appropriate type and price of office space, it is possible that the city could lose these companies to other cities, including places like Toronto, New York City and Silicon Valley. This space typically needs to be affordable but also contemporary/funky so as to attract high quality employees and develop a brand image for their company. Most companies are not at a point where they can afford the size or price of prime office-type space in buildings like Breithaupt Block or the TD Tower. So in order to retain these growing companies within the Downtown, it is vital that the City work closely with downtown stakeholders to facilitate the creation of such space where these companies can land (hence the term “Landing Pad Space”). 4 - 3 Landing pad space can come in various forms: co-working space at facilities like Treehaus, Workplace One and Regus; affordable office space in existing buildings like 305 King; and former factory space such as the artisan wing of the Tannery. But more interestingly, staff believe there is a significant opportunity to repurpose under-utilized or under-performing space in upper-storey units along King Street and side streets such as Queen Street. These older buildings, such as the recently redeveloped Simpson Block, have the type of character emerging companies are looking for, and additional employment would provide additional customers to local retailers. At the same time, refurbishing this space would ensure these older buildings are brought up to fire and building code standards. However, these buildings are the most challenging to convert. As such, staff recommend developing an incentive program, such as a grant program, to encourage the conversion of this space to landing pad space. Staff are currently meeting with various stakeholders to better understand the type and nature of incentives necessary to develop such space. As part of Phase 2 of this review, staff would develop a draft program for Council to consider. As a preliminary concept, staff have suggested offering grants to either building owners or tenants for physical improvements/renovations to upper-storey space, of up to $40,000 per floor, provided the total cost of construction is at least $80,000 (ie: the City’s grant would cover no more than 50% of the construction costs). Grants would be concentrated on the historic, mixed-use building stock along King and Queen Streets. The City would establish clear design requirements, to ensure any improvements are generic in nature and could be reused by subsequent tenants. In return, the landlord would agree to reserve the space for growing start-up companies, for a set period of time at a predetermine lease rate. To assist in the program, the City would work with partners such as Communitech and the Small Business centre to identify and screen potential tenants that would qualify as an emerging company with growth potential. The program could be funded by repurposing up to $600,000 from the existing Upper-Storey Renovation Program account. This would enable the renovation of at least 15 upper-storey floors. In addition, Community Improvement Plan (CIP) legislation enables municipalities to acquire, sell or lease land and buildings for economic development purposes. The landing pad program could enable the City to lease any of its current buildings, such as the Kitchener Studio Project, Kitchener Market, etc., for landing pad type space. The majority of City buildings are currently within the existing CIP boundary with the exception of 79 Joseph Street. Staff suggest expanding the boundary to include this property. This would enable the City to enter into a lease agreement either with the current tenant, Treehaus, or any future tenant for the provision of Landing Pad space. Preliminary Recommendations The initial findings of City staff’s review of the existing Downtown Financial Incentive Programs are contained in the attached Discussion Paper. Staff have concluded that the current programs, most of which were established in 1995, no longer effectively implement all of the City’s policy objectives and interests. Most specifically: i) the set of programs do not provide the City with the ability to impose any requirements to meet our policy objectives (such as high quality urban design, sustainable design, etc.); and, ii) the set of programs do not provide the City with predictable financial certainty. As such, staff recommend exploring the following changes to the Downtown Financial Incentive Program: 4 - 4 a) Through the development of the next Development Charges Bylaw, exclude Downtown Kitchener from the bylaw, resulting in no development charges being applied Downtown, as is currently the case; b) Work with Region of Waterloo staff to strongly encourage the Region to maintain their Downtown development charge exemption; c) Scale back the Planning & Building Permit Fee Rebates to target minor enhancements, and eliminate the 3-year Tax Exemption, subject to a phasing-out process, with input from stakeholders; d) Modify the Parkland Dedication Waiver to establish a reurbanization cash-in-lieu rate of 0.15 hectares per 300 units for the Downtown, subject to a phasing-out process, with input from stakeholders; e) Extend the Facade Grant Program beyond 2013 and consider options for allocating ongoing funding within the Capital Budget, such as reassigning the budget allocation for the Planning & Building Permit Fee Rebates, starting in 2014. Consider allowing more than $30,000 per building where the building has more than 3 separate storefronts; f) Develop a grant program for Landing Pads geared towards start-up businesses, similar to the Facade Grant Program, using the remaining funds from the Upper-Storey Renovation Program; and, g) Establish clear Official Plan policies that allow the City to hold recipients of any Downtown financial incentive to a very high standard in terms of urban design. In addition to the above recommendations, which generally mirror the recommendations of the discussion paper, staff recommend the following additional actions: h) That as part of the Landing Pad program, the City consider expanding the Community Improvement Plan boundary to include 79 Joseph Street; and, i) Establish clear timelines for the phasing out of current incentives. Staff believe that these changes support the City’s policy objectives in a more targeted manner. They would provide greater financial predictability and should reduce the amount of work required to administer the numerous programs. Above all, they continue to provide a necessary financial incentive to encourage redevelopment in Downtown Kitchener, but only until such time as purchase prices and lease rates reach a point where the City no longer needs to support such projects. FINANCIAL IMPLICATIONS: None at this time. Any budget implications will be outlined in detail once formal recommendations are presented in the Fall. The preliminary recommendations do suggest the following: - Using the pre-2009 DC exemption format to eliminate uncertainty with respect to the ultimate impact on the tax levy; - redirecting funds from the Upper Storey Grant Program to a new Landing Pad Grant Program; 4 - 5 - redirecting annual capital funding from the Building Permit Fee Rebate program to the Facade Grant Program; and, - begin to collect revenue from downtown developments for Parkland Dedication. In essence, these changes shift the majority of the costs associated with the Downtown Financial Incentive Programs from tax supported, open-ended costs to foregone revenues, creating greater financial predictability. Over time, the incentive programs should be phased out as market forces shift and the rapid transit era begins in earnest. COMMUNITY ENGAGEMENT: Information packages were sent to developers and land owners currently in the planning phases of downtown development projects. A newspaper advertisement was placed in The Record inviting community and stakeholder input. A public information session was held on July 17th. Interested stakeholders, developers and land owners were invited to participate in one-on-one meetings. Staff provided formal presentations to the Downtown Kitchener BIA, Economic Development Advisory Committee and the Downtown Action & Advisory Committee. City staff had preliminary discussions with Regional staff. All comments formally submitted have been attached to this report. No formal comments were submitted to staff by the general public. It is normal for issues such as this to receive little or no input from the general public. One resident provided questions and comments to Councillor Davey, however, these comments were not formally submitted to staff. CONCLUSION: Subject to input and feedback from Finance & Corporate Services Committee, staff believe it is appropriate for Council to consider formal recommendations on the Downtown Financial Incentive Review in the Fall of 2013. ATTACHMENTS: Downtown Financial Incentives Review – Discussion Paper Current Community Improvement Plan Boundary Advertisement - The Record Stakeholder Comments ACKNOWLEDGED BY: Jeff Willmer, CAO 4 - 6 TQSJOH!3124 DBPÀt!Pggjdf!≈!Fdpopnjd!Efwfmpqnfou Epxoupxo!Gjobodjbm!Jodfoujwf!Sfwjfx Ejtdvttjpo!Qbqfs ! 4 - 7 !! 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