best practice: tinkers creek commerce park hud 2007 award of excellence
DESCRIPTION
Best Practice: Tinkers Creek Commerce Park HUD 2007 Award of Excellence. July 25, 2007. Presented to: Ohio Conference of Community Development (OCCD) Presented by: Tracey A. Nichols, Assistant Director James Herron, Brownfield Program Manager Cuyahoga County Department of Development. - PowerPoint PPT PresentationTRANSCRIPT
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Cuyahoga CountyBoard of County Commissioners Department of Development • 112 Hamilton Ct. • 4th Floor • Cleveland, Ohio 44114
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1Cuyahoga CountyBoard of County Commissioners Department of Development • 112 Hamilton Ct. • 4th Floor • Cleveland, Ohio 44114
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COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Best Practice:Tinkers Creek Commerce ParkHUD 2007 Award of Excellence
July 25, 2007Presented to:
Ohio Conference of Community Development (OCCD)
Presented by:Tracey A. Nichols, Assistant Director James Herron, Brownfield Program ManagerCuyahoga County Department of Development
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sBrownfield DefinitionA vacant, abandoned or
underutilized property with real or perceived contamination
Cuyahoga River Fire, 1952 - Jefferson St. and W. 3rd.
The Cuyahoga River burned bringing attention to the region and eventually causing the Clean Water Act
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sTinker’s Creek Commerce Park:
Industrial Project Comparison
Greenfield Project
Brownfield Project
$0.00
$5,000,000.00
$10,000,000.00
$15,000,000.00
$20,000,000.00
$25,000,000.00
$30,000,000.00
$35,000,000.00
$40,000,000.00
$45,000,000.00
DemolitionSite AssemblyClean-UpInfrastructureConstruction
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sTinker’s Creek Budget
• BEDI Grant $2,000,000
• HUD 108 $4,000,000
• State 629 Funds $ 850,000
• Cuyahoga County BF $ 950,000
• State Enterprise Bond $3,655,000
• Private (Bank & Equity) $23,095,000
TOTAL $34,550,000
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sTinker’s Creek Commerce Park:Industrial Project Comparison
Greenfield Brownfield
Land Cost $4.65 million $10,000
Demo & Clean-Up Cost
$0 $9.2 million
Appraised Value
$4.65 million $0
Maximum Loan
$3.72 million $0
Equity $930,000 $930,000
Government Finance
$0 $8.3 million
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sFuture Tinker’s Creek Commerce Park
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sTinker’s Creek Commerce Park:
Industrial Project Return On Investment
Annual Property Taxes
Land Only
BEFORE AFTER
$7,494 $111,869
Building
$0$582,900
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sThank You
• Tracey Nichols
Assistant Director of Economic Development• Phone: 216-443-2137• E-mail: [email protected]
• James Herron
Brownfield Program Manager• Phone: 216-443-8064• E-mail: [email protected]
• Website• http://brownfields.cuyahogacounty.us