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Backup Documents 09/27/2006 S BCC WORKSHOP EDC MEETING BACK-UP DOCUMENTS September 27, 2006 fiiiilll Urban Land UWJ Institute IMIIle.-s hJJ :l-r'l'\:n'lj( CifVqPi'.liL,! l.:j',:\j(1 r:f('(.I:\,: "I: li,;:;,I, Today's Agenda fiiTi1 Urban Land l!WJ Institute \Ml\Ilean"'\,""Il11~ Introduction The People The Community The Homes The Costs How Do We Make It Happen? The Action Plan 1 The Volunteers ti 1-; The Approach ti Christopher Anuszkicwicz Steve Beyel Penny Bladich Eric Capers Tom Conrecode Erica Cotto Courtney Craker Mike Davis John Dulmer III Chris Erichsen Debrah Forester Heather Francis Brooke Gabllclscn Todd Gates Cormac Giblin Rodrigo Godoi Bri<lll Goguen Rich,ud Grant MichilCI Gutman Cheryl Hastings Stephen Hruby Sharon Jenkins-Owen Alexis Johnson Cee Cee Marinelli Kim Minarich Bob Mulhere Tammie Nemecek AI Reynolds Dilman Romanello Beth Skotzke Amy Smith Ken Sneeden Charlie Thomas Joe Thompson Mike Timmerman Jacqueline Toemmes Andrea Tyson Russ Weyer Heidi Williams Todd Wyatt To develop a comprehensive solution to address long-term housing needs in Collier County -Incentive-based - Economically sound for public and private sectors 2 The Process ti 3 The Process ti 1-\ 4 The Process Guiding Principles ti - "Long view" of needs - Hypothetical development - Best practices - Create a desirable place to live in and live next to - Feasible and scalable concept that can develop into a program for use by future communities in the eastern lands - High wage job earners also need homes they can afford 5 fiiTi1 Urban Land l!WJlnstitule lUJ!I!l1 "RITer" GlIllJ~ rcONOMII fJfVflOPMf"l (Ot,t"iC11 oItolli""Co"nr,-,rlorida (,IOitillg C;,-e,l! fdprl~ 6 OCCUPATION Office Manager - Small Healthcare Practice AGE 24 HOUSEHOLD INCOME $34,000 FAMILY Single, No Children CATEGORY Low Income OCCUPATION Data Analyst AGE 43 HOUSEHOLD INCOME $44,000 FAMILY Divorced, two children CATEGORY Low Income 7 OCCUPATION Master's Degree Librarian AGE 28 HOUSEHOLD INCOME $47,000 FAMILY Single, no children CATEGORY Low Income OCCUPATION Hairstylist & Electrician AGE 38&40 HOUSEHOLD INCOME $63,000 FAMILY Newlyweds CATEGORY Median Income 8 OCCUPATION Firefighter & Medical Assistant AGE 35&33 HOUSEHOLD INCOME $70,000 FAMILY Married, one child (another on the way) CATEGORY Moderate Income OCCUPATION Sheriff's Deputy & Bank Manager AGE 35&30 HOUSEHOLD INCOME $81,000 FAMILY Married, one child CATEGORY Gap Income 9 OCCUPATION School Teacher & Biomedical Engineer AGE 31 & 33 HOUSEHOLD INCOME $99,000 FAMILY Recently married, no children CATEGORY Gap Income fiiTi1 Urban Land l!WJ Institute 16JIl!jl r.~~er' ~ Utlp fCONOMICOfVfIOPMf"l CO\.NClI rJenlli!'tC""".....fk"i<I. Crmving Crhl! frlPdC 10 Project Evolution The Objectives ti 11 Hypothetical Site Map in Eastern Collier County 300-acre Site EXtSTINC,(ONDITIONS ..~ -"'. The Concept 12 13 I J Streetscape Character ~ i~ ~! . !t= ,',1. ,-1- . ~l -.. ,... . ~~ 14 "1-" '--'- w " ...,"._~" 'A .....~._,.. "1 --"_....."...~ -' ,~~:.. r CONCEPTPl..AN A.~;;;.;;C^\'""",,, .............." Town Homes The Community Findings ti 6-plex Mansion Homes Courtyard Collage Clusters Single Family Homes Apartments Hypothetical plan - A community that could be built in a variety of locations in eastern Collier County Designed by end users - It is where people will want to live Flexibility - Does not significantly deviate from Collier County Codes, but flexibility will still be required 15 fiiTi1 Urban Land l!WJ Institute IlIcIIl\i l"~[...' !;rntJp KONOMJ(' [lfVfI OPMf~T rou"ol <iColl~...('o"mr, rloridJ Crmving C;u'al (d{'a~ PRODUCT 9-unit Cottage Cluster Alley Loaded Low Income INCOME CATEGORY RESIDENT INCOME Trevor or Keisha $34,000 & $47,000 \) tv J 16 PRODUCT Condominium I!i!. INCOME ~.:'t-;'f Median Income ~ .-. CATEGORY , . RESIDENT Rebecca and Dan INCOME $63,000 PRODUCT INCOME CATEGORY RESIDENT INCOME Six-plex Mansion Home Moderate Income Miguel & Maria $70,000 " ,., " ~._i \. 17 PRODUCT INCOME CATEGORY RESIDENT INCOME PRODUCT INCOME CATEGORY RESIDENT INCOME Single Family Home Gap Income John & Ruth $81,000 :/ , , , ., Two-Story Townhome Gap Income Carla and Kevin $99,000 ill:t ,,, ""~. ili'r l\I """ IlIl ~ l\I\JIlr. \~l ~ 'i1'~ 18 . . . . . I . . -~ ~ I I I I I I ~ . I Conceptual Plan Results For Sale Products Condominiums Cottage Cluster Townhome 6-Plex Mansion Homes Sin Ie Family Rental Products Apartments TOTAL UNITS # of Units 528 468 206 120 101 # of Units 602 2,025 Avg.SF 1,050 750 1,990 1,204 1,700 Avg.SF 1,150 Resulting density of the conceptual plan is 6.75 units per acre. 19 's.~~ , <-~..... , The Homes Findings Character - Higher density communities can be attractive ti Variety ~ Accommodates the resident profiles that would live in the community Appeal ~ "We want to live here" 20 fiiTi1 Urban Land l!WJlnstitute )~J~ leacer\ f;/'UIIjl fCONOMJ(; [')fVfIOPMf-'IIT COlNC11 n/Coll.",f"ollnly.flond" (;'01\ mg C;rf';jlldf'd~ Conceptual Plan Housing Mix Low Median Moderate Gap Income Income Income Income Household $33,000- $53,000- $66,000- $79,000- Income 53,000 66,000 79,000 99,000 # of Units 836 304 578 307 Max Target $168,000 $212,000 $256,000 Home Price' 21 I I I I I I I I I I I I I I I I I I I I I I Emm'I!I!IiJ Conceptual Plan Costs Total Homes Construction Costs $172,927,000 Infrastructure Costs $ 57,450,000 Land Cost $ 30,270,000 Fixed Expenses $ 26,540,000 Financing Costs (Interest Paid) $ 12,258,000 Sales & Marketing $ 11,800,000 Stewardship Credits $ 9,669,000 Soft Costs $ 8,243,000 Panther Credits $ 1,953,000 Property Taxes $ 1,113,000 $332,223,000 TOTAL j ~I \ r " i "'-'-, ~ 22 The Costs Findings Local Level - There are costs we can control and those we cannot Controllable Costs - Impact fees and infrastructure costs make up the largest controllable expenses fiiTi1 Urban Land l!WJ Institute lIJ~,F.Mi!f,blOU~ 23 PRODUCT TYPE MAX TARGET PRICE RESIDENT INCOME Two-Story Townhome Gap Income ~< $321,000 Ilr"r' ~ \f Ill;r Sale Price " \J:. with No Incentives: $384,700 Carla and Kevin Gap Income Level Home 24 Gap Income Level Home Density Infrastructure Impact Fees Approval Process \ \. J \ J PRODUCT Condominium TYPE Median Income MAX TARGET $212,000 PRICE RESIDENT Rebecca and Dan INCOME ,IN.f -~ ~'.... :~ ,;llltf \-,~ Sale Price ,;~ with No Incentives: $269,400 25 Median Income Level Home Median Income Level Home Density Infrastructure Impact Fees Approval Process 26 Making it Happen Findings ti Without incentives, it will not happen Four key costs are controlled locally - Density - Infrastructure -Impact Fees - Permitting fiiTi1 Urban Land l!WJ Institute lOJrllll=~nl!l" !:IlIll~ fCQNOMIC f1fVfI OI'Mf'" COlI'K'11 'liColli..,Cowoly,Floridd C/mvi"g (;;(-,<,1 Idea'- 27 Program Recommendations Ensure the density bonus program can be relied upon with a high level of certainty. Expand impact fee deferral program to include Gap Housing and increase the amount of homes that will qualify for the program. Develop mechanism to allow surplus tax revenues to fund infrastructure. Develop reasonable controls to keep homes affordable and available to the workforce. Ensure full flexibility in design and permitting regulations. Shorten the regulatory process by a minimum of six months. To Sum it Up There are a limited number of cost factors that we control locally. These cost factors impact all home types and income ranges. Regulatory "solutions" will not solve the problem - they will make it worse. Incentive-based solutions will work if they are based on real world economics. Higher density design is not an option - it is a necessity. 28 Key Points - Collier County We have many attributes that make a "perfect storm" against workforce housing: -~ Highest impact fees in Florida. Some of the most expensive land. - Very limited supply of land in urban areas. - A strong bias toward low density. - Among the most difficult and time consuming permitting processes in the United States. A very desirable location for affluent second home buyers. Very high standards and expectations for new development. - Few high wage job employers beyond our core industries. A Solution Using good design, best planning practices and incentives, workforce housing can and will be attractive and compatible with all other types and ranges of market rate housing. 29 The Action Plan Board of County Commissioners agrees to support this initiative. Workforce Community Team secures private sector funding for next stage. Team prepares policies and code amendments, in collaboration with county staff, to implement recommendations. Bring implementing policies and codes to Board of County Commissioners to review and adopt within four months. We collaborate to market these new tools to potential workforce housing builders. fiiTi1 Urban Land l!WJ Institute \ ~jll!l ,~HtlP.r~ [;l OOJ: ~('()NOMI(" t)fVfIOPMf"T COI-'NCU d,,,llipr'{)<J,,ty,fk...id. (,/"I n\'J'lk en'd! !tled" 30