Item B: Core Campus Application for MUPTE for 505 East Broadway

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Attachment B Research on Other Programs Staff was asked about other college town communities where housing developers targeting student tenants qualified for public incentives. Found examples fall into two categories. First, those developments where student tenants were major elements in anchoring larger, mixed-use projects that took advantage of local, state, and federal public resources and second, those where the developer utilized an existing tax incentive programs. Examples include: Government Property Lease Excise Tax (tax abatement) in Arizona th West 6 Student Housing Project in Tempe (375 units) R One East Broadway Center in Tucson (196 units) R -- under consideration) R Brownfield Tax Abatement through Michigan Economic Growth Authority in Michigan 500BR Union at Dearborn Student Housing in Dearborn, MI R Tax Abatement authorized under Blighted Property statute in Missouri Approximately 72 units with 4BRs at Bear Village in Springfield, MO R Ten-year tax abatement by City Council vote R Many communities enter into public-private partnerships to create mixed-use developments that prominently feature student targeted housing to amplify the economic benefits of having a college or university in their community. Examples include: $100 million project; 150 apartments; 20,000sf concept grocer; 20,000sf Barnes& Noble; R 1,500 parking spaces; office and retail; 1,200 estimated new jobs; $2.5 million annual sales tax, $1.8 million in income tax and $600,000 in annual hotel tax Public Incentives given: County of Monroe Industrial Development Agency provided R $13.5 million in tax abatement; $800,000 in federal funds; $17 million in public infrastructure improvements by City Regional Council Initiative; $20 million in HUD Section 108 loan to City of Rochester Storrs Town Center in Storrs, CT Project in support of UCONN R $220 million mixed-use project with $20 million in public support R 127 apartments, 28,000sf retail R