Why include Stonecreek Partners in your project team?
Since 1994, StoneCreek Partners has worked extensively throughout the U.S., in MENA countries, Africa, Europe, and the Pacific Rim ... more
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Community Redevelopment Project
Consultants
StoneCreek LLC has worked in support of a wide variety of redevelopment projects, whether in the capacity of consultant to the public sector entities involved, or as an owner's rep and/or consultant to involved private sector entities. StoneCreek LLC Services to Public Sector Entities Include Economic Development and Redevelopment Program Consulting Support.
As redevelopment consultants, we are well-versed in the disciplines and analytical tools required for public sector engagements. We also bring the practical realism gained through years of engagements as redevelopment consultants, and through our experience as executives and owner's reps to actual transactions.
 Redevelopment Consultants for Project Feasibility Analysis
Stonecreek LLC has extensive experience as redevelopment consultants in connection with projects, historic districts and streets, and neighborhoods, focusing on aspects of feasibility that drives project solvency.
We assist our public-sector clients in preparing market studies to understand the drivers of supply and demand for uses proposed or under consideration. Market analysis provides clients with a basis for master planning and project phasing, and is useful in the developer selection process where RFP's are involved. As redevelopment consultants, we have had experience with virtually all property types including office, industrial, hotel, retail / entertainment, sport facilities, convention / conference facilities, and residential uses.
As part of any feasibility evaluation, financial analysis and projections play a primary role. As consultants to redevelopment projects and districts, we create financial models that have the flexibility to respond to a variety of assumptions and conditions, to evaluate changes in development plans, market and financial conditions. Financial analysis and the creation of proformas provide clients with a useful analytical tool for evaluating the potential for project success, negotiating agreements and analyzing proposals presented by developers.
 Redevelopment Consultants for Local Economic Development
Local Economic Development (LED) offers local government, the private sector, select not-for-profit sectors and a specific local community the opportunity to work together to improve the local economy. It aims to enhance competitiveness and encourage opportunities for sustainable growth. Most local economic growth is generated by small and medium-sized businesses that are already established in the community. As redevelopment consultants Stonecreek LLC works at encouraging local business growth - which involves providing advice, support and resources to enable these existing local businesses to grow. These strategies are sometimes called business retention and expansion strategies. The range of initiatives to support local businesses is vast.
As redevelopment consultants, Stonecreek LLC provides an array of services to local economic development corporations and agencies that are both project and program oriented. We assist new and existing entities to evaluate their organization and management, create programs and develop comprehensive strategies that will make them effective organizations in their communities.
Deal Structuring and Negotiations Support
As redevelopment consultants, Stonecreek LLC works closely with public-sector clients to prepare and market RFP's - , "Request for Proposals," - to solicit interest from qualified third-party developers. We provide objective assistance in the evaluation and selection of the most capable and experienced developer while optimizing client's objectives including financial returns.
We are available to assist our clients throughout the negotiation process with the selected developer. We have also worked for developers interested in submitting development proposals or local urban redevelopment projects and participation in community economic development programs, having a complete understanding of the process.
Redevelopment Defined
Local community redevelopment is often a vital aspect of local economic development, with the authority of management and control vested in local communities. Local agencies typically focus on decent housing and genuine growth and improvement of employment opportunities. Local community redevelopment often involves blighted areas deemed requiring public intervention, as well as the redeployment of surplus properties long held by Federal or State agencies and available for local economic development.
Throughout the U.S., the Federal Government's closure of military bases has created opportunities at the local community level to spur economic growth through re-use of what in many cases are major assets. In some cases just as significant, many communities are now working with private-sector companies in redeploying obsolescent manufacturing and factory sites.
Specifically, using California as an example, redevelopment as defined is intended to rescue "blighted areas which constitute either physical, social, or economic liabilities, requiring redevelopment in the interest of the health, safety, and general welfare" of the affected communities and the state. With respect to redevelopment?s role with respect to military base closures, the legislature found it necessary to provide specific, extraordinary means of "mitigating the economic and social degradation" faced by affected communities.
Tax Increment Financing
Many redevelopment projects use a funding mechanism called "tax increment" financing in a project area. Tax increment is created in the following manner:
When a project area is declared "blighted" by the appropriate governmental entity, typically a City Council, and redevelopment is therefore needed, property tax revenue collected and used by the various taxing agencies such as the county, school systems and special assessment districts is "frozen" at the level of revenue being received at that time (with some exceptions as provided by law).
The taxing agencies then continue to collect all taxes on such properties in the project area, up to the level established at the time the project area was formed. The additional tax revenue generated over the frozen level is called "tax increment" and is given to the Redevelopment Agency.
The Agency then uses the tax increment to assist in renovating or constructing new residential, commercial and industrial development projects. These funds may also be used to assist first-time homebuyers. Anytime a property in the project area sells or receives significant improvements, it is reassessed resulting in increased property tax revenue to the Agency.
The standard time frame of a redevelopment project area is 30-40 years. After the period of redevelopment ends and all costs of redevelopment have been paid, then the new, higher tax income reverts back to the original taxing agencies. In this way, a community can revitalize itself both physically and economically through the careful implementation of redevelopment activities.
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