Download Bull Street Development Agreement

Bull Street Development Agreement
A historic partnership for a historic project
A project 10 years in the making
• May 17-23, 2005 – State of South Carolina, City of Columbia and Central Carolina Community
Foundation sponsors weeklong Bull Street Charette conducted led by Andreas Duany
• February 20, 2007 – SC Supreme Court rules that SC Department of Mental Health can sell property
• January 2009 – NAI Avant begins marketing property for sale
• December 09, 2009 – City Council appoints Bull Street Property Advisory Committee
• December 16, 2010 – Hughes’ places the property under contract
• June 14, 2011 – SC Budget and Control Board approves the sale to Hughes
• February 6, 2012 – First presentation of Bull Street PUD to Planning Commission at informational
session
• March 5, 2012 – Planning Commission review of Bull Street PUD
• March 27, 2012 – City Council Public Hearing of Bull Street PUD
• September 10, 2012 – Planning Commission review of revised Bull Street PUD
• October 2, 2012 – City Council Zoning Public Hearing of Revised PUD – with a vote of 5-1 Council
gave 2nd and final reading approval
• June 24, 2013 – City of Columbia releases the Bull Street Development Agreement to the public
Benefits:
What does this project bring to the City of Columbia?
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11,020 permanent, high-wage jobs
$1.2 billion annual economic impact
$581 million in new labor income per year
$20 million in new revenue for schools and local government
74% historic building square footage re-used
181 acres of back on the tax rolls
Let’s Compare:
How does Bull Street stack up?
BMW
Boeing:
Creates 2,300 jobs
Costs $341 million
Creates 5,800 jobs
Costs $1.02 billion
Public
Investment
Jobs
Created
Public
Investment
Jobs
Created
Bull Street:
Creates 6,142 jobs
Costs $31.25
million
Public
Investment
Jobs
Created
The Plan:
What does this project bring to the City of Columbia?
Thanks to 10 years of community input
and nearly three years of intense
negotiation, this Development
Agreement strikes a balance that gives
the developer the latitude he needs
while providing clear expectations and
benchmarks that protect the city’s
investment, the public interest and
ensure a quality project
Infrastructure
The City agrees to provide $31.25 million in total infrastructure
investment over four phases.
• First $15.4 million invested over Phase One, Two and Three.
• Second $15.8 million invested in Phase Four with Benchmarks
• Hughes Development Corp. has committed to provide $5 in
economic development for every $1 the City invests in
Phase Four
• Public funds are only used for public projects.
NO TAX BREAKS!
NO SWEETHEART DEALS!
Other Benchmark Examples
The City is committing to providing two parking decks totaling 1,600 spaces.
But there are conditions that apply.
• For the 1st facility, the developer must:
• Develop 120,000 square feet
• Rehabilitate the Babcock Building
• or Build a baseball stadium.
• For the 2nd facility the developer must:
• Have purchased half of the total property
• or Secured $75 million in private investment.
Historic Preservation
The Development Agreement directly protects
74% of the property’s historic building square
footage.
This includes:
• The Babcock Building (North and South wings)
• Male and Female dining halls
• The Williams Building
• The Chapel of Hope
• Tree Allee
Historic Preservation (Continued)
The Development Agreement
also protects:
• The Ensor Building
• The bakery
• The laundry
The developer can not
demolish these buildings
without first giving City Council the opportunity to relocate and
preserve them.
Environmental Protection
The Development Agreement protects the city’s waterways
and wetlands by requiring that all development on the
property comply with the city’s new and stronger stormwater
ordinance.
Also included:
• Stream Restoration
• Daylighting of Smith Branch
• Storm Water Master Plan incentives
• Grand Tree Protection
• (12-inch caliper)
• Tree Survey Requirement
Additional Concessions/Donations
Hughes Development has also agreed to:
• Donate Land for a Pump Station
• Donate a Police Substation
These public improvements, made at no cost to
city taxpayers, will benefit the entire community
and demonstrate the developer’s commitment
to the people of Columbia.