HomeMy WebLinkAboutRES NO 048-16RESOLUTION NO. O 48.— 1. 6
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD ADOPTING THE ECONOMIC OPPORTUNITY
AREA PLAN AND ESTABLISHING THE DOWNTOWN
ECONOMIC OPPORTUNITY AREA.
WHEREAS, the City of Bakersfield (herein "City ") is a charter city, and the
Council is vested by its Charter with the power to make polices and regulations
with respect to all municipal affairs; and
WHEREAS, economic development has long been a priority of City
working to create and maintain a vibrant local economy and successful
business environment; and
WHEREAS, the use of City funds and resources for economic development
activities is proper because economic development is a municipal affair with a
clear benefit to City's inhabitants and businesses; and
WHEREAS, economic growth within City aids in the promotion of health
and welfare of the residents and businesses in City, and is a general benefit to
City by and through the provision of improved retail and commercial success,
increased commercial /industrial opportunity, increased visitation and visitor
spending, and an expanded tax base which aids City in providing municipal
services to its local residents and business; and
WHEREAS, while City was successful of utilizing redevelopment as an
economic development tool, the redevelopment program was dissolved by the
Dissolution Act in February 2012 and is no longer available for use by local
jurisdictions; and
WHEREAS, the City Council believes that it is in the best interests of City to
continue economic development within City by adopting the Economic
Opportunity Area Plan ( "EOAP ") as a locally initiated development tool that
uses tax increment financing to promote economic growth within specific
geographic areas throughout Bakersfield and more fully described in Exhibit A,
attached hereto and incorporated by reference herein; and
WHEREAS, in furtherance of its goal of economic development, the City
Council desires to establish a Downtown Economic Opportunity Area ( "DEOA ")
as shown in the attached map as Exhibit B and incorporated by reference
herein.
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ORIGINAL
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Bakersfield
as follows:
1. The above recitals are true and correct and incorporated herein.
2. The City Council finds and declares that it is necessary and in the best
interests of City to adopt the EOAP as set forth in Exhibit A, attached
hereto and incorporated by reference herein.
3. The City Council hereby establishes the DEOA as shown in the attached
map as Exhibit B and incorporated by reference herein.
4. The tax increment base year for the DEOA is July 1, 2014.
5. Tax increment generated from the DEOA shall be placed in a separate
fund entitled the Tax Increment Financing Fund.
6. City Council authorizes the disbursement of funds for eligible economic
development activities consistent with the EOAP as set forth in Exhibit A.
7. The minimum and maximum amount of tax increment distribution within
the DEOA per year shall be as set forth in Exhibit A.
8. The duration of the DEOA shall not exceed an initial term of ten years
unless extended or terminated sooner by the City Council.
9. City Council shall have the ability to suspend the EOAP if the City is facing
or forecasting an economic hardship to the General Fund.
10.City Council shall direct the City Manager to implement procedures that
fairly execute this economic development policy.
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ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted
by the Council of the City of Bakersfield at a regular meeting thereof held on
ApR 2 0 7016 by the following vote: we
COUNCILMEMBER RIVERA, MAXWELL, WEIR, SMITH. HA ON, .PARLIER
NOES: COUNCILMEMBER WarmL
ABSTAIN: COUNCILMEMBER
COUNCILMEMBER %%VCLA�
CITY CLERK and Ex Offh& Crerk of the
Council of the City of Bakersfield
APPROVED APR 10 1016
By l l
arold Hanson
Vice -Mayor
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By d %i✓
iputy HUA H. RUDNICK
City Attorney
JHR:dII
Attachment: Exhibits A& B
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ORIGINAL
Table of Contents
1. Introduction
2. Tax Increment Financing ......................................................................
..............................2
2.1. Funding Source .........................................................................
..............................2
2.2. Ex arnDlB .....................................................................................
..............................3
3. Economic Opportunity Areas ............................................................. ..............................A
3.1. Downtown Economic Opportunity Area ............................. ............................... 4
3.2. Airport Economic Opportunity Area ..................................... ............................... 6
3.3. Highway 58 /Mt. Vernon Opportunity Area .......................... ............................... 8
4. Implementation Plan ........................................................................... .............................10
4.1. Resolution Approving the Economic Opportunity Areas . ............................... 10
4.2. Approval of Economic Development Activities ............... ............................... 11
4.3. Continual Transparency ......................................................... .............................11
Attachments
A. Map - Overall Economic Opportunity Areas (Under Initial Consideration)
B. Assessed Values (2012 - 2015)
C. Map - Downtown Economic Opportunity Area
D. Map - Airport Economic Opportunity Area
E. Map - Hwy 58 /Mt. Vernon Economic Opportunity Area
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1. Introduction
The City of Bakersfield's Economic Opportunity Area Plan (Plan) is a locally initiated
program that uses tax increment financing to promote economic growth within
specific geographic areas of Bakersfield. The program is modeled in part after
previous Statewide redevelopment concepts; however, this Plan is structured to be
more flexible so it can meet demands of specific areas within the City.
Implementation of the Plan is anticipated to facilitate increased private sector
investment by creating more tax revenue, promoting businesses growth, and
generating new jobs.
The Plan first outlines the concept of Tax Increment Financing as a commitment to
revitalize specific areas. Next, the Plan addresses the concept of Economic
Opportunity Areas (EOAs), including a description of the first three EOAs to be
implemented, along with respective economic development activities to be
pursued. Finally, the Plan lays the framework for implementation by describing the
process for creating future EOAs and the review process to ensure that the
economic development activities align with the City Council's priorities.
The Plan is subject to revisions as circumstances may warrant over time and
additional EOAs may be added in the future. A map of all areas that were under
initial consideration is included as Attachment A.
2. Tax Increment Financing
When the private market does not provide sufficient capital and economic
development activities to a specific area, public actions may be necessary to
stimulate growth. This action can include public investments, capital improvements,
enhanced public services, technical assistance, tax benefits, and other types of
stimuli. Tax increment financing may serve as a mechanism to develop and
encourage new business, enable existing business retention and expansion, and
provide other economic development opportunities.
2.1. Funding Source
The City annually receives an allocation of property tax revenue from
homeowners and businesses that is then appropriated to the General Fund to
support a variety of municipal services. Under this Plan, the incremental growth
in property tax revenue derived from the EOAs would remain in those areas to
help fund economic development activities.
To explain, the assessed property value in a defined area is "frozen" at a
specific year, which is referred to as the base year. On an annual basisb�PKF9,�
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property tax revenue collected above the base year )tax increment) is
allocated to a special fund to apply toward meeting the Plan's priorities.
Following the expiration of the Plan, the tax increment is re- directed back into
the General Fund.
Ideally, the ongoing reinvestment of tax increment into a specific area assists in
raising the assessed property values above where they would have been
without such improvements. With higher values, property tax revenue naturally
rises as well.
2.2. Example
Assume that upon designation as an EOA, the area generated $500,000 in
annual property tax revenue to the City in the preceding fiscal year, which
now becomes the base year. After being designated as an EOA, the area now
generates $522,000 in property tax revenue to the City. The difference in
property tax revenue between the base year ($500,000) and Year 2 )$22,000) is
the tax increment. After 10 years, the EOA now generates $590,000 in property
tax revenue, which equates to $90,000 in tax increment. See Figure 1.
Figure 1: Tax Increment Financing Example
$600,000k
$580,000k
$560,000k
$540,000k
$520,000k ■Tax Increment
$500,000k ■ Property Tax )Base Year)
$480,000k
$460,000k
$440,000k
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3. Economic Opportunity Areas
Three EOAs are included for initial implementation. The recommended areas are: (1)
the Downtown Bakersfield EOA, (2) the Bakersfield Airport EOA, and (3) the Highway
58 /Mt. Vernon EOA. These three initial areas were selected based on their need for
supplemental economic development activities. Three other areas have also been
identified for potential future implementation as depicted on Attachment A.
The selected areas predominantly include property zoned for commercial and
industrial uses, which are uses that contain business and economic growth
opportunities.
The purpose of this Plan is to develop and encourage new business, promote
existing business retention and expansion, and provide other economic
development opportunities. Funds will be allocated toward economic development
activities that include and support the following:
• New Development: Rehabilitation and renovation of buildings, demolition and
site preparation, and property acquisition.
• Infrastructure Improvements: Upgrades to storm drains, streets and alleys, curb
and gutter, and landscape enhancements.
• Aesthetic Standards: Projects that support improved and cohesive design.
• Annexation of County Pocket Areas: Projects that facilitate infill.
• Financial Incentives: Loans, grants, and fee reductions.
In addition to pursuing the activities listed above in EOAs with the use of tax
increment revenue, the City also intends to utilize and leverage existing State,
Federal, and other economic development programs in order to further enhance
the revitalization of EOAs.
The following sections contain a description of each of the three EOAs, the potential
investment opportunities within each EOA and an overview of the financial
incentives available.
3.1. Downtown Economic Opportunity Area
The Downtown Bakersfield EOA is located in the heart of the city and
characterized as the central business district. The area profile includes:
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Area Size:
970 Acres
No. of Parcels:
1,668 Parcels
Primary Zoning:
Commercial, Manufacturing
Assessed Property Valuation (2014):
$620,840,799.00
Property Tax Revenue (2014):
$ 1,053,819.38
Property Tax Revenue (2015):
$ 1,094,442.83
Tax Increment:
$ 40,623.45
3.1.1. Investment Opportunities
Downtown Bakersfield has historically served as a center of civic and business
activity, but has suffered over time from the relocation of major retail businesses
to more suburban locations. In recent years, however, Downtown Bakersfield
has begun to experience a resurgence in becoming a focal point for the arts,
entertainment, dining, and specialty retailing.
The City has invested substantially in a number of new affordable housing
developments in the downtown area. The continuing revitalization of
downtown has started to create new interest in market rate housing
opportunities. Despite these encouraging successes, the downtown area
continues to contain a considerable amount of vacant and underutilized
properties.
The emphasis for investment in the Downtown Bakersfield EOA is based on
continuing to build on past successes and encourage continuing revitalization
by physically enhancing the public realm and encouraging investment in
upgrading and renovating existing buildings and properties. Potential
economic development activities include:
• Improve pedestrian connectivity (e.g., sidewalks, park benches)
• Enhance visual characteristics (e.g., stamped concrete, kiosks)
• Promote the arts and shopping district (e.g., street banner program)
• Beautify medians and islands (e.g., install synthetic turf or pavers)
3.1.2. Financial Incentives
For the purposes of this Plan, financial incentives may include the following:
Loans:
• Low Interest Loan: Up to $50,000 with a term of not more than 10 years, or
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the remaining term of the Downtown Bakersfield EOA.
• No Interest Loan: The City Council may waive all or a portion of a loan's
interest based on the individual activity and its impact on achieving the
priorities set forth in the Downtown Bakersfield EOA.
Grants:
• Facade Improvement Grant: Financial assistance to invest in exterior
building improvements (e.g., awnings, doors, windows, lighting). Up to 25%
of the improvements or $20,000, whichever is less.
• Site Enhancement Grant: Financial assistance to invest in non - structural
improvements (e.g., sidewalk, parking lots, landscaping). Up to 50% of the
improvements or $10,000, whichever is less.
• Tenant Improvement Grant: Financial assistance to construct building
improvements. Up to 50% of the improvements with a maximum of $10 per
square foot or $25,000.
• Upper Floor Commercial Rehabilitation Grant: Financial assistance to
rehabilitate upper floors, which are often times vacant. Up to 50% of total
improvements or $5,000 per unit, whichever is less.
• Upper Floor Residential Grant: Financial assistance to convert upper floors of
existing commercial structures into residential units. Up to 50% of the
improvements with a maximum of $7,500 per residential unit and $75,000
over the entire life of the project.
Fee Assistance:
Development Assistance: Financial assistance for an existing business to
relocate to the EOA; or expand or change use of the existing building. Fee
categories that may quality include: transportation impact fee, building
permit fee, water and sewer connection fee, and planning /land use fee.
Up to 50% of one fee category per business, or $10,000, whichever is less.
3.2. Airport Economic Opportunity Area
The Airport EOA is located in Southeast Bakersfield, and is anchored by the
Bakersfield Municipal Airport, which is a City-owned and operated 190 -acre
general aviation airport. The area profile includes:
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;Airport EOA —Area Profile
Area Size: 929 Acres
No. of Parcels:
209 Parcels
Primary Zoning:
Industrial, Manufacturing
Assessed Property Valuation (2014):
$74,128,871.00
Property Tax Revenue (2014):
$ 117,709.12
Property Tax Revenue (2015):
$ 121,254.58
Tax Increment:
$ 3,545.46
3.2.1. Investment Opportunities
A majority of the Airport EOA area is lightly developed, and existing land use
designations support warehousing and other storage uses. The area south of
White Lane consists of lightly developed or vacant land. Additionally,
significant portions of land north and south of the airport have development
constraints due to the airport's flight pattern. Acceptable uses in the area
affected by the flight pattern include warehousing, two -story offices, and
single - family homes on existing residential lots. Unacceptable uses include
retail, manufacturing, hotels and motels, and residential subdivisions.
The Airport EOA offers excellent opportunities to develop into an industrial
cluster, especially for businesses that require sizeable amounts of land. Staff
recommends allocating any initial tax increment toward filling vacant
structures and infilling of undeveloped properties.
The potential economic development activities here include, but are not
limited to:
• Incentives to fill vacant buildings
• Incentives to develop vacant land
• Environmental remediation and site preparation
3.2.2. Financial Incentives
For the purposes of this Plan, financial incentives may include the following:
Loans:
• Low Interest Loan: Up to $50,000 with a term of not more than 10 years, or
the remaining term of the Airport EOA.
• No Interest Loan: The City Council may waive all or a portion of a
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interest based on the individual activity and its impact on achieving the
priorities of the Airport EOA.
Grants:
Underutilized Building Rehabilitation Grant: Financial assistance to invest in
businesses that provide retail, commercial, service industry, warehouse, or
other services. Up to 25% of the improvements or $60,000, whichever is less.
• Relocation and Expansion Grant: Financial assistance to relocate to the
Airport EOA and employ a minimum of 15 jobs. Up to 25% of the eligible
relocation expenses or $60,000, whichever is less.
Rent /Lease Reimbursement Grant: Financial assistance to relocate a
business to the Airport EOA. Assistance includes a rent reimbursement to
assist businesses during the critical first year of operation. Up to $7,500 during
the first year with the condition that a business enters into a multi -year lease
and subsequently creates a minimum of two jobs.
Fee Assistance:
Development Assistance: Financial assistance for an existing business to
relocate to the EOA; or expand or change use of the existing building. Fee
categories that may qualify include: transportation impact fee, building
permit fee, water and sewer connection fee, and planning /land use fee.
Up to 50% of one fee category per business, or $10,000, whichever is less.
3.3. Highway 58 /Mt. Vernon Opportunity Area
The Highway 58 /Mt. Vernon EOA is located in Southeast Bakersfield, and allows
for flexibility for industrial or commercial development. The area profile
includes:
Area Size:
1,079 Acres
No. of Parcels:
175 Parcels
Primary Zoning:
Manufacturing
Assessed Property Valuation (2014):
$143,512,576.00
Property Tax Revenue (2014):
$ 174,652.45
Property Tax Revenue (2015):
$ 179,004.04
Tax Increment:
$ 4,351.59
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3.3.1. Investment Opportunities
This area benefits from close proximity to the Highway 58, with interchanges at
Cottonwood Road, Mt. Vernon Avenue, and Oswell Street. The planned
Centennial Corridor Project will connect Highway 58 to the Westside Parkway,
with access to Interstate 5, thereby, enhancing this area to businesses that rely
on convenient freeway access and to trans -state and cross- country markets.
Potential economic development activities include:
• Incentives to develop vacant land
• Environmental remediation and site preparation
3.3.2. Financial Incentives
For the purposes of this Plan, financial incentives may Include the following
Loans:
• Low Interest Loan: Up to $50,000 with a term of not more than 10 years, or
the remaining term of the Highway 58 /Mt. Vernon EOA.
• No Interest Loan: The City Council may waive all or a portion of a loan's
interest based on the individual activity and its impact on achieving the
priorities of the Highway 58 /Mt. Vernon EOA.
Grants:
• Relocation and Expansion Grant: Financial assistance for companies to
relocate to the Highway 58 /Mt. Vernon EOA and employ a minimum of 15
jobs. Up to 25% of the eligible relocation expenses or $60,000, whichever is
less.
• Rent /Lease Reimbursement Grant: Financial assistance for new businesses to
relocate to the Highway 58 /Mt. Vernon EOA. Assistance includes a rent
reimbursement to assist businesses during the critical first year of operation.
Up to $7,500 during the first year with the condition that a business enters
into a multi -year lease and subsequently creates a minimum of two jobs.
Fee Assistance:
• Development Assistance: Financial assistance for an existing business to
relocate to the EOA; or expand or change use of the existing building. Fee
categories that may qualify include: transportation impact fee, building
permit fee, water and sewer connection fee, and planning /land use fee,
Up to 50% of one fee category per business, or $10,000, whichever is less.
4. Implementation Plan
4.1. Resolution Approving the Economic Opportunity Areas
In order to provide City Council flexibility to amend the EOAs in the future, each
EOA will be established via separate Resolution. The resolution describes the
concepts related to establishing the EOAs, as follows:
• Boundary: The boundary includes whole parcels as they appear on the
assessment roll.
• Creation Date: The base year for the initial EOAs will be July 1, 2014. The
base year for future EOAs will be determined at the time of adoption. The
duration of the EOAs will not exceed an initial term of 10 years; at which
time, City Council may extend the duration the program for a specified
number of years, or dissolve the EOA.
• Name: The EOAs named to reflect the general locations and provide a
branded identify.
• Ust of Economic Development Activities: Provide a general list of authorized
economic development activities for each EOA.
• Tax Increment Designation: Designate future tax increment received from
property tax revenue in the prescribed boundary toward economic
development activities.
• Minimum and Maximum Tax Increment: Establish minimum and maximum
amounts of tax increment to be designated annually toward economic
development activities. To ensure viability of the program, a minimum of
$20,000 and a maximum of $250,000 will be dedicated to each EOA in a
fiscal year, regardless of the actual amount of increment that accrued
during the some year. In addition, any federal or state grants awarded to
the City for projects within an EOA may be applied toward the amounts.
• Tax Increment Financing Fund: Tax increment held in a special fund
designated as the Tax Increment Financing Fund. The fund is segregated
from other City funds, and appropriated to the applicable Department in
order to implement the Plan's priorities.
• Economic Hardship: The City may suspend dedicating funds to an EOA if
the City is facing or forecasting an economic hardship to the General Fund.
This action is subject to City Council approval. F
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4.2. Approval of Economic Development Activities
Should any request for a disbursement of funds related to this plan exceed an
amount of $5,000 (cumulative for each project), such requests will be
submitted to the City Council for review and action. For requests of $5,000 or
less, the proposal will be reviewed and acted upon administratively based on
consistency with stated priorities for the EOA.
4.3. Continual Transparency
The City Council will review the Plan's accomplishments during the annual
budgetary process. Administrative guidelines will be developed to establish
more detailed procedures for day -to -day implementation of the Plan. Through
this process, the City Council may set additional policy and direction related to
the Plan. The economic development activities shall be presented in broad
categories in order to have the flexibility in meeting business demands. In
addition, the City Council may request revisions to the Plan's priorities anytime
through the referral process. A change to the Plan's priorities will require
Council approval.
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Attachment B
Assessed Values (2012 -2015)
Below is an example of the assessed values from 2012 through 2015, effective July 1st of
the respective year.
City's
Allocation
Downtown Bakersfield Economic Opportunity Area
$ 570,724.14
$
Year
Assessed Property Tax
City's Allocation
2012
$5,881,165.00
$ 999,724.40
2013
$6,110,026.53
$1,037,111.84
2014
$6,208,407.99
$1,053,819.38
2015
$6,447,911.80
$1,094,442.83
Almort Economic ODportunity Area
Year
Assessed Property To
City's
Allocation
2012
$ 570,724.14
$
89,202.74
2013
$ 609,725.01
$
95,585.36
2014
$ 741,288.71
$
117,709.12
2015
$ 759,058.43
$
121,254.58
Highway 58 /Mt.
Vernon Ave Economic Opportunity
Area
Year
Assessed Property Tax
City's
Allocation
2012
$1,433,209.98
$
174,115.44
2013
$1,418,295.80
$
173,248.72
2014
$1,435,125.76
$
174,652.45
2015
$1,475,873.63
$
179,004.04
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