One of the Guiding Principles of this plan reads as follows: "Intrusion
by the automobile should be minimized through dual footprint, underground,
off-waterfront parking structures and innovative public transportation"
(Sec. II). In Element G: Parking, the Plan
states: No parking should be allowed to the west of Lake Street except
on-street parking, handicapped parking and parking required to support existing
uses and water-dependent uses. To meet the goals of this plan, the zoning
ordinance for zones WFC-E and WRM may be modified to set parking requirements
for new Waterfront development to 50% of current standards, and to require
developers to seek waivers if they plan to build additional spaces.
Zoning districts in the Interim Development Area should be modified to make
them consistent with the Public Trust laws restricting uses of filled lands in
the area. Refer to Element L.
The Plan contemplates the use of both public and private enterprise to make
Waterfront revitalization possible.
Private enterprise will be encouraged on lands not subject to the Public
Trust Doctrine to the east of Lake Street. It will also be encouraged for the
purpose of revitalization on portions of filled Public Trust lands that are
still being put to bona fide public trust uses such as wharfage (e.g. the Lake
Champlain Transportation Ferry Dock).
Public investment and enterprise are contemplated primarily on filled Public
Trust lands where only public uses are legally permitted. Infrastructure
improvements are contemplated as primarily a public sector task.
Anytime the City incurs debt to finance a project in the Waterfront Urban
Renewal District, the City shall be subject to State statute including but not
limited to Urban Reserve statutes. As is true throughout the City, any
acceptance of funds for projects must be approved by the City Council.
In some cases, a partnership of public and private sector enterprise will be
required. For example, the redevelopment of the Moran Station, creation of
recreational facilities and the development of a multimodal transportation
center all would require such a partnership.
A resourceful community can tap an array of sources and utilize a
variety of mechanisms to fund the project elements of this Plan. The City of
Burlington has not and should not look to the taxpayer as the sole, or the most
significant, source of financing for acquisition of property or for financing
development projects. The full array of programs and mechanisms available to
assist in financing the projects include the following:
A method of raising voluntary contributions from corporations, businesses,
foundations, individuals and other groups for the acquisition, development
or management of lands, facilities, programs or activities. Donors benefit
from improved recreational opportunities and may be eligible for income tax
deductions.
A federal program available to promote sound community development through
projects that principally help low and moderate income people or prevent
or
eliminate slums or blight or meet urgent community development needs.
This department has a small grant program which makes moneys available for
the acquisition and development of land for boat launching facilities.
Available for projects that preserve the working landscape, protect
environmental resources, and support affordable housing.
Funding available for breakwater, shoreline and environmental restoration
projects.
Special appropriations are sometimes available for capital projects.
Federal funds administered by State Recreation Division. May be available
for boat launches and other recreational amenities.
The replacement program for ISTEA. Available for innovative mass transit
projects.
Backed by the full faith and credit of the City and paid for through
general fund property taxes.
Backed by the revenue generating potential of the capital improvement they
fund. Paid for by receipts obtained through the use of the facility.
A general obligation bond issued for a specific activity which generates
revenues sufficient enough to pay the bond obligation. However, these bonds
still pledge the full faith and credit of the City through the property tax.
Interest rate for a GO bond is lower than for a revenue bond, and as a
dedicated revenue bond it does not have to meet the strict regulatory
requirement of a general revenue bond.
HUD loan program secured with CDBG funds. City voters approved the use of
this mechanism in 1995.
Typically available at local banks, the land or property is pledged as
collateral to the mortgage.
Utilized for project elements which are privately owned and developed.
Allowed by 24 VSA Chapter 87. Established for the purposes of providing a
public improvement which is to benefit a limited area of a municipality. The
Church Street Marketplace is an example.
Isolates the additional property tax revenues produced by redeveloping
deteriorated properties and uses these revenues to repay the costs of public
investment in the project.
Entrance fees, activity fees, leases, and license fees. Consideration
should include equity, affordability, and benefits received.
Authorized by 24 VSA 4417(a), these fees are paid by developers in lieu of
dedicating a certain percentage of property where dedication is not
practical. The amount can be established by the City Council. Impact fees
are a form of development fee.
Set forth in Chapter 85, Title 24, this mechanisms allows the City to
employ a wide variety of taxing mechanisms other than the ad
valorem property tax. Available for uses such as to mortgage property, or to
levy taxes and assessments.
In November 1996, with the approval of Burlington voters, the City
established the Waterfront Tax Increment Financing (TIF) District. The district
included all portions of the Waterfront Urban Renewal District north of and
including Maple Street. In 1997, the TIF District was expanded to include part
of the downtown. Refer to Appendix E for a map.
Within the TIF district, public investment can be financed by isolating and
designating incremental increases in property tax revenues that result from the
redevelopment of deteriorated properties. This mechanism is used when a public
investment can directly result in subsequent redevelopment efforts by the
private sector. For example: the reconstruction of Lake Street. In this case,
reconstruction of the street and related infrastructure have made possible the
redevelopment of the private properties east of Lake Street. The increased
property taxes produced by those properties once redeveloped will be reserved
for paying for the street work.
To date, the Lake Street reconstruction is the only project in which the City
has used the TIF mechanism; however, TIF should be considered in any situation
where a public investment will create an incentive for private investment.
Examples include, development of an ice skating rink or recreation center,
construction of roads and sidewalks, and utility improvements. Clearly, the TIF
mechanism has enormous potential for use on the Waterfront, but future use of
TIF will only be possible if private redevelopment occurs within the district.
The following uses of TIF revenue are specifically allowed:
- Public infrastructure improvements, including parking.
- Lake Street reconstruction.
- Moran Plant redevelopment.
- Lake Champlain Basin Science Center improvements.
- Waterfront/Downtown linkages.
- Retirement and/or refinancing of the Urban Reserve debt.
- Multimodal Transportation Center construction.
Previous
/ Next
|
