HomeMy WebLinkAboutEPS Response_Economic Development and Housing Finance_4-5-21
Proposal
Professional Services in Support of
Economic Development and
Housing Finance
Prepared for:
City of Bozeman
Prepared by:
Economic & Planning Systems, Inc.
EPS #213024
April 5, 2021
Table of Contents
a) Executive Summary .......................................................................................... 3
b) Firm Profile ...................................................................................................... 5
c) Qualifications ................................................................................................... 6
d) Related Experience with Projects Similar to the Scope of Services .......................... 15
e) Experience with Economic Development, Housing, and Tax Increment Finance
Projects in Montana ........................................................................................ 24
f) References .................................................................................................... 25
g) Price Proposal ................................................................................................ 26
h) Affirmation of Nondiscrimination ....................................................................... 27
April 5, 2021
Mr. Mike Maas
City Clerk
City of Bozeman
PO Box 1230
Bozeman, MT 59771-1230
Subject: Proposal for Professional Services in Economic Development and
Housing Finance; EPS #213024
Dear Mr. Maas:
Economic & Planning Systems, Inc. (EPS) is pleased to submit this proposal
for professional services related to Economic Development and Housing
Finance for the City of Bozeman. We would be most interested in continuing
to provide these services to the city.
EPS is a full-service economic consulting firm with 46 professional staff in
offices in Denver, Colorado and Oakland, Sacramento, and Los Angeles,
California. Founded in 1983, EPS has a broad-based practice in land use
economics and policy formation. The firm has worked with a wide range of
public and private clients throughout the nation and has established a
reputation for both rigor and creativity.
As a central part of its consulting practice, EPS has been involved in the full
range of services anticipated to be required under this contract including
economic development and housing financial analysis, tax increment financing,
public-private partnerships, and development negotiations and implementation,
strategic planning, and capital budgeting. As further explained in the
attached qualifications, we propose to continue to partner with Stifel,
Nicolaus & Company under separate contract for municipal advisory services.
Daniel R. Guimond, Principal of EPS, will be the principal in charge and Brian
Duffany, Executive Vice President of EPS, will be the project manager and day
to day contact for this assignment. They will be supported by other senior EPS
staff including Andrew Knudtsen, Managing Principal for strategic financial
planning, Tim Morzel, Vice President for financial analysis and Rachel
Shindman for economic development and housing planning and budgeting.
The attached proposal includes our Firm Profile, Qualifications, Experience in
Montana, References, and Price information. We look forward to hearing from
you and to the opportunity to continue to work for the City of Bozeman.
Sincerely,
ECONOMIC & PLANNING SYSTEMS, INC.
Daniel R. Guimond Brian Duffany
Principal Executive Vice President
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ECONOMIC DEVELOPMENT AND HOUSING FINANCE
3
a) Executive Summary
Firm Profile
Economic & Planning Systems, Inc. (EPS) is a land economics consulting firm experienced
in the full spectrum of services related to real estate development, the financing of public
infrastructure and government services, land use and conservation planning, and
government organization. As a central part of its consulting practice, EPS has been
involved in the full range of services anticipated to be required under this contract
including economic development and housing financial analysis, tax increment financing,
public-private partnerships, and development negotiations and implementation, strategic
planning, and capital budgeting.
Qualifications
Daniel R. Guimond, Principal of EPS, will be the principal in charge and Brian Duffany,
Executive Vice President of EPS, will be the project manager and day to day contact for
this assignment. They will be supported by other senior EPS staff including Andrew
Knudtsen, Managing Principal for strategic financial planning, Tim Morzel, Vice President
for financial analysis and Rachel Shindman for economic development and housing
planning and budgeting.
Related Experience
Housing and Economic Development Project Financial Analysis and Related Services
• Fort Collins Financial Analysis and Related Services - Economic and financial services
to the city on-call contracts over the last 10 years including TIF financial analyses on
over a dozen projects. Affordable housing policy and implementation studies including
land bank disposition strategy, and inclusionary zoning and affordable housing impact
fee (linkage fee) feasibility studies.
• Denver Union Station Market and Feasibility Analysis/Developer Selection and
Negotiation - Market analysis and financing strategy for DUS Master Plan; financial
evaluation of financing plan and TIF forecasts; development feasibility of reuse
options; and developer selection and negotiation for the building lease.
• Arvada Urban Renewal and Public Private Partnership Advisory Services - P3 advisory
services to the Arvada Urban Renewal Authority including real estate pro forma
evaluations for TIF assistance, development agreements and alternative incentive
packages.
• Wheat Ridge Economic and Real Estate On-Call Services - Real estate consulting
services as a third-party analyst providing analysis and recommendations relating to
requests for tax increment financing (TIF) submitted by private sector developers.
CITY OF BOZEMAN
4
Housing and Economic Development Financial Planning and Capital Budgeting
• Littleton Citywide Financial and Fiscal Analyses - Long-term fiscal strategy with 3
components: tool for understanding how individual projects impact the City’s net
fiscal position; long-term citywide fiscal model to inform how alternative growth
projections and policy decisions impacted the City’s net fiscal position; alternative
revenue strategies used in peer communities; and pro forma testing of zoning code
revisions.
• Denver Urban Renewal Authority Strategic Plan - 20-year strategic plan coupled with
a 5-year Business Plan. Strategies to improve the effectiveness of primary programs,
including; Redevelopment, Tax Increment Financing, and Housing Rehabilitation.
• Adams County Local Financing Study - Long range capital facilities and infrastructure
financing plan which identified and prioritized capital projects; forecasted revenues
under existing funding sources; estimated the funding gap; and identified alternative
funding sources and strategies.
• Northglenn Economic Development and Real Estate Advisory Services - Citywide fiscal
sustainability model, a new civic center master plan, sustainability cost benefit
analysis, and urban renewal advisory services.
Recent Montana Work
• Bozeman Demographic and Real Estate Market Assessment for Growth Policy Update
(2017)
• Bozeman Tax Increment Finance Project Reviews (2018-2021
• Laurel, MT Gateway Redevelopment Plan (2015)
• Big Sky, MT Housing Development Plan (2014)
• Downtown Billings Housing Study (2017)
• Lockwood (Yellowstone County) TEDD Feasibility Study (2016)
• Beartooth RCD Housing Strategy (Ongoing 2021)
References
Josh Birks, Economic Health Director, City of Fort Collins, Colorado | 970.221.6324
jbirks@fcgov.com
Tracy Huggins, Executive Director, Denver Urban Renewal Authority (DURA)
303.534.3872 | thuggins@renewdenver.org
David Corliss, Town Manager, Town of Castle Rock, Colorado | 303.660.1374
DCorliss@crgov.com
Price Proposal
EPS will on a time and materials basis with a not to exceed maximum for assigned
project tasks. Hourly rates range from $240/hr. for principals, $185 to $215/hr. for vice
presidents, $155/hr. for senior associates, and $105/hr. for research analysts.
ECONOMIC DEVELOPMENT AND HOUSING FINANCE
5
b) Firm Profile
Economic & Planning Systems, Inc. (EPS) is a land economics consulting
firm experienced in the full spectrum of services related to real estate
development, the financing of public infrastructure and government
services, land use and conservation planning, and government organization.
EPS was founded on the principle that real estate development and land use-related
public policy should be built on realistic assessment of market forces and economic
trends, feasible implementation measures, and recognition of public policy objectives,
including provisions for required public facilities and services. The firms’ areas of
expertise are as follows:
Since 1983 EPS has provided consulting services to hundreds of public- and private-sector
clients in Colorado and throughout the United States. EPS is located in Denver, Colorado,
and Oakland, Sacramento, and Los Angeles, California. EPS clients include cities, counties,
special districts, education and other non-profit institutions, multi-jurisdictional
authorities, property owners, developers, financial institutions, and land use attorneys.
The professional staff of 46 includes specialists in public finance, real estate development,
land use and transportation planning, government organization, and computer
applications. The firm excels in preparing concise analyses that disclose risks and
impacts, support decision making, and provide solutions to real estate development and
land use-related problems.
CITY OF BOZEMAN
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c) Qualifications
EPS’ practice areas include all services anticipated to be required under this contract
including tax increment financing analysis and district plan formations, other public
financing sources, development agreement negotiations, and public-private partnerships.
EPS is known for its abilities in technical financial analysis and policy advisory services.
Financial Analysis
EPS financial feasibility analyses evaluate the expected economic performance of real
estate development projects, drawing on market research concerning product values,
analysis of construction costs, and an understanding of investor objectives. Our feasibility
work relies on pro forma cash flow models that test feasibility under a range of project
alternatives, market assumptions, financing alternatives, partnership options, disposition
strategies, and measures of financial return.
Tax Increment
EPS has decades of experience analyzing tax increment financing (TIF) potential across a
range of infill and redevelopment projects and areas. The firm provides comprehensive
services in support of tax increment plan development, revenue forecasting, project
investment analysis, financing support services, and policy advisory services.
Housing Policy and Implementation
Our national housing practice ranges from needs assessments to implementation of
specific policies, tools, and development projects. Our approach to housing balances
market forces with public policy to craft realistic approaches to housing that can be
implemented. EPS prepares nexus studies for affordable housing linkage fees and fee-in-
lieu components of inclusionary zoning; local funding strategies; pro forma and incentives
analyses; LIHTC market studies; and needs assessments.
Development Advisory Services
EPS provides private sector clients with guidance and technical support for Request for
Proposal responses and the development of mutually beneficial business terms as a part
of contract negotiations. With a balanced practice of public and private sector clients, we
can assist our clients with messaging, content, and economic rationale that support their
position and simultaneously appeals to public sector partners.
Development Solicitation
EPS supports public sector clients with the recruitment and selection of highly-qualified
real estate development partners. Our work commonly includes market and financial
feasibility analyses, marketing strategies, RFQ/RFP preparation, developer selection
criteria, public policy evaluations, and political considerations.
ECONOMIC DEVELOPMENT AND HOUSING FINANCE
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Negotiation Support
EPS works with both public- and private-sector entities to support public-private
negotiations. The firm tackles these negotiations by defining principles, negotiating
terms, and crafting transaction documents. We strive to integrate well-researched
information concerning project economics and regulatory parameters into the
negotiation. Our services commonly are used during the negotiation of development
agreements, infrastructure financing plans, mitigation measures, land swaps, and other
agreements.
As is demonstrated in the Section d. project profiles summarized below, EPS has
experience working with public sector clients to evaluate the need for public participation
on a range of project types. Previous analysis has included defining a range of clearly
defined public financing strategies, estimating future public revenues from multiple
financing sources (TIF, public infrastructure investment, land contribution, and others),
defining and estimating project need (i.e., “but-for” analysis), drafting and reviewing
highly technical development pro formas, and assisting in developer solicitations and
negotiations including review and evaluation of RFPs and financial analysis of the
business terms of developer agreements.
Our extensive work with cities, redevelopment agencies, and downtown development
authorities in multiple states also involves creating new TIF districts, TIF revenue
forecasting, and TIF investment strategies and prioritizations. In addition to Bozeman,
the Denver office of EPS is currently or recently worked with over a dozen other cities on
urban renewal TIF in several states including: Billings in Montana; Denver, Fort Collins,
Erie, Parker, Colorado Springs, Arvada, Louisville, Lafayette, and Pueblo in Colorado;
Albuquerque and Farmington in New Mexico; and Portland, Oregon.
These services have helped to facilitate successful public private partnerships and have
resulted in projects that are able to address the needs of the public sector while meeting
industry standard rates of return. In all of this work, EPS strives to ensure successful
development of projects and land use plans by preparing feasible financing plans that
respond to public and private objectives and make creative use of available financing
mechanisms.
Housing affordability has become a major issue in Bozeman. With mixed use projects (with
housing) requesting TIF assistance, we suggest there is a need for adopted policies on the
role of TIF in housing development. EPS has assisted numerous cities and counties with
affordable and workforce housing policies and strategies, land use regulations (inclusionary
zoning and linkage fees), funding approaches, pro forma feasibility testing, and P3s. We
have worked with staff, elected officials, and mayoral task forces in Portland, OR; Denver,
CO; Nashville, TN; San Antonio, TX; Aspen, CO; Park City, UT; and others.
CITY OF BOZEMAN
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The RFP also anticipates the potential need to advise the city on the application and
management of debt issuances. EPS has had the opportunity to work with various
investment banking partners in Montana and throughout the Rocky Mountain Region. For
this proposed engagement, EPS had conversations with the banking team from the Stifel
office located in Denver and believe this team would be a great fit for Bozeman, with
respect to providing the anticipated bonding services for these projects. We understand
the City has also had prior engagements with the same Stifel team on prior TIF
transactions for both the Downtown and Midtown URA’s, along with the 2019 General
Obligation Bonds for the Public Safety Center.
While certain legal requirements (namely the SEC’s Municipal Advisor Rule) make it
challenging for EPS to directly partner with Stifel, EPS would be supportive of the City
keeping the past TIF working group together for the contemplated projects, given the
City’s familiarity with each firm and our collective knowledge of these projects and the
City as a whole. It is our understanding Stifel will be submitting an unsolicited proposal in
response to this RFP, in order to allow them to provide the bonding and market related
services on these projects, offering the City an alternative to hiring a specific Municipal
Advisor as part of this engagement.
ECONOMIC DEVELOPMENT AND HOUSING FINANCE
9
Team Organization
The key personnel and their primary roles are summarized below and shown in Figure 1.
The educational background and relevant experience are shown in the following résumés.
Figure 1. Team Organization Chart
Daniel R. Guimond, Principal - will be the Principal in charge responsible for overall
product delivery, quality control, and team coordination. He will also provide direction on
New and Existing TIF Districts.
Brain Duffany, Executive Vice President – will be the project manager and day-to-day
contact. Brian will also lead the analysis of Alternative Funding and Financing Resources.
Tim Morzel, Vice President – will be the senior financial analyst and responsible for
Project Financial Analysis and Development Negotiations. H will also be responsible for
Economic Development Capital Budgeting.
Andrew Knudtsen, Managing Principal - will be a senior advisor on all aspects of the
project but is expected to especially focus on Strategic Financial Planning and Community
Comparisons of Incentives and Outcomes, services that have been provided to other
cities and urban renewal agencies including Denver and Northglenn, Colorado.
Rachel Shindman, Senior Associate – will focus on New and Existing TIF Districts and
affordable and workforce housing finance and policy.
Economic & Planning Systems, Inc.
The Economics of Land Use
730 17th Street, Suite 630 Denver, CO 80202
303.623.3557 dguimond@epsdenver.com www.epsys.com
Daniel R. Guimond
Principal
ABOUT
Daniel Guimond, Principal, is an economist and planner with over 35 years’ experience in economic and financial analysis and development planning for the public and private sectors. He has specialized in urban redevelopment and revitalization including more than 40 projects in both large scale and infill settings. These assignments include market and financial feasibility, development potentials, feasibility and public financing, and implementation strategies and developer selection and negotiation. He has managed on-call economic consulting contracts in Colorado with Fort Collins, Arvada, and Urban and Renewal Authority and RTD-Denver Transit.
SELECTED PROJECT MANAGEMENT EXPERIENCE
Denver Union Station Master Plan and Developer Negotiations, Denver, CO
Part of a multidisciplinary team to prepare a master plan for DUS including the historic train station, surrounding undeveloped land, and the integration of heavy rail, light rail, and bus transit services. Subsequently hired by RTD to prepare additional feasibility analysis and assist in developer solicitation selection, and negotiation of business terms for the historic train station.
Foothills Mall Redevelopment Financing, Developer Negotiations, and Revenue Bond Analysis, Fort Collins, CO
Developed a project development pro forma and public financing cash flow model to determine the level of public investment needed to support negotiations between the City and the developer. Modeled financing alternatives including a metro district mill levy, PIF, and sales tax shareback and supported negotiations of a P3 between the City and developer.
Encore Development and Town Parking Garage P3, Castle Rock, CO
Market and financial feasibility of a mixed-use project including 200 for-sale condominiums and parking structure with 300 spaces built for downtown parking needs. Evaluated supportable land and market values used for the property tax and sales tax estimates, price absorption assumptions, and a “but for” analysis determining the public investment required. Assisted with development negotiations and deal structure.
Tax Increment Financing Evaluations, Arvada, CO
Reviewed urban renewal authority TIF applications to determine the need for and appropriate amount of investment to achieve a reasonable developer return.
Retail/Mixed Use Revenue Bond Feasibility Reports
Feasibility analysis to support revenue forecasts for multiple revenue bond issues backed by TIF, PIF and Metro District revenue streams including Foothills Mall in Fort Collins, Promenade at Castle Rock, Winrock Town Center in Albuquerque, and The Yard in Lone Tree.
Winrock Town Center Redevelopment, Albuquerque, NM
Market analysis, financial feasibility, fiscal impacts and public financing including TIDDs from the city, county, and state for the redevelopment of the former Winrock Mall as a mixed use town center.
Midtown Corridor Redevelopment Study, Fort Collins, CO
Project feasibility, market analysis, development potentials, and public/private financing strategy for an aging retail commercial corridor including the Foothills Mall.
Miller’s Landing Public Finance Review, Castle Rock, CO
Review of a public finance agreement for proposed P3 to develop a full-service hotel and conference center as well as an office park and destination retail on a former municipal land fill. Review included a determination of supportable market values and a “but for” financial analysis.
Education
M.A., Urban Geography, University of Colorado, 1976
B.A., Political Science, University of Colorado, 1972
Previous Employment
1999-present Principal Economic & Planning Systems, Inc.
1997-1999 Principal, In Motion, Inc.
1993-1997 Vice President, BRW Inc.
1978-1992 Vice President, Hammer Siler, George Associates
1976-1978 Planner, Jefferson County Planning Department
Affiliations
Urban Land Institute
International Downtown Association
Denver Planning Board, 1992 to 2005
ICSC Colorado Alliance
Economic & Planning Systems, Inc.
The Economics of Land Use
730 17th Street, Suite 630 Denver, CO 80202
303.623.3557 bduffany@epsdenver.com www.epsys.com
Brian Duffany
ExecuƟve Vice President
ABOUT
Brian Duffany is an economist and planner with nearly 20 years of experience in land economics. He has a broad base of experience in real estate development feasibility analysis, financial and economic modeling, economic development, economic and demographic analysis, local government finance, fiscal impact analysis, and transportation planning. Brian has evaluated proposals and feasibility for development and redevelopment proposals throughout the mountain West.
SELECTED PROJECT EXPERIENCE
Growth Policy Update, Bozeman, MT
Economic and real estate market analysis to inform the land use and economic aspects of the Comprehensive Plan Update. Addressed supply, demand, and impediments in the office, retail, and industrial markets. Quantified housing affordability conditions and the impact of job relocations and workforce migration from high-cost metro areas on the local housing market.
Downtown Housing Strategy, Billings, MT
Market, feasibility, and development opportunity analysis to create a strategy for attracting more housing to Downtown Billings. Conducted interviews, downtown employee survey, and site analysis to recommend priority sites and housing product types. Recommended priorities for tax increment financing.
Urban Renewal Project Evaluations, Bozeman, MT
Consultant to the Bozeman Urban Renewal Authority to evaluate applications for Tax Increment Financing based on financial need (but for analysis) and other land use and public benefit criteria.
Economic Development District Feasibility Study, Yellowstone County, MT
Market study, site analysis, and tax increment projections for a proposed TEDD east of Billings.
Urban Renewal Authority Strategic Plan, Denver, CO
Policy and financial analysis to support a visioning, goal setting, and prioritization process to shape the Denver URA’s direction over the next 10 years.
Lodging Development Policy White Paper, Aspen, CO
Prepared a white paper on the development economics of tourist accommodations, addressing macro level market constraints, local land use and market constraints, and the community impacts of a declining tourist bed base.
Flatiron Marketplace Redevelopment Analysis, Broomfield, CO
Economic and fiscal impact analysis of the proposed redevelopment of a vacant retail power center. Analysis was used by City council to inform the decision to proceed with a public financing package to incentivize redevelopment.
Denargo Market Financial Feasibility and Incentives, Denver, CO
Pro forma cash flow feasibility study and market analysis to support development negotiations with the Denver Urban Renewal Authority. Conducted a “but for” test for the application for tax increment financing.
Fruita in Motion, Fruita, CO
Economic consultant to planning team and staff to evaluate issues and recommend policies and strategies on housing affordability, housing diversity, economic development (recruitment, marketing, incentives), and fiscal sustainability.
Education
Master of Regional Planning, Cornell University
Bachelor of Arts, Geology, Colby College,
Employment History
21 Years Experience
16 Years with EPS
2017-present Executive Vice President Economic & Planning Systems, Inc.
2010-2017 Vice President Economic & Planning Systems, Inc.
2007-2010 Senior Associate Economic & Planning Systems, Inc.
2004-2007 Associate Economic & Planning Systems, Inc.
1999-2001 Real Estate Analyst Value Research Group LLC
1997-1998 Environmental Geologist Dames & Moore Group
Affiliations
American Planning Association
Urban Land Institute
Colorado Municipal League
Economic & Planning Systems, Inc.
The Economics of Land Use
730 17th Street, Suite 630 Denver, CO 80202
303.623.3557 tmorzel@epsdenver.com www.epsys.com
Tim Morzel
Vice President
ABOUT
Timothy Morzel has a broad base of experience and education in land use economics, planning, and real estate development. He has a diverse skill set for solving complex problems related to land use economic issues, conducting real estate market analysis, building financial and economic modelling tools, and assessing regional economic conditions and trends.
SELECTED PROJECT EXPERIENCE
Growth Policy Update, Bozeman, MT
Comprehensive economic and real estate market analysis to inform the land use
and economic aspects of the Comprehensive Plan Update. Addressed supply,
demand, and impediments in the office, retail, and industrial markets. Quantified
housing affordability conditions and the impact of job relocations and workforce
migration from high-cost metro areas on the local housing market.
Urban Renewal Services, Bozeman, MT
Completed a review of a request for tax increment financing (TIF) submitted by
multiple projects seeking assistance in the City of Bozeman. Developed a
comprehensive financial model that was used to evaluate project return with and
without TIF. The analysis provided estimates of static return, time series return,
and other key metrics that was used by staff and the Urban Renewal Authority to
determine the appropriate level of public investment in individual projects.
Urban Renewal On-Call Services, Arvada, CO
Advised the Arvada Urban Renewal Authority on matters relating to new urban
renewal projects requesting tax increment financing (TIF). Provided consulting
services relating to market conditions, total and eligible cost review, feasibility and
pro forma analysis, and final determination regarding total project need for TIF.
Northglenn Citywide Sustainability Assessment, Northglenn, CO
Conducted market research for retail, residential, and office/industrial uses through-
out the Denver-metro market; advised on ways to position the City’s properties
relative to current and future market condition; translated the dataset into user-
friendly maps and graphics that facilitate dialogue with elected officials. Created a
database focused on revenue-generation attributes and linked with land values,
lease rates, vacancy trends, and other market data to show how the market views
a given site.
RTD FasTracks Joint Development On-Call Services, Denver, CO
Implementation services including market studies, financial analysis, public-private
partnerships, and development solicitation and negotiation for TOD pilot project
sites and other prospective joint development projects. Real estate transactional
support with University Station development feasibility analysis. Real estate analysis
with evaluation of all RTD station properties for joint development potential.
Local Financing Study, Adams County, CO
Identifies long range capital facility and infrastructure project needs for the 2018
to 2045 time period and identifies supplemental funding sources and financing
strategies and a project prioritization strategy for addressing funding shortfalls.
Education
Masters of City & Regional Planning, Cornell University, 2013
B.A., University of Colorado, 2009
Employment History
2018-current Vice President, Economic & Planning Systems, Inc.
2015-2018 Senior Associate, Economic & Planning Systems, Inc.
2013-2015 Associate, Economic & Planning Systems, Inc.
2011-2013 Research and Teaching Assistant, Cornell University
Summer 2013 Transportation Planning Intern, Charlier Associates
Summer 2012 Planning Intern, RRC Associates
Affiliations
Urban Land Institute
Economic & Planning Systems, Inc.
The Economics of Land Use
730 17th Street, Suite 630 Denver, CO 80202
303.623.3557 aknudtsen@epsdenver.com www.epsys.com
Andrew Knudtsen, CCIM
Managing Principal
ABOUT
Andrew Knudtsen, CCIM, is a planner and economist with 20 years of experience addressing the full range of economic issues for public sector needs regarding economic development, public finance, and fiscal planning. He has constructed models that integrate fiscal and economic analysis, enabling elected officials to understand the economic and fiscal benefits, costs, and net conditions related to specific projects and/or policy positions. Much of this work has been conducted for cities and urban renewal authorities throughout the Rocky Mountain West, with the goal of integrating TIF potentials with larger goals related to long-term fiscal revenues and economic expansion.
SELECTED PROJECT MANAGEMENT EXPERIENCE
Urban Renewal Strategic Plan, Denver, CO
Working with the Denver Urban Renewal Authority on a 20-year strategy that includes a 5-year business plan. Leading a highly-interactive process with board members to understand revenues relative to costs and ways to delineate funds for operations and economic development investments. Developing a vision and set of values from which to build criteria for establishing future Urban Renewal Districts.
Affordable Housing and Transportation Revenue Study, Boulder, CO
Identified possible funding sources for transportation improvements and affordable housing subsidies. Developed model to determine capital and operating costs for a broad range of projects. Provided criteria to enable County to prioritize capital projects. Used model results to show how the County could implement its vision.
Fiscal Sustainability Model, Northglenn, CO
Constructed model to show fiscal revenues and expenditures for approximately one dozen development and redevelopment areas within the city. Focused on specific land use types, and showed how mixed use development could generate net positive revenues and sustain the City’s fiscal position over time.
Fiscal Sustainability Tool, Littleton, CO
Constructed model to account for the City of Littleton’s fiscal structure. Accounted for range of costs and revenues. Calibrated model to account for range of land use types and their corresponding revenues to the City. Based on EPS model, enabled the City to understand financial planning, with specific projections for revenues relative to capital needs.
Transport Colorado Fiscal Impact Evaluation, City of Aurora-Adams County, CO
Completed detailed fiscal evaluation of a proposed 6,500 acre development and constructed financial model to account for sources and uses of funds. Provided direction to the team regarding capital planning and allocating the financial resources by project. Completed a Economic Impact evaluation of the development to complement the fiscal impact analysis.
Vail Urban Renewal Authority Financing and Fiscal Impact Analysis, Vail, CO
Constructed fiscal model to identify revenues and expenditures driven by $1.1 Billion redevelopment proposal. Identified full range of revenue streams to the Town of Vail and the Town’s Urban Renewal Authority. Worked with Town to document net new revenues, how to allocate among alternative capital improvements, and ways to help the Town prioritize its capital needs.
Wheatridge Urban Renewal Authority, Multiple Sites, Wheatridge, CO
Advised the Urban Renewal Authority and the City Council on terms for Tax Increment Funding (TIF) for a number of projects proposed within the City’s URA districts. Conducted market research and vetted developer assumptions about market factors. Met with developers and city staff to review EPS pro forma. Helped foster collaborative relationships between City, URA, and developers. Presented memoranda and pro forma to URA and City and provided basis for action.
Education
Bachelors of Environmental Design, Magna Cum Laude Univ. of Colorado, 1987
Previous Employment
2012-current Managing Principal, Economic & Planning Systems, Inc.
2001-2012 Associate to Principal Economic & Planning Systems
1998-2001 Principal The Housing Collaborative , LLC
1990-1998 Special Projects Planner, Town of Vail
1988-1990 Planning Associate City of Boulder
Affiliations
CCIM – Certified Commercial Investment Manager; Certificate No.: 18731
ULI – Member of the Explorers Committee
State of Colorado Governor’s Blue Ribbon Affordable Housing Panel
Publication
”Urban-Suburbia”, Urban Land, October 2008.
Presentations
Rail-Volution “Value Capture for the Rest of US” Seattle, WA
Appraisal Institute “Transit Oriented Development: Value Capture and Market Positioning” San Diego, CA
Urban Land Institute “Quantifying Sustainability” Washington, D.C.
Sonoran Institute Summit “Real Estate Premiums and Sustainable Development Trends” Bozeman, MT
Economic & Planning Systems, Inc.
The Economics of Land Use
730 17th Street, Suite 630 Denver, CO 80202
303.623.3557 rshindman@epsdenver.com www.epsys.com
Rachel Shindman, AICP
Senior Associate
ABOUT
Rachel Shindman, AICP, brings over five years of experience in many of EPS’s practice areas. Her specializations include real estate economics, fiscal and economic impact analysis, and economic development and revitalization. She has a strong skill set for addressing urban economic and policy issues, and her experience in public, private, and non-profit organizations enables her to work successfully with a diverse set of clients.
SELECTED PROJECT EXPERIENCE
College and Drake URA Study, Fort Collins, CO
Assisted the URA to implement a new Plan Area consistent with HB 15-1348. Work included an existing conditions survey documenting the existence of blight conditions, preparing a URA plan for the proposed area consistent with State statute requirements and Fort Collins URA policies, and determining the direct fiscal and indirect economic impacts of the use of TIF within the URA Plan Area on the County, Poudre School District, and other affected taxing entities.
Randolph Park & Ride Market and Feasibility Analysis, San Antonio, TX
As part of a multidisciplinary team, performed market demand and feasibility analysis for the redesign of VIA Metropolitan Transit Agency’s Randolph Park & Ride. Evaluated the market conditions and constructed a pro forma feasibility model to document costs and revenues for a variety of uses, including office, restaurant, and apartments. Forecasted future redevelopment potential, grounding capture rates in local market data, to project market momentum on the site.
Housing and Transportation Funding Model, Boulder County, CO
Built a model of County revenue tools and expenditures associated with housing and transportation plans to analyze the opportunity to fund various scales of solutions countywide. Documenting revenue potential by source for five tools, and tested a range of scenarios to align revenue potential with expenditures. Results were used to inform County polling and in turn inform a ballot measure for new local funding.
University of North Dakota Real Estate Asset Evaluation, Grand Forks, ND
Determined land valuation of the 68-acre University-owned former golf course property to inform the University’s efforts to sell the property. The market assessment considered residential, office, medical, and retail development in Grand Forks and evaluated likely capture of this development on the Property site. A development program was provided as a 15-year plan in three 5-year phases, including commercial (retail and lodging), employment (office), and residential uses.
Affordable Housing Mitigation Rate and Fee-in-Lieu Updates, Vail, CO
Working with the Town of Vail to address changes to generation rates, mitigation rates, and fee-in-lieu calculations for the Town’s affordable housing policy. This work involves providing peer community research and town-specific data to inform decision making for a new residential linkage policy, mitigation rates for residential and commercial programs, and a fee-in-lieu calculation method. EPS will provide employment generation rates for new residential development, recommendations on mitigation rates and prioritization, and a simple, data-driven system for annual updates to fee calculations.
Robert Thompson Transit Station Area Vision Plan, San Antonio, TX
Performed market demand and feasibility analysis for both short and long term planning horizons to guide land use planning and illustrative visioning diagrams for a planned multi-modal transit center on the east end of downtown San Antonio. Identified key parcels in the area that VIA Metropolitan Transit could take an active role in promoting transit oriented development through purchasing of sites, infrastructure investment, and joint development partnerships.
Education
Master of Regional Planning, Cornell University
B.A., Queen’s University
B.Ed., Queen’s University
Certificate in GIS, Queen’s University
Previous Employment
2015-present Associate Economic & Planning Systems, Inc.
2013-2015 Research and Teaching Assistant Cornell University
Summer 2014 Intern New York City Department of City Planning
Summer 2014 Intern Age-Friendly NYC, New York Academy of Medicine
Affiliations
American Institute of Certified Planners
American Planning Association
Urban Land Institute
Presentations
Tiny Homes, Big Ideas: Alternative Housing, Conventional Reality Panel; American Planning Association: Colorado State Conference, 2018
Sharing the Pain, Sharing the Gain Regional Transportation Solutions; American Planning Association: Colorado 2019
Finding the “Opportunity” in Opportunity Zones Panel Discussion (convener and moderator) American Planning Association – Colorado State Conference, 2019
ECONOMIC DEVELOPMENT AND HOUSING FINANCE
15
d) Related Experience with Projects Similar
to the Scope of Services
To demonstrate our relevant experience related to Scope of Services, we have provided
two case studies each of the following four core areas:
Housing and Economic Development Project Financial Analysis and Related
Services
Fort Collins Financial Analysis and Related Services
Denver Union Station Market and Feasibility Analysis/Developer Selection and
Negotiation
Arvada Urban Renewal and Public Private Partnership Advisory Services
Wheat Ridge Economic and Real Estate On-Call Service
Housing and Economic Development Financial Planning and Capital Budgeting
Littleton Citywide Financial and Fiscal Analyses
Denver Urban Renewal Authority Strategic Plan
Adams County Local Financing Study
Northglenn Economic Development and Real Estate Advisory Services
Financial Analysis and Related Services
Client
City of Fort Collins Fort Collins Urban Renewal Authority
Project Description
EPS has been an economic and financial advisor to the City of Fort Collins on multiple housing and economic development project financial services over the last 15 years under two on-call contracts and other project
assignments including the following:
Bayer Lifestyle Center – Retail market analysis to determine the viability of two competing proposed centers and expected change in retail sales flows to the
City. Evaluated the developer’s pro forma to determine the need for a sales tax shareback agreement.
Front Range Village – EPS performed market,
financing and development negotiation services for a hybrid power/ lifestyle center anchored by SuperTarget and Lowe’s.
Midtown Corridor Redevelopment Plan – EPS
completed a market study and redevelopment strategy for College Avenue, the city’s main commercial spine. Categorized properties for re-tenanting, reinvestment,
and redevelopment.
Foothills Mall Redevelopment – EPS advised the City on a financing agreement for the redevelopment of an aging regional mall. Prepared a project development pro
forma and public financing cash flow model to support negotiations between the City and the developer. EPS modeled financing alternatives including a metro district mill levy, PIF, and sales tax shareback.
Mason Corridor MAX BRT – EPS conducted an economic and market analysis of the Mason Corridor BRT project, a 7-mile link from downtown to Colorado
State University, Foothills Mall and South College Avenue. Evaluated the TOD conditions and opportunities and quantified the economic and fiscal impacts of the project to address FTA small starts funding criteria.
College and Drake Urban Renewal Plan – EPS assisted the URA with the steps needed to implement a new 30-acre Plan Area for a mixed use residential and
hotel development on one parcel and a new
supermarket on a second, all consistent with the updated requirements of the Colorado urban renewal statutes (CRS 31-25-107) as modified by HB 15-1348.
This included an existing conditions survey documenting the existence of necessary conditions of blight for establishment of a new URA Plan Area. EPS then prepared a draft URA plan for the proposed area
consistent with State statute requirements.
North College URA Strategic Investment Plan – EPS assessed current market conditions, existing land
use and infrastructure land utilization and values, and future development potentials. Identified development opportunities and infrastructure investments for five subareas and three focus areas fundable with the
remaining TIF in the urban renewal area.
Housing Affordability Policy Study – EPS evaluated housing affordability issues and challenges and recommended regulatory and non-regulatory solutions
including a public-finance based incentives policy, reduction in minimum house sizes, development review fee waivers for affordable housing projects, and
dedicated community-wide funding source.
MAX BRT Parking Study – EPS, working with a transportation firm, compiled a database of opportunity sites for additional MAX parking, transit-oriented
development, and access easements based on established selection criteria. Strategies, including leases and easements of existing parking and shared parking agreements; funding strategies utilizing
assessment districts and impact fees; land banking, and public private partnerships.
Urban Renewal Financial Analyses – EPS is the
City’s on-call consultant to provide third party reviews of urban renewal TIF applications including market analysis of the proposed development program and absorption schedule and a “but for” financial analysis of
developer returns with and without public financing. Over a dozen projects have been evaluated over the last 10 years.
Deliverables
-TIF but for pro forma analyses-New tax increment financing district plan-Alternative financing strategies
-Redevelopment agreement negotiation support
-TIF financing plan modifications
Reference
Josh Birks Economic Health Director City of Fort Collins
970.221.6324 jbirks@fcgov.com 1) Housing and Economic Development Project Financial Analysis and Related Services
Denver Union Station Market and Feasibility Analysis/Developer Selection
and Negotiation
Client Regional Transportation District Denver (RTD) Denver Union Station Project Authority (DUSPA) City and County of Denver, Colorado
Project Description EPS has completed several project assignments on Denver Union Station (DUS) for the City, RTD and
DUSPA over the last decade starting with the market analysis and financing strategy components of the DUS Master Plan. We were also engaged by the City to assist in the formation of the Denver Union Station Downtown
Development Authority. EPS conducted a peer market and financial evaluation of the DUS financing plan and TIF forecasts for DUSPA and FTA. In addition, EPS
provided development feasibility and market research
support on reuse options for the DUS Historic Building and developer selection and negotiation for the building lease.
Value Capture – EPS helped create a revenue stream for RTD enabling the agency to capture a portion of the value it created in the process of building out the Fastracks network and restoring DUS. Developed the
term sheet and structured negotiations with a hotel developer for the historic building. The terms of the partnership provide RTD with revenues over a 60-year
period (with renewals), at which point RTD will control the asset and be in a position to begin a new set of terms to generate additional revenue, benchmarked to the then-current market conditions.
Master Plan - EPS was the economic consultant on the Denver Union Station Alliance team responsible for a market analysis of private retail, office, residential, and
hotel uses on the site. The supportable development
uses helped formulate development alternatives for the site. EPS was also responsible for identifying funding sources and developing a financing model to compare
alternatives and to develop a financing plan and strategy.
Financing - DUSPA was created to finance the DUS multimodal transportation hub and TOD. The Authority
will issue revenue bonds backed by tax increment revenues together with a TIFIA loan from FTA and RRIF loan from FRA. As a requirement of the federal loan
programs, the Authority hired EPS to conduct an agency
review and evaluation of the market study and development and revenue forecasts.
Economic Impact Study - EPS analyzed the
comprehensive economic impacts on the Denver Metro area generated by the $2.1 billion Denver Union Station project, a public-private redevelopment of the historic
Denver Union Station into a multi-modal transportation
hub. This study was performed in support of the formation of a Downtown Development Authority to provide Tax Increment Financing to the project.
Developer Selection and Negotiation - EPS provided development advisory services on the selection of a private developer to complete the renovation of the
historic terminal and to operate the building on a long-term lease. The firm first provided market research and financial feasibility analysis for RTD on the evaluation of reuse options. EPS then assisted in preparing an RFQ/
RFP and the evaluation of developer proposals. RTD selected the Union Station Alliance (USA) to develop and operate the historic terminal building as a boutique hotel
and train station under a long term lease. EPS then provided financial analysis and support on the negotiation of the lease agreement.
Deliverables
-Market analysis-Financial pro forma analysis
-Public finance options
-Developer selection and negotiation
Reference Bill Sirois
Manager of TOD Services RTD-Denver (303) 299-2417bill.sirois@RTD-Denver.com
1) Housing and Economic Development Project Financial Analysis and Related Services
Urban Renewal and Public Private Partnership Advisory Services
Client Arvada Urban Renewal Authority
Project Description EPS has provided urban renewal and public private partnership (P3) advisory services to the Arvada
Urban Renewal Authority since 2019. EPS has
worked closely with URA staff to evaluate the need for public investment for a variety of development types. A large portion of this work has been as a
third-party analyst providing analysis and recommendations relating to requests for tax increment financing (TIF) submitted by private sector developers. EPS has also helped the URA
structure redevelopment agreements and a range of incentive packages provided to individual projects. Specific analysis completed for the URA
include the following:
•Residences at Olde Town Station –The projectincluded a 4-story 128-room hotel and a 6-story252-unit multifamily development. The project
received discounted land contribution, propertytax increment, and sales tax increment. EPShelped evaluate and structure the terms of the
redevelopment agreement and outlined a
Lookback Agreement to insure that atstabilization the level of TIF investment wasappropriate.
•Ralston Creek – A mixed-use project thatincludes 185 multifamily units and 5,500 squarefeet of commercial development. Project requiredTIF in order to structured parking, improved
façade improvements, and locally orientedcommercial development. EPS evaluated theperformance of the project with and without TIF
and provided recommendations to staff and the
board related to the appropriate level of publicinvestment.
•Tabernacle Church – A proposed
redevelopment of an existing church.Contemplated to included nearly 9,000 squarefeet of new commercial space. Project required
TIF in order to support additional costs
associated with the historic renovation of theexisting building.
•Ralston Cottages – Project includes 64 units of
small lot single-family and townhome units.Anticipated pricing ranges from $300,000 to$425,000 per unit with a goal of being affordablefor local families. URA investment is required in
order to support additional site costs and uniqueunit mix. While this project is ongoing, EPScontinues to work closely with URA staff and the
developer to move the project forward.
Deliverables -Financial pro forma analyses-Market rate and affordable housing financing
- Development agreement negotiation advisoryservices
Reference
Maureen Phair Executive Director 5601 Olde Wadsworth Blvd., Suite 210 Arvada, CO 80002
720.898.7062 mphair@arvada.org 1) Housing and Economic Development Project Financial Analysis and Related Services
Economic and Real Estate On-Call Service
Client City of Wheat Ridge
Wheat Ridge Urban Renewal Authority
Project Description EPS has provided on-call economic and real estate
consulting services to the City of Wheat Ridge and
the Wheat Ridge Urban Renewal Authority since 2015. The majority of the work completed by EPS has been as a third-party analyst providing analysis
and recommendations relating to requests for tax increment financing (TIF) submitted by private sector developers.
Specific analysis has included market readiness
recommendations, feasibility analysis, and “but-for” analysis that evaluated specific projects with and without public funding. EPS provided support during
internal staff meetings, meetings with applicants, and presentations to the Wheat Ridge Urban Renewal Authority Board and City Council. Specific TIF Economic Analyses completed for the City and
the URA include the following:
•WestEnd 38 – One of the first integrated mixed-used projects in the city, consisting of street
oriented-retail, multifamily residential rental
units, as well as structured and surface parking.
•Fruitdale –Redevelopment of the historicFruitdale school to a 16-unit, multifamily project.
•Swiss Flower Shop –Proposal to redevelop alocal family-owned business with additional retailand maker space.
•Clear Creek Crossing – Proposal to develop
roughly 85 acres with a 250-unit apartmentproject, entertainment facilities, restaurants, twohotels, and a 25-acre office complex.
•Hacienda – Proposal to develop a new Hacienda
Colorado within an aging shopping center.
•TRAX Multifamily – Proposal to develop a207-unit apartment within the Ward Road Station
area.
•Ridge House – Proposal to develop a 140-unitage restricted apartment project near theintersection of 44th Avenue and Wadsworth
Boulevard.
•Applewood Village – Proposal to redevelop avacant portion of the Applewood Village shopping
center with a mix of retailers totaling 126,000square feet.
Reference Steve Art
Economic Development & Urban Renewal Manager City of Wheat Ridge (303) 235-2806
sart@ci.wheatridge.co.us
1) Housing and Economic Development Project Financial Analysis and Related Services
Littleton Citywide Financial and Fiscal Analyses
Client City of Littleton
Project Description As part of the update to the City of Littleton’s Comprehensive Plan, the City retained EPS to
develop a long-term fiscal strategy for the City and
provide recommendations to be integrated into the updated Comprehensive Plan. The full scope of work was divided into three general components.
The first provided staff with a framework and tool for understanding how individual projects impact the City’s net fiscal position. The second component focused on developing a long-term citywide fiscal
model that allowed staff and Council to understand how alternative growth projections and policy decisions impacted the City’s net fiscal position.
Finally, the third component, which EPS is still completing, will provide a summary of alternative revenue strategies used in peer communities and will integrate potential strategies into the fiscal
model in order to provide staff and council with a better understanding of the impact that specific revenue strategies have on the City’s long-term
fiscal position.
•A project-specific fiscal model that allows staff tounderstand the incremental impact of individualprojects on the City’s fiscal position and provide
additional information that can be referenced asthe City decides which projects to approve ordeny.
•Provided a citywide fiscal model that gives a
long-term forecast of City revenues,expenditures, and the City’s net fiscal position.This model integrates alternative growth
forecasts and revenue generating strategies and
can be used as a tool to inform policy decisions.
•Provided a comprehensive final report thatsummarized the analysis and provided
recommendations to staff and Council.
•In addition to a fiscal impact study, EPS providedthe City with an update to its impact feecalculations. This analysis documented the capital
costs and other supporting data to provide thenexus and proportionality requirements neededto adopt new and revised impact fees to comply
with State of Colorado law regardingdevelopment charges.
Deliverables -Project-specific fiscal model
-Fiscal model for long-term forecast-Comprehensive final report-Updated analysis to City’s impact fee calculations
Reference Kathleen Osher Director of Community Services
City of Littleton
303.795.3755 kosher@littletongov.org 2) Housing and Economic Development Financial Planning and Capital Budgeting
Denver Urban Renewal Authority Strategic Plan
Client
Denver Urban Renewal Authority (DURA)
Project Description The Denver Urban Renewal Authority (DURA) has
retained EPS to provide a 20-year Strategic Plan coupled with a 5-year Business Plan. The challenges facing the organization include the need for better alignment between adopted values and the criteria used by the
Board and staff to approve new Urban Renewal districts. In addition, the organization is seeking clarity on how to improve the effectiveness of its primary programs;
these include Redevelopment, Tax Increment Financing, and Housing Rehabilitation.
EPS with its subcontractors is in the process of developing a Strategic Plan and Business Plan, with an
emphasis on defining values and using those values to drive programming priorities. EPS completed a detailed evaluation of the organization’s financial performance,
with 20-year lookback as well as a 20-year forecast.
Using this financial base, EPS modeled growth scenarios to enable the agency to understand operating costs and revenue requirements. Financial autonomy has been a
central goal of the organization and the forecasting analysis has provided targets for fiscal solvency. EPS also evaluated the cost effectiveness of different programs and developed recommendations for ways the
organization could direct its funding to achieve greater impact.
The project requires research of other agencies across
the country and a development of best practices, with an emphasis on equity. These examples have been used to broaden Board perspective and identify new programs with a greater emphasis on commercial
investment. EPS has drawn from these examples to establish criteria for approving future redevelopment projects, and included references to the City and County
of Denver’s Comprehensive Plan to better integrate the
resources of both agencies to achieve targeted results for economic development.
• EPS’ analysis has served as a baseline for creating a
new mission, vision, and set of objectives for DURA. The unifying element throughout the plan has been the definition of values, which has driven the balance of elements.
• The project includes extensive interaction with Board members and larger community stakeholders to ensure that the technical analysis and forthcoming
plans align with Board direction.
• A central theme in the effort is the goal to make DURA’s tools more equitable, providing a framework for future decision-making that directs greater
financial resources back into the community.
Deliverables
- Economic development strategic planning - Alternative financing approaches/tools
- Long range funding forecasts/capacities
- Comparable community financing incentives
Reference Tracy Huggins
Executive Director Denver Urban Renewal Authority (DURA) 303.534.3872 thuggins@renewdenver.org 2) Housing and Economic Development Financial Planning and Capital Budgeting
Local Financing Study
Client Adams County, Colorado
Project Description EPS was retained by Adams County to develop an approach to funding long range capital facilities and
infrastructure project needs. EPS worked closely
with county staff to identify, summarize, and categorize all relevant infrastructure projects documented in existing county plans. The
corresponding costs for each of these projects were estimated based on existing information as well as estimates provided by the project team engineer. Total capital and infrastructure project costs were
then compared to existing revenue sources currently used to fund capital and infrastructure projects. This analysis identified a funding gap
between the total amount of costs identified and the future estimates of existing revenue sources.
• EPS developed a summary of available and potential funding tools and financing strategies
the County could use to supplement existing funding sources and address the projected funding shortfall.
• Multiple funding strategies were evaluated in
terms of their applicability to various project types, total revenue generating potential, ease of administration, and political viability.
• EPS worked with staff and the Board of County Commissioners to formulate a capital needs funding plan to help to guide future decisions regarding specific infrastructure investment
strategies.
Deliverables - Strategic financial plan
- Long range capital project CIP
- Funding sources and revenue forecasts - Infrastructure investment strategies
Reference Ben Dahlman Finance Director Adams County
4430 S. Adams County Pkwy. Fourth Floor, Suite C4000A Brighton, CO 80601
720.523.6050 bdahlman@adcogov.org
2) Housing and Economic Development Financial Planning and Capital Budgeting
Economic Development and Real Estate Advisory Services
Client City of Northglenn, Colorado
Northglenn Urban Renewal Authority
Project Description EPS has provided a range of services to the City of
Northglenn since 2015. Services provided include a
citywide fiscal sustainability model, a new civic center master plan, sustainability cost benefit analysis, and urban renewal advisory services. For
each of these projects, EPS has worked closely with staff to ensure that the analysis provided is tailored to the needs of staff and addresses key questions posed by the City Council and URA. Specific
analysis completed for the URA include the following:
• Citywide Fiscal Sustainability Analysis – EPS
was engaged to complete a comprehensive evaluation of the City’s current mix of land uses and fiscal policies in order to provide recommendations related to the City’s long-term
fiscal position. EPS developed a robust strategy of preface education, policy impact discussion, and facilitated decision support in order to inform
the City’s long-term fiscal sustainability. This
allowed the City’s staff and decision makers to understand each step of the process and created an ongoing dialogue that allowed the City’s
leadership and the project team to identify issues and develop effective solutions throughout the course of the project.
• Civic Center Master Plan – As part of the City’s
Civic Center Master Plan, EPS provided guidance and recommendations that ranged from strategies involving public-private partnerships
(P3), land value estimates, tax increment
financing (TIF) feasibility, and estimates of net fiscal impact to the City. This analysis grounded the recommendations included in the Master Plan
and helped to provide a clear path forwards for the City.
• Urban Renewal Advisory Services – EPS has
provided staff with evaluations of individual
project performance, county impact reports, and guidance related to the structuring of project specific redevelopment agreements.
• Sustainability Cost Benefit Analysis – EPS worked closely with ICLEI and the City to create preliminary cost-benefit analyses and models for two sustainability strategies: (1) installation of
synthetic turf to reduce water consumption and (2) transitioning the City’s fleet to electric vehicles to reduce carbon emissions. The two
sustainability strategies were identified through
the sustainability audit and conversations with ICLEI and the City’s Sustainability Team.
Deliverables - Long range fiscal and financial planning
- Development agreement advisory services - Alternative financing sources and strategies
Reference
Brook Svoboda Director of Planning and Development City of Northglenn
11701 Community Center Dr. Northglenn, CO 80233 303.450.8937 bsvoboda@northglenn.org 2) Housing and Economic Development Financial Planning and Capital Budgeting
CITY OF BOZEMAN
24
e) Experience with Economic Development,
Housing, and Tax Increment Finance
Projects in Montana
Demographic and Real Estate Market Assessment for Growth Policy Update
(2017) – EPS prepared a comprehensive citywide and regional real estate market,
demographic, and economic assessment as an input to the Growth Policy Update. The
study identified the need for the City to proactively manage its success to mitigate the
impacts of rising real estate costs on housing and economic diversity.
Tax Increment Finance Project Reviews (2018-2021) – Prepared pro forma
analyses of proposed real estate projects applying for TIF assistance from the North 7th
URA. The analyses were used by the Board and Staff to evaluate each project’s need for
financial assistance (“but for” test). EPS evaluated four projects: 9Ten condominiums
(two applications), Aspen Crossing (mixed use), Ruh Building (mixed use), and the West
Peach Condos.
Laurel, MT Gateway Plan (2015) – Redevelopment plan, TIF investment strategy, and
TIF capital improvement plan and cash flow forecasts for the suburban commercial area
between I-90 and Laurel’s historic Main Street.
Big Sky, MT Housing Development Plan (2014) – Documented workforce housing
needs and challenges and recommended funding, development, legislative, and
organizational approaches to housing.
Downtown Billings Housing Study (2017) – Housing market study to demonstrate
demand and feasibility for workforce housing in the Central Business District and East
Billings Urban Renewal District (EBURD) TIF areas.
Lockwood (Yellowstone County) TEDD Feasibility Study (2016) – Industrial and
business park real estate and financial feasibility study for Big Sky Economic
Development to evaluate the potential formation of a Targeted Economic Development
District east of Billings in Yellowstone County.
Beartooth RCD Housing Strategy (Ongoing 2021) – Currently preparing a housing
development strategy for the 5-County service area comprised of Carbon, Big Horn,
Stillwater, Sweet Grass, and Yellowstone Counties.
ECONOMIC DEVELOPMENT AND HOUSING FINANCE
25
f) References
Josh Birks
Economic Health Director
City of Fort Collins, Colorado
970.221.6324
jbirks@fcgov.com
Tracy Huggins
Executive Director
Denver Urban Renewal Authority (DURA)
303.534.3872
thuggins@renewdenver.org
David Corliss
Town Manager
Town of Castle Rock, Colorado
303.660.1374
DCorliss@crgov.com
CITY OF BOZEMAN
26
g) Price Proposal
Hourly Rates
Daniel R. Guimond, Principal-in-charge $240
Brian Duffany, Executive VP. Project Manager $215
Andrew Knudtsen, Managing Principal, Strategic Financial Planning $240
Tim Morzel, VP, Senior Financial Analyst $185
Rachel Shindman, Senior Associate, Housing Analyst $155
Research Analyst Support $105
Attachment A
NONDISCRIMINATION AND EQUAL PAY AFFIRMATION
____________________________________(name of entity submitting) hereby affirms it will
not discriminate on the basis of race, color, religion, creed, sex, age, marital status, national
origin, or because of actual or perceived sexual orientation, gender identity or disability and
acknowledges and understands the eventual contract will contain a provision prohibiting
discrimination as described above and this prohibition on discrimination shall apply to the
hiring and treatments or proposer’s employees and to all subcontracts.
In addition, ____________________________________(name of entity submitting) hereby
affirms it will abide by the Equal Pay Act of 1963 and Section 39-3-104, MCA (the Montana
Equal Pay Act), and has visited the State of Montana Equal Pay for Equal Work “best practices”
website, https://equalpay.mt.gov/BestPractices/Employers, or equivalent “best practices
publication and has read the material.
______________________________________
Name and title of person authorized to sign on behalf of submitter
Economic & Planning Systems, Inc.
Economic & Planning Systems, Inc.
Daniel R. Guimond, Principal