TURNER COMMERCE CENTER Economic Development & Finance Standing Committee April 29, 2019
NORTHPOINT DEVELOPMENT At a Glance 62 MM SF $5.0 BILLION INDUSTRIAL SPACE DEVELOPED TOTAL CAPITAL RAISED & MANAGED SINCE 2012 SINCE 2012 11.7 MM SF 13.3 MM SF INDUSTRIAL SPACE INDUSTRIAL SPACE CURRENTLY UNDER CONSTRUCTION LEASED IN 2018 164+ INDUSTRIAL CLIENTS References available from our clients; a few are represented below ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Project Overview KANSAS CITY INTERNATIONAL AIRPORT 69 435 435 152 35 9 169 291 45 Gladstone 29 Parkville M I S S O U R I Riverside K A N S 210 A S 35 635 North Kansas City 24 435 9 24 KANSAS CITY KANSAS CITY 70 Independence Bonner 78 Springs 32 35 70 435 40 Shawnee Mission 71 Hills Raytown 7 169 350 Overland Park Leawood 10 470 435 291 Lee’s Summit 50 35 71 Grandview Olathe 150 49 69 ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Project Aerial, New Infrastructure ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Project Aerial, Masterplan DET BUILDING 7 ± 2 4 4 , 0 0 0 S . F . DET DET ±541,000 S.F. BUILDING 2 ±216,000 S.F. BUILDING 4 ±487,000 S.F. BUILDING 5 T E D DET DET DET Tauromee Ave Tauromee Ave B ±230,000 S.F. U BUILDING 3 I L D DET I N ±388,000 S.F. G 1 B U I L D I N G 6 B U I L D I N G 8 ± 3 3 0 , 0 0 0 S . F . ±300,000 S.F. DET DET Ex. OH Power Ex. Water Main 7 0 PROJECT OVERVIEW PRIVATE CAPITAL INVESTMENT JOBS INFRASTRUCTURE $155M ± 1,833 $30M ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
NORTHPOINT DEVELOPMENT Industrial Building Examples Riverside Horizons III Riverside Horizons II Riverside Horizons II ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
NORTHPOINT DEVELOPMENT Industrial Building Examples Logistics Park Kansas City Logistics Park Kansas City Logistics Park Kansas City ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Community Impact Capital Investment of $50M and above Development in a distressed area Minority, women and locally owned business participation Environmental design / sustainable development ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Regional Demographic Attributes Income and home values surrounding Turner Commerce Center in Kansas City, KS are signifjcantly less than the State. Additionally, the region exhibits higher unemployment and up to 21% of the County population is under the poverty line. SELECTED DEMOGRAPHIC ATTRIBUTES, 2018 Industrial Workforce Adult Population (Ages 25+) Median Household Area Unemployment Rate Percent Poverty Median Home Value Underemployment Without a High School Diploma Income Radius from Turner Commerce Center: 5.1% 30 18.8% $23,262 41.4% $102,288 5 Minute Drive Time Radius from Turner Commerce Center: 6.1% 1,028 15.7% $43,390 19.3% $107,948 10 Minute Drive Time Radius from Turner Commerce Center: 5.4% 9,559 15.1% $48,137 18.4% $142,717 20 Minute Drive Time Wyandotte County 4.8% 5,901 21.5% $43,350 21.7% $102,020 Kansas 3.4% 88,970 10.0% $56,415 12.9% $145,367 United States 3.9% 189,812 13.3% $58,754 14.7% $201,842 Source: Experian, U.S. Census Bureau Underemployment represents individuals currently employed in a profession, having less than full-time, regular or lower-paying employment than warehouse-related. ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Elevated Regional Underemployment and Poverty Elevated Regional Underemployment and Poverty RATIO: INDUSTRIAL WORKFORCE UNDEREMPLOYMENT PER 1,000 EMPLOYED PERCENTAGE OF POPULATION BELOW POVERTY LINE by Census Blockgroup, 2018 by Census Blockgroup, 2018 3 Source: Experian, U.S. Census Bureau Underemployment represents individuals currently employed in an occupation, having less than full-time, regular or lower-paying employment than warehouse-related. Source: Experian, U.S. Census Bureau Underemployment represents individuals currently employed in a profession, having less than full-time, regular or lower-paying employment than warehouse-related. ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Elevated Regional Underemployment and Lower Educational Attainment Elevated Regional Unemployment and Lower Educational Attainment ADULT POPULATION (AGES 25+) WITHOUT A HIGH SCHOOL DIPLOMA UNEMPLOYMENT RATE by Census Blockgroup, 2018 by Census Blockgroup, 2018 4 Source: Experian, U.S. Census Bureau ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Lower Median Household Income and Home Values Lower Median Household Income and Home Values MEDIAN HOUSEHOLD INCOME MEDIAN HOME VALUE by Census Blockgroup, 2018 by Census Blockgroup, 2018 5 Source: Experian, U.S. Census Bureau ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Project Timeline 2019 2020 JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER BUILDING 1 INFRASTRUCTURE It is anticipated the design/builder will be on board this fall and construction will be completed by November 30, 2020. ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
TURNER COMMERCE CENTER Deal Points INDUSTRIAL REVENUE BONDS • 100% abatement of ad valorem property taxes for each building for 10 years PAYMENT IN LIEU OF TAXES (PILOT) PAYMENTS • Schedule starts at $0.14/sf in year 1 and increases annually until $0.48/sf in year 14 • PILOT payments provide new revenue to effectively reimburse the UG for the infrastructure investment • Education Systems (Turner USD 202 and KCKCC) start benefjting from year 1 • A total of $2.7 million by year 10 • Nearly $2 million annually when abatements expire MINIMUM BUILDING REQUIREMENT • 1,000,000 square feet • Built within 5 years ECONOMIC DEVELOPMENT & FINANCE STANDING COMMITTEE : April 29, 2019
Recommend
More recommend
