WHY MERIDIAN? CAMERON ARIAL, MPA, PH.D. COMMUNITY DEVELOPMENT - - PowerPoint PPT Presentation

WHY MERIDIAN?

CAMERON ARIAL, MPA, PH.D. COMMUNITY DEVELOPMENT DIRECTOR

What People are Talking About

 WELCOME

2019 Accolades

#1 Job Growth (tie) #4 Fastest Growing Mid-Sized City #7 Fastest Growing City – Nationwide #9 Best Places to Live

 Population: 106,804  Median Household Income: $71,488  Median Age: 35  Educated Community

Meridian Demographics

AA BA/BS Graduate

Meridian 9.79 % 24.99 % 10.33 % Boise MSA 9.07 21.25 10.20 State 9.63 18.61 8.84

 2,402 New Jobs in 2018 - 42,000+ Total Jobs  Over 100 New Businesses  Top Five Job Growth Industries

 Health Care and Social Assistance  Construction  Accommodation and Food Services  Retail  Professional and Technical Services

 2.7% Unemployment

Source: Idaho Department of Labor

Meridian Job Creation

Inflow/Outflow Job Commutes

 80% of Meridians

commute to their jobs

 Vacancy Rates (September 30, 2019)* Industrial: 1.79% Retail: 4.24% Office: 5.54%

* Source: Thornton Oliver Keller

Meridian Commercial Market

Commercial Activity

January through September

2018 2019

New Commercial Value $104,669,889 $146,699,554 New Commercial Projects 67 61 Commercial TI Value $62,246,595 $63,033,803 Commercial TI Projects 183 174

Urban Renewal Districts

Downtown District Ten Mile District

Meridian Development Corporation works to stimulate investment, create jobs, enhance infrastructure and parking availability, and support transit and affordable housing in Meridian’s two Urban Renewal Districts.

Downtown Meridian

• Old City Hall, Children’s Theatre,

and UnBound are redeveloping into Main2Meridian Lofts

• Two 4-story buildings, 130K sq/ft
• Retail on 1st floor
• 103 residential units on upper floors

Old City Hall  Main2Meridian

Ten Mile Area Update

• 300 Acres
• Capacity to develop over 2,000 jobs*
• Much Needed Infrastructure
• Approximately $450M Private Investment
• Infrastructure Investment Less than $50M
• Bonus: Pathways, Trails & Entertainment
• AmeriBen
• Brighton Corporation
• Horrock Engineers
• Paylocity
• PIVOT
• Saltzer Health
• United Site Services HQ2
• Zennify

Ten-Mile Businesses

BVA Case Study: Americor Funding

• Headquarters in Irvine, California
• Employee Count: 520
• Expansion/Relocation Targets: Irvine, Dallas, Phoenix, Salt Lake City, Boise
• Meridian Won the Deal
• Quality of Life
• Economics – Rent & Wages
• 50% reduction = 14% increase to the bottom line
• BVA Won the Deal
• Great project in the hopper – Eagle View Landing
• Credibility – Development track record
• Creative deal structure

Established by Congress

through the

Tax Cuts and Jobs Act of 2017



Encourage long-term investment

• f capital gains in qualifying

Opportunity Funds—private, location-specific investment vehicles



Designed to spur economic development and job creation in distressed communities



Investors can earn tax relief. Tax benefits increase the longer investments remain in place

Opportunity Zone

Recent Efforts

Interactive maps on City website

• Current Zoning
• Parcel information
• Multiple layers

2019 AIC Achievement Award

 $3 million Federal grant  Initial City investment:

$419,000 match for three electric buses, bus shelters and signage

 Route: Ten-Mile to

Downtown (via Pine) to The Village

Fixed-Route Bus Service

Comprehensive Plan



Phase 1: Foundation (Complete)

1,500 participants. Online and in-person events throughout the community. What do they love or want to see improved (Values)



Phase 2: Visioning (Complete)

Focused on the Vision; based on Values identified in Phase 1



Phase 3: Choices (Complete)

Focus on market, land use, and transportation analysis, and build on the community input from Phases 1 and 2



Phase 4: The Plan (Tonight)

First public hearing October 17 @ 5:30 pm Planning & Zoning Commission