Challenge:

• To redevelop a 4700-acre airport into a mixed-use community without any public risk or investment.
• Environmental remediation of operating airport with over 27 known contaminants and the recycling of 11 hundred acres of paving and 2000 tons of asphalt.
• No Government financial support
• A need for $750m in new infrastructure
• To deliver on the community vision of a new urbanist, walkable community that recycles that land back into the surrounding communities.

Solution:

• Created a pay as you go system that allowed the developer to purchase land via a 15-year option agreement and to install infrastructure at its discretion.
• Created a 25-year TIF agreement to pay for regional infrastructure.
• A 55-year CFD to pay for in-tract infrastructure
• A 10% developer advance note that is refinanced once tax revenue is in place at a lower rate.
• By balancing the tax revenue creation and infrastructure installation, it allowed for the continued development over the next 25 years without a new capital infusion.

Outcome:

• 3.4 Billion Dollar Project Completed.
• 462 million dollars tif created.
• 12,000 homes built and occupied
• 30,000 residents
• New neighborhood created, zip code 80238
• 1 train station developed
• 1,100 acres of parks and open space realized
• 31 new schools built and occupied
• 6 million square feet of office and retail built and occupied
• No public money or support, other than pay as you go TIF.
• Highly profitable development