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Smart Growth Economics

Smart Growth Economics. February 29, 2012. Key Concepts. Convergence Reduced Cost Increased Revenue Productive vs. New Revenues A “Plan” Land Use / Finance / Services. Key Concepts (Cont’d). Diversity 5 “D”s 2 “E”s Environmental Energy Energy Market Do You Have A “New Market”?

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Smart Growth Economics

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  1. Smart Growth Economics February 29, 2012

  2. Key Concepts • Convergence • Reduced Cost • Increased Revenue • Productive vs. New Revenues • A “Plan” • Land Use / Finance / Services

  3. Key Concepts (Cont’d) • Diversity • 5 “D”s • 2 “E”s • Environmental • Energy • Energy • Market • Do You Have A “New Market”? • Sell Your Plan

  4. Presentation Overview Productive Revenues 1 2 Reduced Infrastructure Needs/Cost 3 Environmental Benefits 4 Communicating the Benefits

  5. Smart Growth Defined • Smart Growth Characteristics (Ewing & Cervero): • Destination Accessibility • Design • Diversity • Distance to Transit • Density

  6. Economic Development 5D’s • Destination Accessibility • Design • Diversity • Distance to Transit • Density Enhanced Revenues Reduce Costs and Environmental Impacts Economics

  7. Productive Revenues • Primary Revenue Sources Available: • Property Tax • Sales Tax • Gas Tax • Which Revenue Sources Are Enhanced with Smart Growth Initiatives?

  8. Which Revenues are Productive?

  9. Property Taxes • Property Taxes • Enhanced with Destination, Diversity, Design, and Density • Enhanced Over Time

  10. Legend Single Use Areas Example: City of Orlando Smart Growth Application - Single-Use

  11. Legend Mixed Use/TOD Example: City of Orlando Smart Growth Application - Mixed-Use A2 A3 C2 C3 C1 A1

  12. Example: City of Orlando Property Tax Revenue Per Acre A3 A2 C3 C2 C1 A1

  13. City of Sarasota: Property Tax Value per Capita -- Above the State Projected

  14. City of Sarasota Property Tax Value Single Use District

  15. City of Bartow: Property Tax Value per Capita -- Below the State Projected

  16. City of Bartow Property Tax Value Annex Area

  17. Osceola County: Property Tax Base Distribution Source: Florida Property Valuations and Tax Databook

  18. Marion County: Property Tax Base Distribution Source: Florida Property Valuations and Tax Databook

  19. Property Taxes • Property Taxes • Taxable Value of New Homes Are Higher • Larger Structures • More Valuable Structures • Generate More Tax Revenues • Statewide Per Capita Property Tax Increased by 5% Annually Past 15 years

  20. Home Values – Example Community • Average Value of All Homes vs. New Homes • The average square footage of a new single-family home 1950 1970 1990 2004 983 sq.ft. 1,500 sq.ft. 2,080 sq.ft. 2,349 sq.ft. Source: National Association of Home Builders (Housing Facts, Figures and Trends for March 2006)

  21. Property Taxes -- Taxable Value per Capita Collier Sarasota Palm Beach Lee

  22. Property Taxes -- Taxable Value per Capita vs Median Income per Capita Collier

  23. Sales Taxes • Sales Taxes • Related to Income Levels • Enhanced with Density • Per Capita Increase Over Time

  24. Sales Tax Revenue per Capita Orange

  25. Sales Tax per Capita vs Median Income per Capita Orange Osceola

  26. Median Income per Capita Collier Martin Palm Beach Sarasota Indian River

  27. Gas Taxes • Gas Taxes • Related to Travel (per Gallon Charge) • Reduced with Density • Per Capita Decrease Over Time with Fuel Efficiency

  28. County Fuel Tax per Capita Highlands Sumter

  29. Presentation Overview Productive Revenues 1 2 Reduced Infrastructure Needs/Cost 3 Environmental Benefits 4 Communicating the Benefits

  30. Reduced Infrastructure Needs 5D’s • Destination Accessibility • Design • Diversity • Distance to Transit • Density Enhanced Revenues Reduce Costs and Environmental Impacts Economics

  31. Reduced Infrastructure Needs • Services Related to Densities/Intensities • Fire, Parks, Schools • Smaller service areas = cost savings • Reduced public investment, reduced VMT

  32. Reduced Infrastructure Needs Status Quo Example Community ~2 du/acre/6 sq. miles Fire Station 1/3 ElementarySchool 1/2 1/10 Middle School High School 1/10

  33. Reduced Infrastructure Needs Maximize Allowable Density 4 du/gross acre/6 sq. Miles Fire Station 1 Transit Service Density Thresholds ElementarySchool 2 Middle School 1/2 1/2 High School

  34. Reduced Infrastructure Needs Increase Allowable Density 8 du/gross acre/6 sq. miles Fire Station 2 Transit Service Density Thresholds ElementarySchool/Parks 4 Middle School 1 1 High School

  35. Reduced Infrastructure Needs • Opportunity for Public Investment Savings • Public school sites • Provide park amenities, reduce need other parks • Proximity to residential increases walkability • Fire station location • Critical to response time

  36. Fire/EMS – LOS vs. Revenue Needs • Collier County Fire Control Districts

  37. Fire/EMS Services - Savings • Savings with Density: • Better ISO rating – Lower Insurance Rates • For a $150K Home Up to $600 Per Year • Lower Assessment Rates • Up to $100 to $200 per Year

  38. Monthly Transportation Expenses($ of income) 2000 2008 Source: Center for Neighborhood Technology, Housing and Transportation Index (H+T Index)

  39. Monthly Housing Expenses (% of income) 2008 Source: Center for Neighborhood Technology, Housing and Transportation Index (H+T Index)

  40. H+T Affordability Index(% of income) 2008 Source: Center for Neighborhood Technology, Housing and Transportation Index (H+T Index)

  41. No Regional Park Presence Area of Future Growth Collier County Parks and Recreation 10-Year Master Plan

  42. Collier County Parks and Recreation 10-Year Master Plan

  43. Ewing & Cervero Study • VMT Elasticity Source: Ewing and Cervero; “Travel and the Built Environment”

  44. Example Community • Transit Service Density Thresholds

  45. Smart Growth Approach • Single Family Fee vs. Average Annual Growth Rate Maintain Level of Service Curve Area 1 Maximum Impact Fee 10% Credit Avg. Level-of-Service Curve County Avg. Area 2 Area 3

  46. Presentation Overview Productive Revenues 1 2 Reduced Infrastructure Needs/Cost 3 Environmental Benefits 4 Communicating the Benefits

  47. Environmental Benefits • Environmental Benefits: • Reduced Footprint • Fewer Impacts on Habitat/Wetlands • Reduced Travel/VMT • Reduced Greenhouse Gases

  48. Connectivity • Conceptual Illustration of Sub-Area Connectivity Test *VMT = Vehicle Miles of Travel **VHT = Vehicle Hours of Travel

  49. Transfer of Development Rights • Potential TDR Area • Limited services and infrastructure • Transfer density to urban area • Existing services and infrastructure • Higher land values • Protect watershed/habitat

  50. Presentation Overview Productive Revenues 1 2 Reduced Infrastructure Needs/Cost 3 Environmental Benefits 4 Communicating the Benefits

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