Redeveloping an historic downtown theater? Advantages of public-private partnership

The historic theater on Main Street sat empty for thirty years. Once the central gathering place and crown jewel of Main Street, the property collected cobwebs as town leaders waited for a private developer to come along with a plan to bring the building back into productive use. Eventually, public officials and town staff grew tired of waiting and decided to take matters into their own hands. Several key leaders determined that there was demand for a community space in this once vibrant property, and that its redevelopment was an important priority.

In order to get the project done, the town could develop the property strictly as a public project (as any town would build a community center or fire station). However, in this case, the Development Finance Initiative (DFI) advised the town to take a leadership role in the theater’s redevelopment and to bring in a private partner to help them, here’s why: Continue reading “Redeveloping an historic downtown theater? Advantages of public-private partnership”

What services are available from DFI?

DFI services support implementation of local community and economic development priorities that require private investment. DFI can be thought of as an extension of a local government’s finance, planning, economic and community development departments. DFI services include:

  • Real estate finance and structuring, including identification of investors, lenders, tax credit equity sources and other partners
  • Advising on public-private partnerships and development incentives
  • Assessment of distressed properties
  • Creation of Requests for Proposals (RFPs) to attract private development into underserved areas
  • Development of small business finance programs
  • Assistance with pre-development including program design, market assessment and valuation, cost assumptions, and pro forma creation
  • Evaluation of development proposals, agreements and contracts
  • Assessment/review of development team experience and capacity

What development finance tools can DFI help our community to implement?

The DFI team’s experience touches on a broad range of development finance tools that are designed to attract private investment into local community and economic development projects including:

  • targeted financing/incentive programs (Tax Increment Financing (TIF), Business Improvement Districts (BIDs))
  • tax credit financing (historic preservation, new markets, brown fields, low-income housing)
  • loan funds (revolving loan funds, microenterprise loans, and innovative debt and equity hybrid products)
  • secondary market and securitization programs (loan loss reserve funds)
  • equity (individual investors, foundations, community development venture capital)
  • federal grant programs (CDBG, HUD, EDA)

Plugin by Social Author Bio