Infrastructure Investment Incentive Program (I-Cubed)

Transcription

1 Infrastructure Investment Incentive Program (I-Cubed) Presentation to Watertown Town Council June 29, 2017

2 Agenda 1. What is I-Cubed? 2. How are improvements selected? 3. Proposed I-Cubed improvements 4. Next steps 2

3 What is I-Cubed?

4 A Public/Private Partnership athenahealth, Inc. Department of Conservation and Recreation ( DCR ) Town of Watertown Executive Office for Administration and Finance ( A&F ) 4

5 What is I-Cubed? Infrastructure Investment Incentive Program (I-Cubed) administered by Executive Office for Finance and Administration Provides $25 million of state funding for public infrastructure to encourage, support, and stimulate athenahealth s economic development Commonwealth issues bonds to finance the improvements; debt service is paid by tax revenue generated by job creation Public infrastructure improvements must occur within or adjacent to athenahealth s economic development project 5

6 6 I-Cubed: How it Works

7 Examples of other I-Cubed Projects Fan Pier, Boston Boston Landing, Brighton/Allston University Station, Westwood Market Street, Lynnfield Assembly Row, Somerville 7

8 How are Improvements Selected?

9 Goals and Intent of I-Cubed The purpose of St. 2006, c. 293, 5 through 12, as amended by St. 2008, c. 129, 2 through 17, is to stimulate sustainable, economic development through Public Infrastructure Improvements and to generate new state tax revenues and local tax revenues as a result. 801 Mass. Code Regs I-Cubed was proposed to finance significant new public infrastructure improvements necessary to support major new private development. Executive Office for Administration and Finance, Overview of I-Cubed. I-Cubed [f]inances public infrastructure improvements necessary to support major private development if new state tax revenues will support debt service. MassDevelopment, Infrastructure Financing Programs (Mar. 16, 2013). 9

10 Limitations to I-Cubed Funding I-Cubed funding is difficult to obtain and subject to many limitations. There are statutory limits to the amount of available I-Cubed funding in general and as applied to a particular project within a specific community. athenahealth s economic development project is the type of investment the I-Cubed program was designed to support with $25 million in funding. The process of obtaining I-Cubed funding is competitive, available only at the discretion of the Executive Office for Administration and Finance (A&F) and subject to budgetary approval by the Legislature. athenahealth s planned expansion meets these stringent requirements. I-Cubed funding is explicitly tied to Athena s creating the jobs that will generate the tax revenue that funds the I-Cubed program. The program requires that: (1) the improvements must occur within or adjacent to the economic development project, and (2) Athena s own real estate may be encumbered with additional property tax assessments by the municipality that are available in the event of a tax revenue shortfall. 10

11 What public infrastructure can be funded per MassDevelopment guidelines? Roadways and intersections Water & waste water facilities and related lines Transportation facilities such as train stations, bus depots, etc. Seawalls, docks, wharves, bridges, culverts, tunnels Streetscape, sidewalks, electric lines, street lights Parks, playgrounds and recreational facilities Parking garages (paid by athenahealth) Brownfield mitigation Soft and financing costs Source: MassDevelopment, Infrastructure Financing Programs (Mar. 16, 2013), at 11

12 Years of collaboration and partnership between Watertown/DCR/A&F/athenahealth. Comprehensive input from Watertown officials and DCR to identify infrastructure and overlapping needs with athenahealth. I-Cubed Milestones: 12 Previous Public Process and Input Summer 2014: athenahealth approaches Watertown management Oct. 23, 2014: Town Manager writes in support of approval of preliminary I-Cubed application, subject to Council approval. Jan. 2, 2015: Gov. Patrick administration grants preliminary approval June 8, 2015: AODD Zoning Amendments (precondition to I- Cubed) Feb. 18, 2016: Town Council Meeting on I-Cubed July 18, 2016: Master Plan Special Permit Planning Board Approval (precondition to I-Cubed) May 11, 2017: Public Meeting on I-Cubed June 29, 2017: Town Council Meeting on I-Cubed

13 Previous Public Process and Input Athena pulled from a menu of pre-baked unfunded projects from State/Town strategy documents: Charles River Basin Master Plan Charles River Connectivity Study Watertown s Comprehensive Plan Arsenal Street Corridor Study Open Space and Recreation Plan Watertown Riverfront Project Final Package of Improvements must meet fundamental I-Cubed requirement: Improvements support the athenahealth jobs that pay for the $25 million. 13

14 Proposed I-Cubed Improvements

15 I-Cubed Program Summary Budget Improvement Value Watertown 2015 Comp Plan Goals attained Arsenal Street (ROW and Sidewalk improvements, Signal upgrades and timing improvements) Watertown Sewer Main (Improvements to existing sewer on North Beacon Street & Greenough Boulevard) North Beacon Street (Pedestrian and Cycle route improvements, ROW improvements, Signal upgrades) $7.5M $0.9M $6.3M 3A.1, 3A.9, 3B.3, 4, 4G, 5E, 5B 1G 3A.1, 3A.9, 4G Watertown Square (Pavement Mill and Overlay, sidewalk improvements, vehicular and ped signal enhancements, Charles River Rd. realignment) $1.7M 3A.1, 3A.9 DCR Watertown Riverfront Park (Contribution to extending DCR improvements along north bank of the Charles River) Greenough Boulevard (Pedestrian and Cycle route improvements, ROW improvements, Signal upgrades) Squibnocket Park (Landscaping, Kayak/ Canoe center & launch, Boardwalks & Overlooks) $0.7M $1.7M $2.7M 1G, 3A.1, 4G 3A.1, 3A.9, 4G 1G, 3A.9, 4G School Street/Dexter Avenue/Walnut Street (Safety & sight line improvements, curb line alignment changes) $0.4M 3A.1 Arsenal Park (Community path extension through Arsenal Park ) $0.4M 3A.9, 4G 15 Talcott Ave (Drainage and parking lot improvements, Talcott Ave Realignment, Cosmetic improvements to Mansion) Total $2.7M $25.0M 3A.9, 4G

16 16 Property Ownership of Public Infrastructure Improvements

17 Proposed Work Areas 17

18 A Win-Win Package For Watertown: 1. Funds objectives from various long term plans: Watertown s Comprehensive Plan, Arsenal Street Corridor Study, Open Space and Recreation Plan. 2. Coordinates a total of $25 million of public infrastructure improvements in a single comprehensive package. Funds $19 million in public infrastructure improvements that Watertown would otherwise need to pay for on its own (Athena locked into $6 million Campus Master Plan mitigation). 3. Frees funds for other projects. 4. Eliminates any financial risk to Watertown. 18

19 A Win-Win Package For athenahealth: 1. Supports athenahealth s Campus Master Plan. 2. Helps company attract top tech talent to Watertown. 3. Funds $6 million in public infrastructure improvements that athenahealth would otherwise need to fund on its own. (Consistent with I-Cubed s purposes, the program covers $6 million in necessary mitigation required by Watertown associated with athenahealth s Campus Master Plan.) 4. Spends a total of $25 million to improve public infrastructure that supports athenahealth s success. 5. athenahealth jobs pay back the $25 million, and Athena bears the financial risk until then. 19

20 A Win-Win Package For DCR: 1. Funds objectives from various long term plans: Charles River Basin Master Plan, Charles River Connectivity Study Watertown Riverfront Project. 2. Closes significant gaps in multi-use path network. 3. Improves public parks, outdoor spaces, and stormwater infrastructure. 4. Eliminates financial risk to DCR. 20

21 Next Steps

22 Next Steps to Secure I-Cubed Funding 1. Watertown Approval of Proposal 2/3 Council vote required to authorize Town Management to join final proposal, including Approve acceptance of any Watertown property interests in public infrastructure improvements to be conveyed to Watertown Authorize Town Manager Driscoll to amend proposal and file with A&F 2. A&F Approval of Final Proposal 3. Parties execute an infrastructure development assistance agreement ( IDAA ) 4. Funds must be used within 3 years. 22

23 No Risk to Watertown 1. Risk: No risk to Watertown. 2. Town Capacity: Professional support is available through I-Cubed to expand Planning and DPW capacity to supplement existing capabilities (project management team consisting of multi-level professionals), subject to state oversight. Planning and DPW/athenahealth/DCR will formulate request for State review. 23

24 If Town Council Approves: State and Watertown Oversight 1. The ordinary permitting and oversight process that governs infrastructure and construction projects, subject to new deadlines, applies after the Town Council and state officials approve the I-Cubed funding. 2. State determines whether projects are doable within three years based on Final Application. 3. State A&F provides I-Cubed Project Manager to review plans for completion and progress (in addition to Watertown/DCR/athenahealth project managers). State monitors throughout to ensure feasibility. 24

25 If Town Council Approves: Additional Public Input 1. Watertown/DCR/athenahealth are committed to providing additional opportunities for public input as appropriate to the specific project. 2. Community updates will be coordinated through Watertown/DCR/athenahealth. 25

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27 Appendix

28 Previous Public Process and Input: Watertown Riverfront Project White Paper The Town of Watertown has been focused on improving the riverfront along Charles River Road since 2006 with an acknowledgement that funding would be a challenge to complete the vision all the way to Squibnocket Park. The Charles River Basin Master Plan (2002) and the design guidelines of the Watertown Riverfront Project White Paper all align to provide 15 years of direction to make bike, pedestrian, and accessibility improvements in all of the riverfront areas targeted now with real funding. Advocates have been thinking about working on this stretch of riverfront for decades. A Riverfront Stewardship Group made up of representatives of the Department of Conservation and Recreation, the City of Watertown, Watertown residents, and the Solomon Fund was convened in October of 2006 to begin work on this planning effort and will continue to meet throughout the planning process. The proposed focus area includes a mile long crescent shaped swath of parkland along the south bank of the river between Watertown Square and the Watertown Yacht Club. The mostly wooded parkland encompasses some sixteen acres from the edge of water to parkway curb as well as limited parkland on the north side of the parkway. The specific restoration focus would be the riverbanks, woodland, and pathway along the shore that runs for approximately 5,500 linear feet a bit over a mile. This focus area does not include Charles River Road itself nor the site of the Watertown Yacht Club and former riverfront arsenal site (Squibnocket Park) just to the east. Establishing a riverfront path in Squibnocket Park and at Daly Field should be actively promoted future phases of work. Town of Watertown Background Whitepaper: 28

29 Previous Public Process and Input: Watertown Riverfront Park and Braille Trail Project SUMMARY OF THE PROJECT A two-phased effort to restore the mile-long Charles River Reservation multi-use paths and parkland between Watertown Square and the Watertown Yacht Club along Charles River Road. Public meetings were held over 2 years to build support for the project. Phase 1: Focused on a 3,200-foot-long, 12-acre crescent-shaped swath of parkland along the north bank of the river between Watertown Square and the Perkins School to include a Braille Trail and Sensory Garden, improvements to the site s riverbank, pathways, and landscape and a signalized crossing at the Irving Street- Charles River Road intersection. Phase 1 opened on July 16, Phase 2: This includes pathway improvements and riverbank access and restoration along the area located on either side of the Phase 1 area, running upstream to the recently-restored Watertown Landing site at Watertown Square and downstream to the Watertown Yacht Club. Funding: This $1.5M project was a public private partnership funded by DCR, Town of Watertown, Perkins School for the Blind, and multiple local foundations. Simmons College is providing the DCR $500K to fund design of Phase 2. Support from Elected Officials, including Sen. Brownsberger (D-Belmont) and Rep. Hecht (D-Watertown). 29

30 Previous Public Process and Input: Charles River Basin Master Plan In 1997, The Metropolitan District Commission took the initial steps to author a Master Plan for the first time for the Basin. The Master Plan took over 2 years to complete and included hundreds of Basin advocates and users volunteering over 4000 hours of their time to the planning effort. A Citizens Advisory Committee was established, 500 abutters along the river were surveyed, 7 full public meetings, 3 large workshops, and dozens of subcommittee meetings were held. The goal was to use the plan and input to mobilize public support to implement the plan in the next 5-15 years or For example, The Plan recommends maintaining open riverbank and adding car-top boat launches at Squibnocket and off Greenough Blvd. (p42) The 2015 Watertown Comprehensive Plan carries forward unrealized goals of the Charles River Basin Master Plan. 30

31 Previous Public Process and Input: Watertown Comprehensive Plan Each of the I-Cubed projects described in our presentation directly contributes to the achievement of Watertown s Vision for 2025 approved by the Town Council in the 2015 Comprehensive Plan. The Watertown community envisions a future that: has a stronger relationship with the Charles River Reservation, where residents and businesses benefit from enhanced connections to the river, more waterfront activities, preservation and respect of the ecology is shaped by a built environment along each of its squares and corridors that reinforces Watertown s character, achieving balance between design, preservation, and redevelopment efforts is proactive in maintaining and developing its infrastructure and public services incorporates welcoming, attractive streetscapes and gateways on welldesigned pedestrian-oriented, bicycle-friendly, tree-lined streets; is a community that promotes an active, healthy lifestyle where residents have access to social services, nutritious and affordable food, and places to be physically active. Source: 2015 Watertown Comprehensive Plan, Page 3. 31

32 Previous Public Process and Input: Watertown Comprehensive Plan Only through a partnership between these three entities can the full value of I- Cubed funding be used to fund Town goals that would otherwise remain unfunded or for future years. The Comprehensive Plan s Implementation Plan will be accelerated with I-Cubed funding. In 2015, the Watertown Town Council voted to pursue the following goals: LANDUSE: TRANSPORTATION: Goal 4. Establish criteria for development along Pleasant and Arsenal Street to ensure projects are sensitive to the Charles River and public ways. 4G. Provide for public access, as well as visual corridors, to the Charles River where practicable. 3A.1: Where appropriate, design ADA compliant sidewalks that include a landscaping buffer, where feasible, between sidewalk and roadway. 3A.9: Existing and future streetscape enhancements along roadways should connect directly to the [Charles River] Reservation. 3B.3: As Arsenal Street is redeveloped ensure that Complete Streets techniques are used that include the option to provide bicycle lanes/features along the entire corridor. 5E: Install timed signals along Arsenal Street to allow traffic to move at a steady rate to minimize air quality impacts from stop and go traffic NATURAL RESOURCES: 1G. Continue to work with stakeholder groups to support stewardship, protection and access for the Charles River and ensure high water quality to benefit flora, fauna and good health. 5B: Consider the historic value of landscape features of the historic Arsenal Properties Source: Watertown 2015 Comprehensive Plan Implementation Plan. Chapter

33 Previous Public Process and Input: I-Cubed will fund Watertown s Vision for 2025 I-Cubed addresses ongoing, medium and long term Town goals in a shorter timeframe allowing residents to see benefits immediately: Economic Development: 2A: Encourage investment in the roadway and utility infrastructure. 2B: Strengthen networking opportunities for local businesses. 2C: Promote Watertown as a great place to do business. 3E: Implement Zoning and other policies that link commercial development with contributions to community benefits. Open Space and Recreation Recommendations: 4A: Work with DCR to finalize and implement recommendations for the Charles River Basin Pedestrian and Bicycle Connectivity Study. 4B: Work with developers to create or enhance multi-use connections between develop ent projects (including Arsenal Mall and athenahealth redevelopment projects) to increase physical and visual access to the Charles River. 5C: Continue developing safe walking paths that connect existing open spaces and parks. New paths should be handicap-accessible and multi-use serving walkers, runners, bicyclists, and wheelchairs. 5F: Consider canoe and kayak rentals as well as other river-focused activities to enhance outdoor recreational opportunities. Source: Watertown 2015 Comprehensive Plan Implementation Plan. Chapter

34 34 Previous Public Process and Input: Arsenal Street Corridor Study

35 Arsenal Street Improvements Proposed Improvements Traffic Signal Coordination (Timing and Phasing) Adaptive Traffic Signal Controls (13 Intersections) Full ROW Improvements (Louise to Arsenal Ct) Mill and Overlay Street Louise to Greenough Arsenal Street/ Wooley Avenue Intersection Arsenal Street/ School Street Intersection Arsenal Street/ Greenough Intersection Historic Fence Repair and Relocation 35

36 36 Arsenal Street Improvements

37 Arsenal Street Improvements Arsenal Street Mill and Overlay 37

38 Arsenal Street Improvements Arsenal/ Wooley Intersection 38

39 Arsenal Street Improvements 39 Arsenal Street Improvements at Bldg 311

40 Arsenal Street Improvements Arsenal Street/ School Street Intersection 40

41 Arsenal Street Improvements Arsenal Street Improvements at Arsenal Green 41

42 Arsenal Street Improvements Arsenal Street/ Greenough Blvd Intersection 42

43 43 Watertown Sewer Main

44 44 Watertown Sewer Main

45 North Beacon Street Improvements Proposed Improvements N. Beacon St./ Charles River Rd. Intersection N. Beacon St./ Greenough Blvd. Intersection Mill and Overlay Street Shared Path Streetscape Improvements Stormwater Improvements Historic Fence Renovation (Town Property) North Beacon Street Rapid Flash Signs 45

46 46 North Beacon Street Improvements

47 North Beacon Street Improvements N. Beacon Street/ Charles River Rd Intersection 47

48 North Beacon Street Improvements N. Beacon Streetscape Improvements 48

49 49 North Beacon Street Improvements

50 North Beacon Street Improvements N. Beacon / Greenough Blvd Intersection 50

51 Watertown Square Proposed Improvements Mill and Overlay Pavement Sidewalk Repair Wayfinding Signage Restriping Intersection Crosswalk Upgrades Replace Signal Mast Arms and Upgrade Signals Upgrade Pedestrian Signals Upgrade Lighting Reconfigure Charles River Road Geometry Reviewing Bus Stop and Bus Routes with MBTA and Town 51

52 52 Watertown Square

53 53 Watertown Square

54 54 Watertown Riverfront Park Phase II

55 Greenough Boulevard Proposed Improvements Multi-Use Paths Pedestrian Connectivity Relocate Parking (east) Renovate Parking (west) Enhance Pedestrian Areas Stormwater Headwall Repair/ replacement project 55

56 Greenough Boulevard Greenough Boulevard (West) Improvements 56

57 Greenough Boulevard Greenough Boulevard (East) Improvements 57

58 Squibnocket Park Proposed Improvements Parking Pedestrian Access Charles River Overlooks Canoe/ Kayak Launch Pavilion Shoreline Enhancements 58

59 59 Squibnocket Park

60 School / Dexter Ave / Walnut Streets Proposed Improvements Sidewalk Improvements and Bump-Outs Mill and Overlay Street New Crosswalks 60

61 61 School/ Dexter/ Walnut Streets

62 Arsenal Park Proposed Improvements Multi-Use Path Connection Arsenal Street to Greenough Boulevard 62

63 63 Arsenal Park

64 Talcott Ave Proposed Improvements Building Improvements Landscape Improvements Talcott Ave Stormwater and Rebuild Parking Stormwater and Rebuild Talcott Avenue Realignment 64

65 65 Talcott Ave