WEST POINT REALTY DEVELOPMENT Broad Street Revitalization Presentation

WEST POINT REALTY DEVELOPMENT Broad Street Revitalization Presentation to Bridgewater Town Council January 9, 2018

PRESENTATION OVERVIEW Introduction and Welcome – Jim Paskell Revitalization Overview – Troy Clarkson Project Overview – Jim Paskell Specific Project Request – Troy Clarkson Economic Impact Analysis Next Steps and Timeline – Jim Paskell Questions

West Point Realty has deep roots in Bridgewater Several buildings revitalized and improved INTRODUCTION – JIM PASKELL

Bridgewater Zoning Bylaw, Section 19 – Mixed Use Development Requirements Housing Production Plan HSH – Central Square Pedestrian Safety Assessment South Shore Chamber Housing Plan BSU Office of Community Partnerships REVITALIZATION OVERVIEW – SOURCES CONSIDERED FOR PLAN

REVITALIZATIO N OVERVIEW Housing Production Plan Goal #2 Create, maintain, and preserve affordable multi-family housing units in the downtown. Leverage existing funding sources (CPA Funds and In-Lieu of Payments from an Inclusionary Zoning Requirement)

REVITALIZATIO N OVERVIEW HSH Central Square Assessment Improve pedestrian safety; Create a safe, comfortable, and accessible environment for pedestrians; and Enhance walkability, livability, and economic vitality. South Shore Chamber Housing Plan “More housing with smaller footprints built near walkable, vibrant neighborhoods or near transit…”

THIS PROJECT DOES ALL OF THESE.

PROJECT OVERVIEW – FROM THIS…

TO THIS.

PROJECT REQUEST 80 Residential Units – rentals (primarily 1 -2 bedrooms) Five Buildings 12 Commercial Spaces Public parking (adjacent to Bruno’s)

Current • 5 parcels • Aggregate value (per assessors records) $1, 597, 300 • Tax Revenue (at $15. 61 per thousand) - $24, 933 Proposed • 5 parcels – 5 buildings • Aggregate estimated value – $31, 598, 000 • Tax revenue (at $15. 61 per thousand - $493, 245 • Annual increase $468, 312 TAX REVENUE ANALYSIS - ESTIMATED

Meals tax revenue increase Affordable Housing Trust donations – estimated at $400, 000 Public Parking ADDITIONAL BENEFITS Fulfillment of stated goals Elimination of blight and decay

NEXT STEPS AND TIMELINE Formation of Internal Task Force Community/Economic Development Zoning Public Safety Water/Sewer Council Manager Review of Zoning Bylaw Section 19 “The SPGA shall also impose, in addition to any applicable conditions specified in this section, such applicable conditions as the SPGA finds reasonably appropriate to improve the site design, housing, traffic flow, safety and or otherwise serve the purpose of this section. Such conditions shall be imposed in writing and the applicant may be required to post a bond or other surety for compliance with said conditions in an amount satisfactory to the SPGA. ” Preparation of Plan and Filing – February 15 th