Tomoki Kitazaki, Tomokazu Arita
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1 The Introduction Process and Actual Conditions of Financing Infrastructure Projects using Development Rights Sales - A Case Study of District Improvement Bonus in Special Hudson Yards District - *, ** Tomoki Kitazaki, Tomokazu Arita In 2005, New York City government adopted District Improvement Bonus (DIB) to finance infrastructure projects using development rights sales in Special Hudson Yards District (SHYD). DIB was introduced to solve the problem of protracted collection of funds, which is the fault of Tax Increment Funds. Also, this method was positioned as an important source of income at the early stage of infrastructure projects in SHYD. However, DIB was utilized only half of the estimate as of the end of 2013/2014 financial year. There are three factors in this situation; changes of real estate price, the land use planning specializing in office use, and the delay of infrastructure projects. These factors delayed real estate developments in SHYD, and DIB has been hovering at a low level. Keywords: Hudson Yards Infrastructure Corporation, Tax Increment Financing, Transferable Development Rights HYICTIFTDR % 1) District Improvement BonusDIB DIB (1) 2) ) DIB DIB Transferable Development Rights TDR 4) TDR 5) DIB DIB ) DIB DIB DIB 789 DIB DIB 3 DIB 4 DIB Hudson Yards Infrastructure Corporation(HYIC)5 Metropolitan Transportation AuthorityMTA th Ave Times Sq-42 St 11th Ave-34th St 2 Penn MTA 10.5ha (2) * Mitsui Fudosan America, Inc. ** University of Tsukuba
2 600% ha 5001,500% 5 1 m 2 HYIC MTA (3) Tax Increment Financing TIF DIB TDR TIF Penn DIB TDR 13 1 as of right 2 DIB 3 TDR DIB HYIC sf 100 Incentive BonusIB IB IB DIB DIB IB ) 7 No.4 CB No.4 12) ULURP (4) ) Economics Research Associates Cushman & Wakefield 14) , sf
3 A1 1,900% 600 DIB1,800% Large A2 1,000% TDRNo limit 400 Scale Plan DIB1,800% A3 1,000% TDR2,400% 400 B1 1,000% DIB1,800% 600 Farley B2 1,000% DIB1,500% Corridor B3 1,000% DIB1,500% 34th St Corridor 1,000% 750 DIB1,300% 1, th Ave D1 750% 200 DIB1,500% 3001,200 Corridor D2 750% 200 DIB1,300% 3001,200 Other areas 1,5801,800 sf ,800 sf 1,250 sf 100 sf 50 sf 4,200 sf HYIC 15) ,200 sf HYIC Payment in Lieu of TaxesPILOT (5) DIB (6) Eastern Rail Yard ERY-TDR CB No.4 CB No % 1,900% DIB ERY-TDR 1,200% 14 A1 A2 A3 A1 1,900%A2 A3 1,000%DIB 1,800% ERY-TDR A2 A3 2,400% (7) A1 A2 900% E1 1,000% DIB1,800% E2 1,000% DIB1,800% E3 1,000% DIB1,200% Hell s F1 650% Kitchen F2 650% A1 1,900% 600 DIB1,800% Large A2 1,000% TDRNo limit 600 Scale Plan DIB1,800% A3 1,000% TDR2,400% 600 B1 1,000% DIB2,160% 600 Farley B2 1,200% DIB1,900% 400 Corridor B3 1,000% DIB1,300% 34th St Corridor 1,000% 750 DIB1,300% 1, th Ave D1 750% 200 DIB1,500% 3001,200 Corridor D2 750% 200 DIB1,300% 3001,200 Other E1 750% 600 DIB1,200% areas E2 1,000% DIB1,800% 300 Hell s F1 650% Kitchen F2 650% A1 1,900% 600 A2 1,000% DIB1,800% TDR3,300% 600 DIB1,800% Large A3 1,000% TDR2,400% 600 Scale Plan DIB1,800% 240 A4 1,000% TDR2,160% 600 A5 1,000% DIB1,800% TDR2,000% B1 1,000% DIB2,160% 600 Farley B2 1,200% DIB1,900% 400 Corridor B3 1,000% 400 B4 1,000% 34th St Corridor 1,000% DIB1,300% 1,200 D1 750% 200 DIB1,500% 3001,200 D2 750% 200 DIB1,300% 3001,200 Hell s D3 750% 600 DIB1,200% Kitchen D4 650% D5 650% Port Authority 1,000% DIB1,800% 300 DIB ERY-TDR 7 18) HYIC PILOTDIBERY-TDR Property Taxes on New Residential DevelopmentPTE 510 sf ERY On-site 570 sf ERY-TDR (8) PILOT PTE 78% DIB ERY On-Site TDR 19% % ,0001,500% DIB ERY-TDR DIB ERY-TDR 7 8 CB No.4 No.5 CB No.4 CB No ) 2,800 sf 30%
4 30 TIF ) 21) (9) (10) CB CB CB 3 42nd St Penn Penn ) CB No.4 Hell's Kitchen Neighborhood Association HKNA CB No.4 HKNA A2 ERY-TDR DIB ERY-TDR )24) ,000 19% 28% 3, th Ave 35th St 39th St 25) ) ) HYIC 4 HYIC ERY-TDR PILOT PTE DIB ERY-TDR DIB/ERY-TDR DIB PILOTPTE ERY-TDR DIB/ERY-TDR 7 ERY-TDR HYIC MTA
5 2005 HYIC HYIC Cushman & Wakefield 11 28) % DIB ERY-TDR 50% CB Hell s Kitchen South of Port Authority Large- Scale Plan A1 DIB sf Large- Scale Plan ERY-TDR HYIC ,450 4,940 PTE DIB PILOT ERYTDR 2017 HYIC 1 5,300 Large- Scale Plan Farley Corridor 4 th Street Corridor Hell s Kitchen South of Port Authority DIB PILOT 2 3 DIB ERY-TDR Large- Scale Plan Farley Corridor DIB ERY-TDR Large- Scale Plan Hell s Kitchen South of Port Authority TIF TIF DIB ERY-TDR DIB ERYTDR
6 DIB ERY-TDR MTA (9) HYIC 2020 HYIC (10) %1 225sf 8% ,980 sf (11) HYIC 1 The Real Deal (2011) New York Real Estate News - Planning NYC s next 50 years 2 The Real Deal (2013) New York Real Estate News - City unveils details of Midtown East rezoning NYU Furman Center for Real Estate and Urban Policy (2013) Buying Sky: The market for Transferable Development Rights in New York MTA City DIB 5 Been,V. Infranca,J.(2012) Transferable Development Rights Programs: Post- Zoning? ERY-TDRDIB 6 NYC Independent Budget Office (2013) Financing Redevelopment on the Far West Side: City s Spending on Hudson Yards Project Has TIF Impact fee DIB DIB DIB DIB (1) High Line Improvement Bonus High Line Transfer Corridor Bonus DIB 1sf 50 High Line Improvement Fund % (2) 2008 The Related Companies sf 75 sf 5, ha (3) 7 MTA MTA 2 HYIC (4) CB CB 50 CB 13 (5) PILOT TIF 16 (6) 2009 (7) 1,4001,500% 1,200% 2,160% (8) ERY-TDR HYIC MTA 3 ERY On-site Exceeded Initial Estimates 7 Hudson Yards Development CompanyThe Hudson Yards Project Accessed The Related CompaniesNew York's Future is Rising Accessed NYC Department of City Planning Hudson Yards Overview Accessed NYC Department of City Planning (2001) Far West Midtown- A Framework for Development 11 NYC Department of City Planning (2003) HUDSON YARDS MASTER PLAN Preferred Direction 12 Manhattan Community Board No.4 (2003) Re: DCP s Preferred Direction for Hell s Kitchen/Hudson Yards 13 (1997)pp Economics Research Associates, Cushman & Wakefield (2003) Economic Overview and Demand Study 15 NYC Office of Management and Budget2004New York City Announces Lead underwriters for Hudson Yards Infrastructure Corporation 16 Cerciello.A.F.(2004) The Use of Pilot Financing to Develop Manhattan s Far West Side 17 NYC City Planning Commission (2004a) CPC Special meeting report, November 22, NYC Office of Management and Budget (2004) Presentation of Hudson Yards Infrastructure Corporation Financing Plan 19 Manhattan Community Board No.42004Hudson Yards Plan and related Land Use (ULURP) Applications Comments and Recommendations 20 NYC Independent Budget Office (2004a) West Side Financing s Complex, $1.3 Billion Story 21 NYC Independent Budget Office (2004b) Supply & Demand- City and State May Be Planning Too Much Office Space 22 NYC City Planning Commission (2004b) CPC Public meeting report, September 8&23, The New York City Council Subcommittee on Zoning and Franchise 2004Hearing Transcript, December 13, The New York City Council Subcommittee on Zoning and Franchise 2005Hearing Transcript, January 10, The New York City Council Committee on Finance2005Committee Report & Hearing Transcript, December 19, The New York City Council Committee on Land Use2005Hearing Transcript, January 10, The New York City Council2005The transcript of the minutes of the Stated Council Meeting, January 19, Cushman & Wakefield (2006) Hudson Yards Demand and Development Study 29 Hudson Yards Infrastructure Development Annual report Douglas Elliman Manhattan Decade Report 31 Colliers International2014Manhattan Office Capital Markets Reports 32 New York Times2015More Delays for No.7 Subway Line Extension
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