dpfg services
LAND SECURED PUBLIC FINANCING DISTRICTS
Community Facilities District Bonds
Assessment District Bonds
Statewide Community Infrastructure Program (SCIP)
Public Improvement Districts
Special Improvement Districts
The use of land secured financing's has been instrumental in solving problematic circumstances created by the passage of property tax referendums that created a void in financing regional and sub regional infrastructure burdens. Today, land developers are expected to pay for schools, roads, fire stations, and parks as a condition of development. With little assistance from state and federal agencies, the financing of infrastructure in new development areas is relying more and more on the use of land secured financing's. DPFG consultants have been directly or indirectly involved in over 2,100 land secured public financing's totaling over $11.0 billion dollars.
SCHOOL DISTRICT
School Mitigation Agreements
Site Acquisition Analysis
School Funding Alternatives
School District Negotiations
Land developers and builders are becoming more and more involved in public school construction matters that impact their development projects. Adequate school housing of project students is essential to insuring a successful residential development project. The area of school construction is rapidly changing in many states throughout the U.S., especially in terms of school construction costs, the timing for opening new schools, and the methods of funding new school construction. Some states have already imposed school fees for new school construction and many other states are in the process of establishing new school fees. States that do not currently impose school fees often use alternative methods of obligating new development to cooperate or contribute funding for new school construction costs. DPFG consultants have extensive knowledge in this area.
REIMBURSEMENT & CREDIT
Reimbursement and Credit Structuring
Reimbursement and Credit Processing
Reimbursement and Credit Monitoring
Look-Back Audits
Capitalizing Receivables
Land developers and builders often have many different types of reimbursements that are owed to them. Reimbursements owed to a developer or builder can range from a roadway reimbursement due to over sizing to a state funding credit or reimbursement relative to school construction. Inevitably, these reimbursements fall through the developer or builders organizational cracks. DPFG consultants can help developers and builders in tracking, reporting, collecting, or earning reimbursement receivables or credits so that the value is realized and maximized. DPFG has established a proprietary web based system, known as the Reimbursement Tracking System or "RTS" that clients can access via the internet.
FISCAL IMPACT
Fiscal Impact Reports
Verification of Fiscal Impact Assumptions
Negotiate Findings
Financing Negative Impacts
Local governments use fiscal impact analysis and reports more and more as a means of compelling new development to mitigate any negative fiscal impact such project may have on the municipality. There are many different reasons why local governments use this analysis ranging from a planning issue to a financial issue. DPFG consultants pride themselves in obtaining a solid foundation of underlying facts to assist the developer in securing a fair outcome in this process. If the project is faced with imposing a negative fiscal impact on the municipality, there are a multitude of financing alternatives that can be used to absorb this cost.
SERVICE DISTRICT
Police and Fire Taxing Districts
Landscape and Lighting
Maintenance Districts
Parcel Taxes
A more recent wave of new development impacts since the passage of property tax referendums in several states in the U.S. has been local governments off-loading of municipal services and public facilities maintenance to new development. State budgetary pressure and limited local government funding has put local government on the offensive to seek alternative sources of revenue in order to balance their budgets. DPFG consultants, apply their experience to ensure that any local government efforts to require new development to pay for municipal services and public facilities maintenance is properly justified based on the particular facts and circumstances.
MUNICIPAL DISTRICT
Community Development Districts
General Improvement Districts
Municipal Utility Districts
Community Services District
Municipal Management Districts
Several states in the U.S. allow for the establishment of the municipal districts which are unique and different from traditional government agencies. These municipal districts often have greater limited special purpose functions than traditional governmental agencies; however, they operate in a very similar manner as a traditional governmental agency in terms of establishing an oversight board, establishing an operating budget with direct and indirect labor costs, and establishing a capital facilities budget relative to the construction and/or acquisition of public improvements. These new municipal districts help developers mitigate and resolve development impediments they might not otherwise overcome, as well as provide greater control over the level of services and public improvements within their development projects.
DEVELOPMENT IMPACT FEE
Development Fee Studies
Evaluation of Fee Methodology
Litigation Support
Local government relies on development impact fees to equitably distribute the cost of regional public improvements that serve new development areas. The amount and type of development impact fees that are charged to new development are influenced by many factors, such as, economics, politics, and, of course, technical benefit analysis. Many different cost allocation methods can be deployed in performing technical benefit analysis to yield significantly different development fee impact amounts. DPFG consultants have the requisite experience to establish or evaluate the appropriateness of development impact fees being imposed by local government.
REDEVELOPMENT DISTRICT
Redevelopment Proposals
Tax Allocation Bonds or Notes
Pass-Through Agreements
Redevelopment Cash Flow Projections
Tourism Improvement Districts
Tax Increment Areas
Many states in the U.S. have authorizing statues that provide for the establishment of redevelopment project areas to assist local government with the ability to redirect funds generated by development toward rebuilding or constructing better land uses. Redevelopment's unique aspects of development and market risk, infrastructure burdens and project subsidies provide both land developers and local government a playing field that can foster a win-win situation. Today, redevelopment district financing's represent one of the largest areas of real estate public/private partnerships. Oftentimes, redevelopment projects can become political so it's important to craft a financing plan that is acceptable to the developer, municipality, and community.
OTHER PUBLIC FINANCING
Certificates of Participation
G.O. Bonds
Infrastructure Financing Districts
Industrial Development Bonds
State and local governments have numerous financing tools that can be used to solve many different kinds of funding-related problems. For example, Mello-Roos financing in California, if structured properly, can serve as an efficient line of credit for an agency to finance public improvements within its five-year capital facility plan. Industrial Development Bonds can serve a critical role in attracting or retaining company relocations and jobs. Local general obligation bonds can help close the funding gap on new school construction or other necessary public improvements. These are just a few examples of how DPFG consultants can help.
COMPLIANCE
Compliance Analysis
Property Tax Reviews
Appraisal Reviews
Dispute Resolution
Proper planning and implementation of financing transactions should ultimately lead to proper administration of the transaction so that any ongoing compliance matters are easily processed. Many times local governments and developers are left to deal with complicated financing programs or agreements with little or no assistance from the participants originally involved in structuring the financing's. Sometimes, these complicated agreements are not very clear or are silent on certain financial related matters, in which case a quest for the intent is necessary. Additionally, many agreements have ongoing obligations that require the developer's compliance. DPFG consultants have the expertise and experience in this area.
ENTITLEMENT ANALYSIS
Development Agreement Analysis
Impacts of Conditions and Exactions
EIR Alternatives
Public Facilities Financing Plan
When approval to develop a project is received, local government imposes conditions under which the project can proceed. These conditions can have a significant financial impact on the developer, and can sometimes over burden the project feasibility. It is important that alternative methods of satisfying the conditions be evaluated. An important result of the entitlement process is approval of a project with well-balanced conditions so that it will ultimately succeed from both a public and private perspective. DPFG consultants can determine the costs and benefits of this process and provide meaningful recommendations for cost effective solutions.
CASH FLOW FEASIBILITY ANALYSIS
Acquisition and Disposition Analysis
Project Financing
Restructuring Analysis
Portfolio Analysis
The importance of properly evaluating the cash flow of a real estate transaction in today's real estate environment has never been more critical. Given the volatility and uncertainty in prices, costs and financing, the wise developer is evaluating project cash flow projections on a regular basis. Realistic project inputs will undoubtedly provide realistic project cash flow results and DPFG consultants are uniquely positioned to provide this service. Additionally, the timing recognition of revenues and costs in cash flow analysis needs to be properly verified to obtain accurate valuation results.
PROJECT MANAGEMENT
Due Diligence
Plan Check Processing
Risk Management
Budget Management
A real estate development project will often stumble if it is not properly staffed with an experienced project manager. A project manager must take on the daunting task of solving a multitude of project issues to position the project for development. In a sense, the project manager is like a quarterback in football whereby he or she has to coordinate and process project issues at the same time with many different types of industry specialists. Comprehensive project management is essential in today's business environment and building a team with DPFG's technical resources from across its diverse practice areas in real estate will improve the overall success of your project. DPFG consultants are there every step of the way to ensure your project is on time, within budget, and a superior project.
CAPITAL MARKET SERVICES
Provide recommendations to reduce cost of capital
Recommend the optimal capital structure
Prepare restructuring plan with existing capital participants
Assist in identifying and accessing appropriate capital sources
Review cost of capital and timing requirements for each component in the capital stack
PROPERTY TAX APPEALS
Ad Valorem Appeals
Special Taxing District Appeals
Appeal Processing
Valuation
Refund Collection
The real estate development business is subject to up and down cycles just like any other business. When the cycle turns down and values become depressed, a proactive property owner will seek to appeal and reduce their assessed value for property tax purposes which in turn will reduce their property tax expense. Aside from the appeal process itself, a key aspect in any successful appeal is to accurately support the value of the property. Property tax rates based on ad valorem taxes and oftentimes additional special taxing districts can be significant and a successful appeal can result in significant property tax savings. The consultants at DPFG are uniquely positioned to perform property tax appeals due to their integrated experience in real estate valuation and special taxing district financing's.
FIELD SERVICES
For Information regarding Field Services, please visit our website at www.dpfgfieldservices.com
DISCLOSURE SERVICES
For Information regarding Disclosure Services, please visit our website at www.dpfgdisclosure.com