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Greeley’s TIF Toolbox

Greeley’s TIF Toolbox. EDCC Overview 2017: Oct 3. Urban Renewal Redevelopment District & Tax Increment Areas. Say Cheese!. Western Sugar TIF Urban Renewal Case Study. Who is Leprino Foods?.

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Greeley’s TIF Toolbox

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  1. Greeley’s TIF Toolbox EDCC Overview 2017: Oct 3

  2. Urban Renewal Redevelopment District & Tax Increment Areas

  3. Say Cheese! Western Sugar TIF Urban Renewal Case Study

  4. Who is Leprino Foods? • World’s largest manufacturer of mozzarella cheese, supplying such operations as Pizza Hut, Domino’s & Papa Johns as well as individual cheese products through Wal-Mart and other food retailers • Operates plants in the US, including one in Ft. Morgan, and two in the United Kingdom. HQ based in Denver CO • Sought another mid-continent site for new prototype operation

  5. Project Overview: LF Site Criteria • +/- 100 acre site • Reliable water supply • Good transportation access • Industrial zoning for large scale manufacturing • Development incentives to compete favorably with competing Kansas site • Cooperative development review process

  6. Western Sugar Site: Assets • 100 acre: of sufficient size • For sale • Rail Spur and Hwy access • Within GURA Tax Increment District • Adequate supply of dairies nearby • In Enterprise Zone; site and industry eligible for additional economic development incentives (Ent. Zone, State tax credits, etc.)

  7. Western Sugar Site: Issues • Building obsolete, to be removed • Hazardous materials (asbestos) • Oil and gas wells • 800,000cy of waste lime deposit • UP denied rail access • Flood Plain • Airport influence area

  8. Economic Incentives • City: 50% waived sales and use tax (for > $10m in construction + essential job creation) • City: Industrial Water Bank rates (raw water purchase) and redundancy support with wastewater discharge • City & GURA:each owned adjacent parcels; able to sell LF some add’l land for lagoons/treatment • GURA TIF:up to 98% of property tax rebated over 20-yr life of district for eligible site development costs (infrastructure, hazard removal, etc.); was the ‘but for’ incentive, made deal possible

  9. Process • Land acquisition negotiated (Leprino & Western Sugar) • City incentives, water/wastewater incentives & support negotiated through a Development Agreement • Tax Increment Financing negotiated with the Greeley Urban Renewal Authority as part of a Redevelopment & Reimbursement Agreement • Variety of land use approvals • Along the way to the Deal…. • Extensive Problem-solving (lime removal, work around o/g wells) • Site surprises with excavation (new, hot asbestos dump) • The Economy (local bank failure, dairy/ag loans at risk, governmental budget impacts, eve of not-so-Great Recession )

  10. Economic Impact to Area • Projected Leprino investment of $270+ million (1st 2 phases) to generate economic benefits over 20 years of: • City of Greeley: $325.1 million • Weld County: $4.8 billion • Colorado: $10.1 billion • 2017: Company has commenced Phase 3 plant expansion, with an initial investment of $190million, adding to the ~ $600 million already invested, adding over 200k sf of working space to the existing facility

  11. Building Perspective - Scale

  12. Questions ?

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