Hr Appraisal Insitute Chapter 2009 03 09 Compressed
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Transcript of Hr Appraisal Insitute Chapter 2009 03 09 Compressed
Fort Monroe’sPast, Present and Future
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Past, Present and Future
Josh Gillespie, AICP
Project Manager
Fort Monroe Federal Area Development
Authority
‘FMFADA’
Fort Monroe Federal Area
Development Authority
� Established by the General Assembly in 2007 as a political subdivision of the Commonwealth in response to the 2005 BRAC action to close Fort Monroe
� Board of Commissioners consists of appointees from:
City of Hampton
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City of Hampton
General Assembly (Dels. Hamilton & Gear and Sen. Locke and Miller)
Governor’s cabinet (Sect. of Adminstration, Natural Resources, Finance and Commerce and Trade)
Two specialists in historic preservation and heritage tourism
� Will hold and manage the property as a trust for the benefit of the public
� Professional staff of 4
Project Manager Josh Gillespie, AICP
PERSONAL
� Native of Upstate South Carolina, a bustling area half way between Atlanta and Charlotte in the foothills of the Southern Appalachian mountains
� Married to a Virginian!
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� Married to a Virginian!
PROFESSIONAL
� De facto campus planner
� Professional expertise in community and land planning and development, and in building rehabilitation
� Lead and coordinate major projects, including real estate development planning
What is special about Fort Monroe?
� Location, location, location – Chesapeake Bay, Hampton Roads harbor and Mill Creek Pond
� Environmental setting – water all around, beaches on the bay
� Historic structures and habitable spaces (residential, office, commercial and special purpose) – provide opportunities amid unique amenities
� Will be owned and managed by the Commonwealth of Virginia upon base closure with private partners and investors
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Fort Monroe
Property Characteristics
� A spit of land surrounded by water on three sides at the gateway to Hampton Roads harbor and the Chesapeake Bay
� 570 total acres (108 acres submerged; 85 acres of wetlands)
� Almost entire property listed as a National Historic Landmark Districts since 1960, one of only 2300 landmark properties in
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Districts since 1960, one of only 2300 landmark properties in the United States and one of the very few districts
� 130 acres of open space; 13 acres of beach (3 miles of Bay shoreline)
� Nearly 200 buildings – vast majority to be reused
� 332-slip marina
Old Point Comfort has a rich history
of joint military and social life
�Mid-nineteenth century scenes
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The White Lion arrived at Old Point
Comfort (today's Fort Monroe) in 1619.
� The first slaves from Africa landed in Virginia at Old Point Comfort in 1619
� They were from Angola, a colony of Spain
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1802--Old Point Comfort Lighthouse
� In 1802, the Old Point Comfort lighthouse was built.
� The British occupied this area during the War of 1812 area during the War of 1812 and used the lighthouse as a watch tower.
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1819-1834 – Fort Monroe built in
response to War of 1812
� Construction was led by the French military engineer, Brigadier General Simon Bernard
from 1819-1834
� 2nd Lt. Robert E. Lee was a construction engineer
� Mission was to protect entrance to Hampton Roads
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� The Chamberlin enjoys a commanding view of Chesapeake Bay.
� The dining room offers a splendid panorama at all times of day.
Chamberlin, independent living
apartments and fine dining
times of day.
� It is open for Sunday Brunch and Monday Lunch.
The Commonwealth is Obtaining
Fort Monroe
• BRAC closure – decision made in 2005
• Army vacates in September 2011
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September 2011
• Commonwealth receives property upon Army leaving
Governor Kaine’s 5-point charge
for Creating Re-use Plan
� Respect Fort Monroe’s history
� Large-scale open space/park area
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space/park area
� Keep it fully open to the public
� Limited new development within strict limits
� Economic sustainability
Re-Use Planning – Process
� Hampton and Hampton FADA led early efforts (2005-2006) –lots of citizen involvement; community design charrettes (~ 600 participated)
� State and new FMFADA given planning responsibility in 2007
� Since 2007, have been guided by the Governor’s 5-point charge
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� Since 2007, have been guided by the Governor’s 5-point charge
� Must follow National Historic Preservation Act Section 106 process (federal law)
� Determining appropriate level of adaptive re-use, open space preservation, and new development involved 30+ consulting parties and a programmatic agreement with the US Army, the President’s Advisory Council on Historic Preservation, the National Park Service and the Virginia Department of Historic Resources as principals
Ultimate Vision for Fort Monroe –
What will it look like?
� Select areas and buildings for public visitors services inside and outside moated fort
� Lease the remarkable collection of historic homes and buildings
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and buildings
� Change North Gate from industrial to mixed use
� Short-term leases and rental of Wherry housing units, medium to long-term redevelopment
Re-Use Planning
Five Management Zones
� Historic Village
� Inner Fort
� Entry/North Gate
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� Entry/North Gate
� Wherry Quarter
� Open-Space Park
PA Protects Fort Monroe’s
Landmarks and History
� PA = Programmatic Agreement
� Virginia’s Department of Historic Resources role as State Historic Preservation
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State Historic Preservation Office (SHPO)
� Interpretive Master Plan will guide nature and character of public programs and use
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National Park Service Involvement
� Fort Monroe National Historic Landmark (NHL) District entitles owner (US Army, then Commonwealth) to specialized technical assistance from architects and conservators, in addition to priority funding for national ‘bricks and mortar’ grants
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priority funding for national ‘bricks and mortar’ grants
� NPS Reconnaissance Study complete June 2008, updating the historical scholarship of Fort Monroe
� Currently exploring additional possible NPS roles (unit of National Park Service, affiliate, partner, etc.)
Environmental Clean-up
� Primary Stakeholders: US Army, Virginia Dpt. of Environmental Quality (DEQ ), FMFADA, public
� US Army required to fund investigation and clean-up
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Real Estate planning and budget impacts
� Establishes Virginia’s long-term plan for management of Fort Monroe.
� Fort Monroe has been line item in state budget funding interim seed money to develop, manage and market the property.
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� Specific partner solicitation anticipated beginning early FY 2010. Phased implementation is planned.
Select Capital Improvements
� Fort Monroe authority's stimulus request as of February 2009
• $20 million — Flood protection
• $15 million — Waste water collection system
• $10 million — Water system improvements
• $6 million — Gas system improvements
• $15 million — Beach replenishment
• $4.94 million — Storm water management and drainage
• $4 million — Streets and sidewalks31
Economics—Current Fiscal Impact
May 2008 Analysis
� Current Fort Monroe employment level
� 1,705 people in uniform
� 2,405 civilian and contract employees
� Current Fort Monroe residents – 804 residing on the post
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� Current Fort Monroe residents – 804 residing on the post
� Current economic impact to City of Hampton – $32.04 million
Economics –Short-term transition
May 2008 analysis*
� Projected annual operations/maintenance costs -- $4.0 to $4.7 million
� Projected net loss to Hampton (service costs v. revenues) 2011-2014
� Should see a net positive in 2015*
FMFADA may offset some net losses during 2011-2014
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� FMFADA may offset some net losses during 2011-2014
� NOTE: FMFADA and City of Hampton continue to refine all projections
* Updated November 2008 (following slide)
Economics – The Path to Long-term
Economic Sustainability
The cost of public services (utilities and public safety) and of property Operations and Maintenance (O&M) is projected to exceed revenues (rental income, local property taxes and others) for the first five years. Revenue is projected to cover costs in FY 2017, moving Fort Monroe toward long-term economic sustainability. Source: BAE, November, 2008.
FY 2012 $6.7 million
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� FY 2012 $6.7 million
� FY 2013$5.9 million
� FY 2014$5.3 million
� FY 2015 $2.1 million
� FY 2016$1.65 million
� FY 2017 Anticipate Fort Monroe will cover expenses.
Economics – 20-year Financial Model
(2011-2031)
� FMFADA consultants – Bay Area Economics (BRAC and other federal installation expertise)
� Development program
� Operating budget analysis
� Fiscal impact analysis
� Interim property leasing program (leasing some buildings
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� Interim property leasing program (leasing some buildings “as is”)
� Pre-paid residential leasehold program (potential revenues from ground leases)
� Capital budget
� Cash flow estimate