Morrisville Town Center Plan - 2007

Appendix 4

then funding can be generated from a broadest possible constituency without relying on local donors or the local government. Thus, a regional capital campaign can reduce the overall burden not only on the town but also on Morrisville residents. Alternatively, local government can sponsor the development of a cultural facility through bond financing. Even then, debt service on those bonds can be paid at least in part through a lease agreement with anchor tenants to generate income. Developer contributions or impact fees may be another way of financing construction of civic facilities, if allowed under State law. Federal or State grants, such as community development block (CDBG) grant funding, are also available for community facilities under certain circumstances. Infrastructure & Parks An historical park that honors Morrisville’s Civil War past is another important element of the concept design that was envisioned by the community. The park might also serve as a location for community events and other opportunities for bringing the community together. The acquisition and development of historical parks, like any cultural venue, can be financed in part through a capital campaign (perhaps sponsored by a non-profit organization initiated by the Town and dedicated to this purpose), in addition to grants and other resources. Again, it would be helpful to assess the potential for such facilities as an input to identifying the appropriate financing structure. Certain infrastructure improvements, such as roads and urban design enhancements, can be funded through state and federal transportation improvement grants or through a variety of local financing methods including: While the Town might require developers to install new roads and street infrastructure, there is a need to ensure that the new areas are well integrated into the existing Town neighborhoods and also provide public accessibility. The Town of Morrisville has already taken steps to acquire property and assemble large parcels for attracting master developers. While this approach is helpful, particularly where the Town is targeting redevelopment according to the plan (such as in the north-west portion of the study area), such acquisition should be carefully programmed so as not to seed confusion or resentment among property owners in areas where major redevelopment is not necessarily programmed. The Town might avoid acting as a direct “developer” where possible, and focus more on indirect interventions such as recruiting developers and working with entrepreneurs, regulating uses, and strengthening organizations that can devote their energies to fundraising for the major projects. Overall, the Town has an important role to play in the redevelopment and revitalization of the town center area, but direct financing investment is not always required and the Town can also act effectively through marketing and other interventions as outlined in the Appendix. • Revenue bonds • Installment purchase • Tax increment financing (TIF) • Special taxing districts, etc. • Developer contributions

86 │ Town Center Plan

January 2007