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Town Center Plan
January 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:
•
Revenue bonds
•
Installment purchase
•
Tax increment financing (TIF)
•
Special taxing districts, etc.
•
Developer contributions
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.