6 Projects Bring F.C. $18.8 Million in Proffers

Six large-scale mixed use projects approved since September 2001 have brought $18.8 million in cash and cash-equivalent proffers to the City, in addition to the tax revenues they’ve generated, according to a report from the City’s Economic Development Director. All the proffers were voluntarily offered by the developers ahead of approvals of the projects by the City Council. These include $3.3 million to the City’s Public School Capital Fund and affordable housing proffers with a cash-equivalent value of $9.4 million. Another $3.4 million in cash-equivalent utility undergrounding and $1.1 million cash-equivalent in streetscape work has been proffered. “Green” features have added another $400,000 in cash equivalents, and reduced rent for the flex arts space at the Pearson Square project totals $688,000 in cash equivalent. Notably, the City has been able to obtain consistently higher levels of proffers with each new project. In approving The Broadway in 2001, the City gained an estimated $15,902 per housing unit in proffers, or $5.80 per square foot of the project. In the most recent approval, The Northgate on N. Washington Street, the City gained an estimated $30,259 per residential unit and $19.73 per square foot.