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<br />bbpc <br /> <br />ASSOCIATES <br /> <br />Capitol Hill Towers Mixed-Use Development <br />Washington, DC <br /> <br /> <br />Client District of Columbia, Office of the Chief Financial Officer <br /> <br />Project Overview: <br />. Tax Increment Financing <br /> <br />__-J <br /> <br />--~ <br /> <br /> <br />Prepared a project feasibility and tax analysis evaluation for the District of Columbia, Office of the Chief <br />of Financial Officer, for a mixed-use development that includes a 200-room Courtyard by Marriott hotel; <br />a 13-story, 344-unit apartment tower; and 9,000 square feet of retail. The project will also include a 232- <br />space parking garage. <br /> <br />Analyzed the proposed mixed-use development to determine if the project qualified for tax-increment <br />financing (TIF) from the District government. Prepared a lO-year income and expense proforma to <br />evaluate the financial feasibility of the mixed-use development; conducted a fiscal and economic impact <br />study that quantified the benefits of the proposed development in terms of total taxes generated for the <br />District; reviewed the development sponsor's financial plan for feasibility; and assessed the financial <br />strengths and weaknesses, as well as, the management capacity of the development sponsor. <br /> <br />Capitol Hill Towers is the District's first tax-increment-financed and approved project outside of <br />downtown: a $1l3-million mixed-use development in Southeast, Washington, DC that received <br />$11.3 million in TIF funds. The project is also the first public housing project in the District to receive TIF <br />funding. The public-private financing also includes $36 million of owner equity, $48 million in housing <br />finance authority bonds and $15 million in enterprise zone bonds. <br /> <br />Basile Baumann Prost Cole & Associates, Inc. <br /> <br />Public/Private Development Advisors <br />