The Urban Innovations' Process

Urban Innovations has established a five phase process to maximize funding and profitability for Transit Oriented Development (TOD) projects. Our process involves the following steps:

• Phase 1 – Evaluation and Feasibility Review – Prior to engaging Urban Innovations, an initial evaluation is made to determine project compatibility with TOD guidelines. After Urban Innovations has been engaged by the municipality, transit authority or the developer, the first step is to determine the best approach to qualify the project for public funding. Urban Innovations evaluates which programs best fit the project and what modifications should be considered to maximize benefits and funding. Urban Innovations then works to have the project listed as required and assists in obtaining the planning grant funding.
  
  
• Phase 2 – Specific Needs Assessment and Feasibility Study – Here, Urban Innovations creates the preliminary project profile for both the transit component and the non-transit development opportunities, and reviews the funding requirements with all parties. A preliminary business plan is prepared outlining potential stakeholders, funding sources, cash flows, ownership interests, etc. An important part of Phase 2 is the completion of key reports required by the Federal Transit Administration (FTA) to continue project planning, evaluation and funding activities. Urban Innovations meets with the local municipality, the transit authority, the developer and FTA to gain consensus on the project profile and business plan, and to receive preliminary FTA approval.
  
  
• Phase 3 – Stakeholder Identification and Financial Analysis – Next, Urban Innovations coordinates the completion of key environmental and financial information that is required by FTA and assists in obtaining additional planning grant funding for the project. The project profile and business plan are more finely tuned; determining infrastructure needs and specific project requirements. Urban Innovations prepares the comprehensive financial package required by FTA and meets with all levels of government as needed for project support. Financing plans are coordinated with the developer and the draft Joint Development Agreement is prepared that outlines all arrangements among the parties.
  
  
• Phase 4 – Project Profile Materials and Joint Development Agreement - In meetings with all stakeholders, Urban Innovations finalizes the project profile and the business plan, and coordinates the preparation of all documents and agreements that detail the arrangements. The centerpiece is the Joint Development Agreement among all stakeholders; however, many other agreements and approvals need to be prepared and arranged for closing. Urban Innovations coordinates preparation and submission of the formal funding grant application to FTA for the total project “hard dollars” for construction.
  
  
• Phase 5 – Closing and Implementation – In this last phase, Urban Innovations coordinates the execution of all agreements and determines that all funding and financing is in place. If a developer has not yet been selected, Urban Innovations will work with the municipality or transit authority to solicit Requests for Proposals (RFPs) as needed and to evaluate them as they are received. In most cases, all stakeholders will already be in place and Urban Innovations will coordinate the closing activities, making sure all agreements are properly executed and all required approvals have been obtained.
  

Every TOD project is unique. Although in some instances transit authorities or municipalities may already have developers involved, for projects in need of developers, Urban Innovations will assist in finding the right party as part of the process. Likewise, for developers seeking to incorporate transit into their development projects, Urban Innovations can lead the way, providing TOD alternatives.

Regardless of the parties involved, in order to maximize available TOD funding for your project, the Urban Innovations process is invaluable. Urban Innovations stands ready to guide your project through the many funding programs available.

Finally, at the completion of this process, Urban Innovations can also monitor the project construction to completion for the municipality or transit authority and can also provide property management services to the developer for the non-transit components after construction is completed and operations commence.

Whether a transit agency, a developer, or a municipality contact us today to get started.