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Budgets and Maps
Budgets and financing mechanisms...and Types of Maps
| Question | Answer |
|---|---|
| PRIVATE financing for real estate | |
| Private Equity | Private equity is contributed by both individuals and corporations. It can come from the developer itself (for small projects), equity partnerships, or companies (for large projects). |
| Banks | Banks offer both construction period financing and long term loans, such as mortgages. |
| Credit Companies | Credit companies are groups of finance firms that offer both debt and equity financing for development projects. GE credit and GMAC mortgage are two popular credit companies. |
| Investment Banks | Investment banks provide equity financing on development projects, especially during the pre-development and development phases when risk is highest. Consequently, investment banks expect premium returns and quick cash-outs. |
| Pension Funds | Pension funds offer both debt and equity financing. Because pension funds are long-term assets, they may seek long-term ownership within the development project. |
| Real Estate Investment Trusts | These are investment companies consisting of developers, lenders, and equity investors. They are publicly traded, and pay out of 90 percent of their earning to shareholders in order to avoid paying corporate taxes. |
| Life Insurance Companies | Life insurance companies offer debt and equity financing. Many have partnerships with developers. |
| PUBLIC Financing for Real Estate | |
| Tax Increment Financing | TIF funds redevelopment within a particular area using the increased value generated in that area. The funding is reserved mostly for infrastructure, but can be used for developer assistance. |
| Special Service and Special Assessment Areas | These are special tax districts whose revenue is used to fund infrastructure improvements. It shifts the financial burden form the developers and the municipality to new residents. |
| Historic Tax Credits | Historic tax credits are sold by the federal government for purposes of rehabilitating certified historic structures. When corporations purchase these credits, they become equity investors and receive a 20% federal income tax credit. |
| Low-income housing tax credits | These are offered to those who rent houses to families with incomes less than 50% of the area median income. |
| Home investment partnership program funds | These are offered to municipalities for purposes of building affordable housing. |
| New markets tax credits | New market tax credits are given to municipalities, which offer them to equity and loan providers to increase their returns. |
| Tax-Exempt Bonds | Tax-exempt bonds provide low-interest loans for industrial and low-income housing projects. |
| TYPES OF BUDGETS | |
| Traditional Budget | A traditional budget process forecasts budgetary needs, government revenues, and government expenditures for the next 4 to 6 years based on economic and demographic trends within a community. It also compares the forecast budget against policy objectives |
| Line Item Budget | A line item budget separates expenditures into different categories (administrative, equipment, etc). Line item budgets are common to municipalities but not project management. |
| Performance Budget | A performance budget identifies the various services that are being funded, and evaluates each service against set standards. Performance budgets are common to project management. |
| Work Program | A "work program" identifies the work and resources required to produce a certain project outcome, and lays out each project as a series of steps. Budgets normally incorporate work programs. |
| Types of Performance Budgets | |
| Planning Programming Budgetary System (PPBS) | Analyzes a gov program and separates it into various objectives and components for budgeting purposes. Managers can determine the future consequences of the budget and develop alternatives. PPBS was created by Robert McNamara for the Defense Dept. |
| Zero-Based Budgeting | Begins each year with a base of zero. From there, all organizational programs must justify their continued existence within the budget. Different from other forms of budgeting, which use the previous year's budget as a basis. Dev by Texas Instruments |
| The Dayton System | Dayton System uses rows and columns to create the budget. Each program is assigned a row, and each category is assigned a column. A possible category may be the department responsible for the expenditure, or the budget from the previous or current year. |
| GIS | Links databases and maps. Database mngmt tools that obtain, store and alter descriptive info re: map features. Topo/spatial orientation. Used to determine exact property boundaries and ID important environmental features. |
| TYPES OF MAPS | |
| Land Use Map | Essential components of comprehensive planning. Two types: Current land use maps and Future land use maps (serve as the basis for zoning maps). Combined they serve as the master plan and regulatory zoning map. |
| Land Use Map Color Legend | Purple = industry Yellow = Low Density Housing Brown = High Density Housing Red = Retail and Commercial Blue = Institutional and Public Areas Green = Recreational/Park Areas Gray = Utilities |
| Land Classification Map | Far more generalized than land use maps. Whereas land use maps display areas of human activity (industry, rec, residential); land classification maps display "development areas" (urban growth) and "non-development areas" (env sensitive areas/need preser). |
| Aerial Photograph | Important bc include 1) ground features (soil conditions, plant life, water boundaries). 2)Geographical data -- creation of sketch maps for planning and design, 3) envi and dev changes over time, 4) locations of sensitive env areas, such as wetlands. |
| Orthophoto Map | Created from aerial photos. Show scaled distances and ground features (including roads, landmarks and plants) and help: display and latering land use plans; manage veg; performing habitat analysis/flood/watershed/soil erosion/etc. |
| Orthorectification | Because aerial photos usually have heavy distortion, they need to be cleaned up using this process, which digitally enhances the center of the image and clarifies angles, land features, and distances. USGS database is a common source of aerials/ortho maps |
| Topographic Maps | Use scales of 1:25,000; 1:50,000; and 1:100,000. Use contour lines and may contain: boundaries such as state and county lines; buildings, airports, schools, and other manmade features; roads, bridges, roadways, etc; water features; land surface features |
| Soil Survey Map | Produced by the Natural Resources Conservation Service (NRCS). Soil types which are based on County surveys. Planners can determine the best areas for ag/forestry; areas for septic systems; urban development; and ID floodplains and wetlands |
| Cadastral Map | Cadastral map designates the geographic boundaries of subdivisions, land parcels, and owned land. Examples include tax maps. |
| Map Terms | |
| Projection | The technique by which the curved, three-dimensional surface of the Earth is conveyed to a two-dimensional image, such as a piece of paper or a computer screen. Projection relies on mathematical modeling, and is a necessary element in mapmaking. |
| Rectify | The technique by which coordinates are assigned to images. This technique is necessary to integrate the image as a GIS layer. |
| Digitizing | Records the features of a map by hand-tracing it using a computer mouse or a digitizing tablet. |
| Orthophoto | An aerial photo that has been completely rectified. |
| Layer | A subdivision of related data within a GIS database. Layers can be viewed individually or overlaid on top of one another, depending on the information needs of the user. |
| Coverage | The use of multiple data layers to describe the same area of land. One parcel of land often has different layers for soil types, land uses, road types, bodies of water, etc. |
| Geocoding | The technique of designating database records with X and Y. |
| Downside of TIFs | a) they underestimate costs of future expenses required as a result of new development; b) they are increasingly being used in areas that aren't actually blighted; c) they can lead to favoritism and other forms of corruption |
Created by:
jlongabaugh
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