:: RERC Recent Projects ::

Click on the list below to read more about our recent projects.

Below are some brief descriptions regarding some of our recent projects. For more information please contact us at:

Phone: 407.843.5635
800.767.5635

Seminole Way City of Ashville, North Carolina Cape Coral CRA TIF Projections IIA Global Headquarters Legends at Sparks Marina Retail Project
	Seminole Way – A Guide for Quality Economic Development Preparing a guide for quality economic development for the future of a vital community like Seminole County, Florida needs clear vision and leadership. It requires coordination and consistency of policies, as well as supporting infrastructure and resources. To enhance the opportunities for successful implementation, it also takes relevant and accurate information regarding the economic marketplace and the possible obstacles that might constrain or redirect the most practical options and pathways. In a globally competitive world where technological changes can sweep swiftly like waves across the sea, one locale must focus intently all of its resources on the target and move quickly. At the same time, foundations must be laid to provide the infrastructure and support systems that might not be fully capitalized for a decade, or more. The SeminoleWAY initiative was conceived by a visionary partnership of business and governmental leaders – The Seminole County Regional Chamber of Commerce. The Mission: to create a strategic land use and economic development plan focused on attracting high value/high wage jobs and businesses to the county along the State Road 417 Corridor and across I-4 to the Port of Sanford. *Real Estate Research Consultants* was retained in early 2008 to lead a team of professionals to prepare a detailed evaluation for support of this visionary economic development strategy. The *RERC* report explores: goals and visions for economic development in the SeminoleWAY corridor; local resources for economic development; important and relevant historical economic trends in Seminole County and the central Florida region; economics futures for the county; and land use trends and policies that will be important to attracting high value/high wage jobs and businesses to the county. In the RERC report, all five of these subject areas are incorporated into a coordinated and effective strategy for identifying how the SeminoleWAY dream may come true.


BACK TO TOP	City of Asheville, North Carolina RERC was retained by the City of Asheville, North Carolina to evaluate and assist in the disposition and redevelopment of numerous key, city-owned properties in or near the central business district. RERC conducted a market overview to evaluate which properties would be included in the public-private initiative, met with key stakeholders including City Council to define goals and criteria for the process, and developed the RFQ and RFP instruments necessary to define and frame the real estate opportunities for distribution to the private development community. RERC also analyzed statements of qualifications received in response to the RFQ and recommended those developers exhibiting the qualifications necessary to be eligible to participate in the RFP phase of the process. RERC continues to serve the City in the important public-private initiative and has recently been engaged by other City departments to assist as a strategic advisor to other city-sponsored initiatives.


BACK TO TOP	Cape Coral CRA TIF Projections In light of Florida State Legislature's adoption of the tax reform legislation this year with far reaching effects on local taxing districts and redevelopment agencies, Real Estate Research Consultants (RERC) was retained by the City of Cape Coral Community Redevelopment Agency (CRA) to analyze Tax Increment Financing (TIF) projections based on the recent state tax reform. This tax reform has introduced an added element of financial uncertainty for redevelopment agencies operating under Chapter 163, Florida Statutes. CRAs are now facing uncertain millages and uncertain tax increment revenue streams. RERC analyzed historical TIF revenue collections, assessed the timing and probability of current and future planned projects by formulating low, moderate, and high scenarios, created a series of econometric models to estimate the historical rates of market appreciation for property values as well as the future rate of appreciation in the tax base, projected the incremental tax base incorporating both new construction and appreciation, created City and County millage models projecting the effects of adopted state tax reform on future millages, revenues, and property value streams, and applied projected millages to the incremental tax base to determine future collections. Since the state legislated tax reform has fundamentally changed the way millages are calculated and adopted, each time an incremental change is applied to a CRA development scenario or market appreciation, a new millage rate must be calculated and projected. RERC has presented future millage rate projections for the most likely CRA development scenario and market growth rate to the client. The above analysis provided the Cape Coral CRA an order of magnitude and timing of TIF revenue potential over the next 28 years under adopted state tax reform. In times of financial uncertainty, RERC's in-depth understanding of tax reform issues and their effects on CRAs can properly equip these agencies with knowledge to manage risks and minimize negative impacts.

The Institute of Internal Auditors (IIA) Global Headquarters, Altamonte Springs, FL

RERC serves as real estate advisor and strategist to The IIA to plan for the organization’s future growth and membership needs which now numbers more than 120,000 members worldwide.

RERC’s services include determining the implications of The IIA’s strategic plan on its real estate needs and corresponding office space demand at its global headquarters. To support the organization’s decision making with regard to future real estate investments, RERC will develop and evaluate several alternatives for their ability to accommodate future growth and demand. The process will result in the identification of a preferred solution and a corresponding implementation strategy to achieve it.

Market Analysis and Sales Tax Projections
Legends at Sparks Marina Retail Project
City of Sparks, Nevada

RERC was retained to estimate the taxable sales generated by a 1,300,000 Square Feet retail project in the Reno area. These taxable sales represent the primary revenue stream available to secure several million dollars in publicly issued debt associated with this project. The bond proceeds will help provide necessary infrastructure improvements to the area. RERC’s role involved many responsibilities. Among other things, we provided the estimates of market demand for the proposed retail and entertainment project. RED Development, based in Kansas City, is the developer of the project. Major proposed tenants or operators include Scheel’s All Sports, Freedom Roads/Camping World, Wal-Mart SuperCenter, Target and Fry’s Electronics. The remaining square footage could include tenants such as Tommy Hilfiger, Nike, The Gap, Landry’s T-Rex Restaurant, Dave & Buster’s, Polo, Corona Cantina, Neiman Marcus Last Call, Nordstrom Rack, a 5,500 seat minor league baseball park and a 500 room casino hotel.