A rendering of the approved 640-space parking garage at the city-owned 3 Lincoln Street property (left) and a rendering of the completed RiverWalk pedestrian path (right)
Source: Credit to City of Biddeford, Maine
| Project Name | Lincoln Garage and RiverWalk |
|---|---|
| Location | City of Biddeford, Maine |
| Project Sponsor / Borrower | City of Biddeford, Treadwell Franklin Infrastructure Capital (TFIC), James W. Sewall Company, Amber Infrastructure Group, Hunt Companies Incorporated, and DESMAN Design Management |
| Program Areas |
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| Value Capture Techniques | Joint Development |
| Mode | Parking |
| Description | The Lincoln Garage and RiverWalk project in Biddeford, Maine involves the design, build, finance, operation, and maintenance of a 640-space parking garage and the construction of the City’s urban RiverWalk. The project is part of Biddeford’s revitalization plan for its downtown Mill District and will support the Lincoln Mill and Riverdam Mill redevelopment projects while alleviating the existing downtown parking pressures. To fund the project, Biddeford engaged Amber Infrastructure Group and Hunt Companies Incorporated in a progressive development agreement, which included a 25-year lease of the parking garage on 3 Lincoln Street. The agreement allows construction to be completed without using residential property tax dollars and with no impact on the City’s tax rate. Biddeford will contribute to the project funding through annual payments from its tax increment financing revenues and parking garage and lot fees. The agreement also provides a revenue-sharing mechanism to allow the city to share in parking revenues exceeding forecasts. If revenues exceed 110% of projections, the City will receive all extra revenues until upfront expenses have been repaid. When that point is reached, the City will then receive $0.90 of each dollar of additional benefits and Biddeford RiverWalk Community 1, LLC will receive the remaining $0.10 of each dollar. Any revenues that are received will be placed in a Special Revenue Fund that will be used for parking-related expenses. The City of Biddeford approved a joint development agreement between Treadwell Franklin Infrastructure Capital and James. W. Sewall Company in September 2019. PC Construction began development of the parking garage in August 2020 and it is expected to be in operation by Premium Parking in July 2021. Once completed, the RiverWalk will connect from Mechanics Park to the 3 Lincoln Street parking garage, promoting pedestrian use between the garage and downtown. The project will reduce the tax burden for residents and provide parking in the downtown and Mill District. It is expected to spur development within the district and restore pride in the community. |
| Cost | $22.3 million and capped at 24.6 million |
| Funding Sources |
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| Project Delivery / Contract Method | Joint Development Agreement, DBFOM 25-year concession. |
| Private Partner | Treadwell Franklin Infrastructure Capital (TFIC) (Amber Infrastructure Group and Hunt Development Group) |
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| Lenders | TFIC Sewall will provide up-front financing to design, build, operate, and maintain a 640± space parking garage on the city-owned 3 Lincoln Street property, as well as complete the next phase of the City’s RiverWalk and pedestrian connections. |
| Duration / Status | After putting the project out to bid in 2018, Biddeford signed a contract with developers in September 2019. Construction began in August 2020 and is expected to be completed by July 2021. |
| Financial Status / Financial Performance | Construction of the $22.3 million project will be paid for by Biddeford’s tax increment financing revenues and income from parking fees. The parking garage is expected to provide Biddeford with an additional $16,407,604 in property taxes during the first 10 years of operation. Over 25 years, it is expected to bring in $39,772,744. |
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| Contacts | James A. Bennett |
The groundbreaking ceremony with the City of Biddeford and its project partners on the City's first parking garage in August 2020.
Source: Credit to City of Biddeford, Maine
Biddeford RiverWalk
Source: Credit to City of Biddeford, Maine
