Archive for August 22, 2011

Fundamentals of Economic Development Finance: Second Edition

Fundamentals of Economic Development Finance

Fundamentals of Economic Development Finance

We highly recommend the recently-published Fundamentals of Economic Development Finance: Second Edition, authored by Susan Giles Bischak. Ms. Giles Bischak is President and Founding Principal of Giles & Company Strategic Business Consultants and instructor for Economic Development Finance in the Distance Learning Program at the University of California, Los Angeles, and has served as an Adjunct Professor at Stanford University Graduate School of Business and the University of Southern California, School of Policy and Development.

This excellent book provides a “hands on” approach for public/private partnerships and lays out tools for policymakers, community leaders, developers, and lenders to prepare and evaluate strategic business plans to attract private investment dollars. Ms. Giles Bischak walks the reader through each step of the financial plan starting with the project proposal, setting goals and objectives, organization development, venture selection, financial analysis, risk assessment for all parties involved, and project implementation. This book includes case studies, real-world examples and exercises, a glossary of terms, and steps to prepare a business plan. The book is used as an academic tool and for seminars with policy makers.

Ray Garfield of Garfield Traub was privileged to be a contributor in Ms. Giles Bischak’s book. Garfield Traub’s early and ongoing successes nationally in overcoming economic, legal and political hurdles to essential public developments through innovative financing and delivery methods are discussed in Chapter 5, “Fundamentals of Economic Development Finance.” Garfield Traub’s white paper entitled “Municipal Lease-Purchase Financing and Certificates of Participation,” is cited as a resource for key elements of this chapter.

Purchase Fundamentals of Economic Development Finance here.

Garfield Traub Development DPAC Proves Skeptics Wrong

Durham Performing Arts Center (DPAC)

Durham Performing Arts Center - Durham, NC

The Durham Performing Arts Center (DPAC), developed by Garfield Traub, is getting a lot of media attention lately with its key role in the transformation of downtown Durham into a thriving destination with an array of restaurants, entertainment and shopping. Although some openly doubted the project in the past, many of those same people are now retracting their criticism and praising the development instead.

“We are proud of what DPAC has accomplished for the redevelopment of Durham,” said Garfield Traub Principal Greg Garfield. “Durham’s downtown dining and shopping experience has been greatly enhanced by the DPAC, and we at Garfield Traub are glad that we had the opportunity to lead the development.”

In a July article entitled “DPAC: Proof is in the profit,” one local correspondent admitted he wrongly thought in 2007 that the Durham City Council was “digging itself into yet another financial hole” with the project. Now that same reporter has gone on to say, “bully for all the people who gave life to DPAC. You have a big, brassy hit on your hands. It couldn’t have happened to a more deserving burg.”

Additionally, a recent article in The New York Times Travel section attributed a big part of Durham’s success to the development of the Durham Performing Arts Center.  And if that were not enough, trade publication Pollstar announced DPAC as ranking second nationally in theater attendance for the first quarter.  This is a huge honor for Durham, which is competing against other widely-known theater markets like Los Angeles and New York City.

The Durham Performing Arts Center operator confirms that the design of the DPAC ensures there isn’t a bad seat in the house. It is this design that keeps popular performances such as Broadway favorites Wicked, Billy Elliot and RENT, comedians and actors Bill Cosby and Al Pacino, and musical acts such as Leonard Cohen and B.B. King coming and attendance so high. And with a highly-attended theater comes many businesses that have flocked to the area to reap the benefits from the many concert-goers the theater brings.

“Garfield Traub was instrumental in the planning for the DPAC,” said Alan DeLisle, Assistant City Manager for Economic and Workforce Development (2002 – 2009). “The City of Durham has benefited greatly from their leadership and expertise in this process.”

Read more about the development details of the Durham Performing Arts Center. To learn how you can get your public infrastructure financed and developed contact Garfield Traub.

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