The Burbank Collection Community Facilities District
The Burbank Collection is an $80 million project in downtown Burbank that includes 40,000 square feet of urban retail space, 118 condominiums, and a 723-space parking garage that provides parking for residents, retail customers, and the public. Champion Real Estate Companies, the developer built the garage as part of the larger project. The city then purchased the public component of the garage from the developer using the proceeds of a bond issuance backed by a combination of tax-increment financing and a community facilities district special tax.
This case study discusses how the publicly owned component of the garage was financed and how it is managed today, including the challenges involved in managing this type of shared-ownership, shared-access parking.