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.