Mike Parella

Assistant Vice President - NYCEDC | Strategic Investment Group |

New York City Metropolitan Area

About

Effective, accountable and proven leader within organizations whose mission improves the quality of life of people and places. Responsible for managing financially complex, high-profile and time sensitive redevelopment projects. A trusted partner to my public sector colleagues and private sector partners. I diligently improve the places I work and community where I live.

Experience

  • Assistant Vice President at New York City Economic Development Corporation
    Nov 2024 - Present · 1 yr 8 mos

    Manage a portfolio of public incentive and redevelopment financing transactions supporting private developers, commercial real estate projects, and mission-driven nonprofit organizations undertaking economic development and community investment throughout New York City. • Lead the evaluation and approval of tax-exempt bond financings and discretionary tax incentive transactions supporting commercial, industrial, and nonprofit redevelopment projects. • Reviewed and approved more than $291 million in tax-exempt bond financing transactions for community development projects. • Structured and authorized Payment In Lieu of Taxes (PILOT) and sales tax incentive packages that have leveraged more than $2 billion in private capital investment for commercial and industrial projects. • Conduct detailed financial underwriting and project viability assessments, including analysis of operating performance, capital stacks, sources and uses, debt capacity, and project pro formas to evaluate financial feasibility and investment risk. • Developed standardized due diligence and financial review frameworks used to assess organizational operations, financing and project risk for internal finance committee review and approval. • Prepare detailed memoranda, financial analyses, and presentation materials for internal committees, public boards, and senior stakeholders to support financing approvals and decision-making. • Coordinate with developers, legal counsel, public officials, and internal stakeholders to facilitate transactions. • Oversee transaction execution and closing timelines to ensure timely completion of authorized financings. • Manage, mentor, and provide strategic guidance to junior staff while maintaining high standards for analytical quality and execution. • Maintain and analyze portfolio performance, financial, and compliance data for internal reporting, public accountability, and annual performance evaluations.

  • City of Chicago (8 yrs 7 mos)
    • Financial Planning Analyst
      Apr 2022 - Nov 2024 · 2 yrs 8 mos

      Managed over $90 million in city grants and public financing that leveraged over $300 million in private funds for urban redevelopment projects. These included affordable housing, adaptive reuse, historic renovation, industrial, commercial, and non-profit developments, and small business grants. Performed financial due-diligence, underwriting, contract negotiations and prepared and presented materials to elected officials for approval. --Underwriting incentive requests and analyzing pro-formas to determine needed public assistance. --Due-diligence review to determine market conditions, developer experience, environmental conditions and project readiness and feasibility. --Negotiating the financial terms of redevelopment agreements and public benefit agreements. --Preparing public presentations and reports with recommendations to secure legislative approval for public funding. --Leading interdepartmental reviews and coordinating internal/external staff to manage issues and close financing deals.

    • Economic Development Coordinator -- Planning and Development Division
      Jan 2020 - Apr 2022 · 2 yrs 4 mos

      Supervised three redevelopment visioning projects that selected private sector partners to build over $150 million in transformative projects in undeserved neighborhoods. Key responsibilities included: --Directing the community visioning sessions and stakeholder meetings with community leaders, elected officials and the general public. --Guiding the work of architects, designers, engineers, financial consultants and City staff to create and market the development vision to the development community. --Assessing responses to the visioning documents and selecting the winning development team. --Securing public funding and entitlement approval for projects. --Overseeing the closing and construction commencement process with the development team to deliver projects to the community.

    • Economic Development Coordinator -- Real Estate Division
      Jan 2018 - Jan 2020 · 2 yrs 1 mo

      Negotiated the sale or acquisition of over $113 million dollars in City land and buildings. These land transactions facilitated multi-million-dollar hospital, institutional and housing projects; adaptive reuse of historic buildings; affordable housing projects; commercial development and single-family home construction. Key responsibilities included: --Delivering, reviewing and negotiating the terms and conditions of land sale contracts. --Securing public dollars to finance acquisition, public financing, and building stabilization. --Presenting recommendations and rationales at public hearings.

  • Community Development Coordinator at City of Palos Heights
    Jul 2014 - May 2016 · 1 yr 11 mos

    Led the successful effort to overhaul the zoning and land use of the City’s downtown commercial district. Managed the City’s community development and zoning bureaus. Responsibilities included: --Marketing vacant property to potential developers and businesses. Developing local business promotions and marketing strategy. Managing all zoning amendments and special uses.

  • Housing Specialist at Nan McKay and Associates
    Jul 2011 - Jul 2014 · 3 yrs 1 mo

    Worked at the Chicago Housing Authority where I negotiated and approved Section 8 rental contracts for over 300 clients a year totaling over $250,000 in annual rental assistance payments. Trained incoming staff on the Section 8 voucher program and improved the internal process of providing rental assistance.

  • Planning Advisory Service Intern at American Planning Association
    Jun 2010 - Jun 2011 · 1 yr 1 mo

    Provided technical assistance and recommendations to municipal planners. Reviewed zoning codes, plans and articles to summarize innovative ideas for planning guides. Contributed to the growing database of planning reference and policy guidelines by researching and reporting on: infrastructure, land use, transportation, sustainability, smart growth, complete streets, zoning, economic development, commercial revitalization, municipal service delivery, community engagement strategies, parking requirements and more.