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Option G. <br /> Expand Project <br />Expand urban renewal boundary, expand project to include other public facilities or other <br />redevelopment projects, and increase the spending limit. <br /> <br />Property Considerations <br /> <br /> Property Involved Acquisition Cost Option Expirations <br /> <br />Scan Design $1.9 million 12/19/07 <br /> <br />Keim $0.9 million 3/15/08 <br /> <br /> <br />Snowden $2.19 million 3/19/08 – $12,000 to renew until 3/19/09 <br /> <br />Centre Court & hole $2.8 million 3/24/08 <br /> <br />Washburne $1.9 million 3/24/08 <br /> <br /> Shawmed to DIVA $3.15 million 3/24/08 <br /> <br />th <br />Diamond $290,360 + 12 & Oak lot 7/31/08 – $6,000 to renew until 1/31/09 <br /> <br />Roberts – Taco Time $1.2 million 9/15/08 <br /> <br />Lazar $1.55 million 9/19/08 <br /> <br /> <br />Davis – John Henry’s $0.675 million 9/25/08 <br /> <br />Louie – Horsehead $1.98 million 11/17/08 <br /> <br /> <br /> <br />Financial Considerations <br /> <br /> <br />?Funds needed for: <br /> <br /> <br />?West Broadway <br /> <br /> <br />Land purchase <br />o <br /> <br /> <br />Utilities, Public parking, Relocation <br />o <br /> <br /> <br />?Public facilities <br /> <br /> <br />Consultant / soft costs <br />o <br /> <br /> <br />Construction <br />o <br /> <br /> <br />Temporary relocation for current public facility uses <br />o <br /> <br /> <br />?Existing Funds, potential sources: <br /> <br /> <br />?Urban Renewal <br /> <br /> <br />?General Fund <br /> <br /> <br />?BEDI grant (in proportion with Section 108 loan, $2 million) <br /> <br /> <br />?Potential Sources of New Funds <br /> <br /> <br />?New plan amendment to increase maximum indebtedness <br /> <br /> <br /> <br />Possible Strategies: <br /> <br /> <br />?Adopt urban renewal plan amendment with boundary to include County property, increase spending <br /> <br />limit to fund West Broadway redevelopment, new public facilities, and other development projects. <br /> <br /> <br /> <br /> PROSCONS <br /> <br /> <br /> <br /> Consistent with Growth Management Would exceed available resources <br />oo <br /> <br /> <br />Policies & Downtown Plan policies Likely difficulties with public acceptance <br />o <br /> <br /> <br /> Most comprehensive of the options; long-Longer process could compromise property <br />oo <br /> <br />term viewpoint option agreements <br /> <br /> <br /> <br />