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Agenda Packet 10-28-19 Work Session
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Agenda Packet 10-28-19 Work Session
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Agenda Packet
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Work Session
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10/28/2019
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10/28/2019
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cost of the infrastructure will be funded primarily through a local improvement district, which would ultimately be paid in part by the future owners of property within the site, and in part by the Agency. The original estimate was $15.5M. The current estimate is $16.2M. The Agency’s share of the increase is $200,000. <br />Borrowing/Interest: Current projections show that, in FY21, the District will not have enough cash on hand to pay for project expenses. Therefore, the District will need to borrow money to be paid back with future tax increment and program revenue through FY24. The cost of borrowing plus interest is estimated to be approximately $1.2 million. <br />Quiet Zone Increase: In 2017, Council approved railroad quiet zone improvements for 10 railroad crossings. In 2018, the Agency Board approved the use of urban renewal funds for the three crossings within the Riverfront District – Pearl Street, High Street, and 8th Avenue at Hilyard Street. Higher industry construction costs, design modifications, and necessary additional work at each crossing will increase the cost estimate for the 10 crossings, including the 3 being funded by urban renewal collars. The design at the 8th & Hilyard Street crossing has been modified to incorporate space for parking. The altered concept removes the roundabout but continues to provide vehicular access to the Riverfront and provides a connection to the riverbank path for bicycles and pedestrians. <br />October 28, 2019, Work Session – Item 2
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