HomeMy WebLinkAboutRiverfront Presentation 4-15-19April 15, 2019 1
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TODAY
Agenda
Alternative proposal for funding Riverfront Park
District financial capacity
Other Investment Opportunities
Action
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RIVERFRONT PARK COSTS + FUNDING
Total $14M
Staff, Permitting &
Fees $650K
Construction
Costs $10M
Utility Relocation $850K
Consultant Fees $2.5M
Estimated Costs
$5M
Needed Investment
$9M
Current Funding
$9M $6M
Current Funding
$5M $8M
Needed Investment
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•Key part of
Public Input
WDA partnership
•Includes estimated LID
cost
•Further design work to
be done
Plaza
RIVERFRONT PLAZA
$4M
Initial Request
Estimated Capacity Through FY24
Uncommitted tax increment revenue $10.3M
Available program revenue $7.8M
Capacity for additional expenditures $18.1M
Immediate Projects for Consideration
Riverfront Park investment $5.0M $8.0M
Riverfront Plaza initial request $4.0M
Projects for consideration 4/15 $9.0M $12.0M
Potential funds available for future projects*$9.1M $6.1M
*if the Agency Board approves the immediate projects
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DISTRICT FINANCIAL CAPACITY
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Shared Use
Path East of
the Frohnmayer
Bridge
Franklin
Boulevard
Mill Race
PartnershipBroadway &
Hilyard
Remnant
Baker
Center
Greyhound
Block
City ¼ Block
SE Corner of
8th & Pearl
OTHER OPPORTUNITIES
EWEB
HQ
Steam
Plant
Willamette to
Willamette
Plan
Affordable
Housing
Parking
ACTION REQUESTED
Motions:
Option A:
•Authorize the use of $5 million of Riverfront Urban Renewal funds
for the Park and $4 million for the Plaza.
Option B:
•Authorize the use of $8 million of Riverfront Urban Renewal
funds for the Park and $4 million for the Plaza.
•Direct the Agency Director to come back to discuss funding
strategies for other potential projects within the Riverfront
Urban Renewal District.
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8
9
Bethel
26%
City Center
23%
RR/SC
9%
Southeast
7%
Southwest
8%
Willakenzie
21%
City Wide
6%
parks & recreation capital distribution
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RIVER GUIDES
Recommend use of riverfront urban renewal
funds:
•$5 million for development of the park, and
•$4 million set aside for plaza future development.
March 2019
Land Use Package
May 2019
Bid
June 2019
Start Work
November 2019
Work Complete
March 2019
30% Plans
May 2019
60% Plans
August 2019
90% Plans
February 2020
Bid
March 2020
Start Work
November 2020
Work Complete 11
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RIVERFRONT PARK TIMELINE
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Parking
Steam
Plant
Shared Use
Path East of
the Frohnmayer
Bridge
Franklin
Boulevard
Mill Race
PartnershipBroadway &
Hilyard
Remnant
Baker
Center
Greyhound
Block
EWEB
HQ
City ¼ Block
SE Corner of
8th & Pearl
OTHER OPPORTUNITIES
Willamette to
Willamette
Plan
Affordable
Housing
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COMPARATIVE COSTS
$65/s.f. Eugene Downtown
Riverfront Park
Seattle Portage Bay
Waterfront Park
$74/s.f. w/out remediation
$92/s.f. w/ remediation
$76/s.f. PDX South Waterfront
Greenway Park
Construction Cost
2019
Agency Board
Park & Plaza $
April 10
2020
River Guides
Steam Plant
Proposal
April 8
Agency Board
Steam Plant
Proposal
April 24
River Guides
Park & Plaza $
March 21
TIMELINE
Agency Board
Steam Plant
Deal Points
June/July
River Guides
Steam Plant
Deal Points
May/June
Mass Grading
& Riparian
Enhancement
June –October
Demo
April -June
Land
Use Package
May –July