HomeMy WebLinkAboutRiverfront Update Presentation 10-28-19RIVERFRONT URBAN RENEWAL DISTRICT
Financial Capacity & Needs
October 28, 2019
URBAN RENEWAL DISTRICTS
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DISTRICT FINANCIAL CAPACITY
Capacity for additional expenditures (prior to 4/15) $18.1M
Agency Board 4/15 Action (Park & Plaza Funding)($12.0M)
Estimated Capacity Through FY24 $ 6.1MIncludes $3M
more UR to
offset Park
SDCs
Estimated Capacity through FY24 $6.1M
Estimates of New Costs for Previously Approved Projects
Infrastructure Increase –Agency Share ($0.2M)
Borrowing Costs/Interest ($1.2M)
Quiet Zone Increase ($1.3M)
Subtotal ($2.7M)
Potential funds available for future projects $3.4M
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ADDITIONAL EXPENSES
CURRENT INFRASTRUCTURE PLAN
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BACK -UP INFRASTRUCTURE PLAN
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BACK -UP PLAN: A PATH FORWARD
Phase 1:
•No LID
•Increased Agency Cost & Delayed Revenue
•Delay Plaza
•Pause River Loans
•Delay Steam Plant Estimated Net Surplus $0.8M
Phase 2:
Future sale & redevelopment of property served by infrastructure: est. revenue
$7.4M. Then proceed with:
•Plaza initial investment
•Support for Steam Plant
•Replenish River Loans
Phase 3:
Completion of infrastructure and sale & redevelopment of remaining lots
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EXPECTED PLAN
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$3.4M
Remaining
STEAM PLANT
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PLAZA
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Mill Race
Partnership
Broadway &
Hilyard
Remnant
City ¼ Block
SE Corner of
8th & Pearl
Willamette to
Willamette
Plan
Affordable
Housing
Parking
OTHER OPPORTUNITIES
COMPETING DEMANDS
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$3.4M
Remaining Parking
Affordable
Housing
Willamette to
Willamette
Plan Mill Race
Partnership
Broadway &
Hilyard
Remnant
City ¼ Block
SE Corner of
8th & Pearl
FUTURE MEETINGS
DECEMBER: RIVERFRONT URBAN RENEWAL #2
DEC/JAN: STEAM PLANT DEAL POINTS
DECEMBER: SB1 (INCLUDES QUIET ZONE)
RECOMMENDATION
PROVIDE DIRECTION TO COME BACK WITH:
1.MORE INFORMATION ON SPECIFIC PROJECTS &
2.POSSIBLE FUNDING OPTIONS
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10 QUIET ZONE CROSSINGS
$7.1 MILLION TOTAL
$3.4M WEST SEVEN
$3.7M EAST THREE +$1.3M = $5M
WESTERN RAILROAD CROSSINGS
EASTERN RAILROAD CROSSINGS
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RIVERFRONT QUIET ZONE CROSSINGS
18
8 TH & HILYARD –UPDATED
CONCEPT
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BACK -UP PLAN POTENTIAL FINANCIAL IMPACTS
Estimated Capacity through FY24 $ 3.4M
Delay on Plaza $ 4.0M
Pause on River Loans $ 1.0M
Subtotal Potential Available Funds $ 8.4M
No WDA Sale/Property Tax Revenue ($ 2.5M)
Additional Infrastructure ($ 5.1M)
Subtotal Potential Costs ($ 7.6M)
Estimated Net Surplus $ 0.8M
Delay Steam
Plant
Investment
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COMPETING DEMANDS
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$3.4M