09-14-15 - Laserfiche WebLink

Home Browse Search

believed there were concerns for the current trajectory of costs versus revenue and the need to maximize revenues due to rising project costs. He provided comment on the uniqueness of Rice Creek Commons. He reported that the County had anticipated that the project would break even. The County did not plan to make money on the project. The County was interested in the site increasing its tax base while also providing jobs. He discussed the initial investment that had been made by the County in order to have the site cleaned and prepared for development. Mr. Mehrkens reported that the County would have $67 million invested by the time the spine road was completed. Land sales were anticipated to be approximately $65 million, in addition to other real estate costs that were creating a slight disconnect in the project. He provided further comment on future land sales, transit potential and site density. He discussed how the City's approved density would impact the County due to reduced land sales, jobs and housing units. He provided further comment on how the County would bond for the project to cover the project costs. Chair Sand thanked Mr. Mehrkens for his presentation. Discussion ensued regarding the County's additional allocation of funds for the Rice Creek re - meandering, land sale revenues and general expenses for TCAAP. Mr. Mehrkens encouraged the JDA to consider making slight adjustments here or there to assist the County in bringing better alignment to its numbers, both revenues and expenditures, for the project. Commissioner Grant questioned how many jobs the County was hoping to see on the TCAAP site. Ms. Worthington explained the County had a range and had hoped to have 4,000 residents and 4,000 jobs on the site. She provided further comment on how higher density would drive retail and transit investments. Preliminary Design Report Update — Beth Engum and Terry Maurer Beth Engum discussed the Preliminary Design Report for Rice Creek Commons. She reported the improvements at Highway 96 and 1-35W would be completed by November of 2015. It was noted these improvements were funded by the state legislature. She then provided comment on the plans for County Road H, the roundabout at this intersection and potential landscape designs for the spine road. The regional transit improvements and pedestrian connections were also discussed. Discussion ensued regarding the roundabout and the re -meandering of the creek. Commissioner Grant asked if the County had considered applying for a grant for the creek re - meandering project. Ms. Engum explained that the project was not the correct fit for the