09-08-09 FPAC Packet - Laserfiche WebLink

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o Grants o Contributions from Surrounding Residents /Businesses o Assessment for Improvement District o General Obligation Bonds o TIF is not an option (State Exclusion) • Project Valuation Assessment o Criteria: ■ Numbers of residents impacted (residents on either side and possible destinations) ■ Frequency of movements (survey of current pedestrian movements on route) ■ Current Value of Businesses on proposed route benchmarked against similar business on route with existing pedestrian access ■ Projected life of the community asset (depreciable life) ■ Potential for ancillary redevelopment along the proposed route (e.g. percent of property with development greater than 30 years).\ o Cost Pro -Forma ■ Comparison costs to other regional assets ■ Pro -Forma opportunity costs (is there a property value premium for locations near to pedestrian bridges) o Historical Experience ■ Accident report ■ Anecdotal complaints • Community survey (business and residents) ■ Comparable experiences in other communities Repair of a Damaged Park. • Cash Contribution — It would be appropriate to pay for planning and project preparation costs out of existing City funds / budget. The understanding of the community needs, the potential value added and project costs can be covered by the City Department Budgets. Since the benefit for this project is expected by current residents and will also incur to future residents, it is appropriate to consider using existing funds and/or to also seek commitment of future funds. The damage to the existing park is impairment to a current community asset. Delay or deferral of repair further damages the current community and will not meet the community's expectation that taxes have been collected and paid to maintain a park asset in a functional and undamaged state. • Future Fund Sources — The project should not be expected to wait for the collection of future sources of funds. However if fund balances are insufficient it is not unacceptable to utilize General Obligation Bonds to allow the project to proceed with payment made from future tax levies. o TIF is not an option (State Exclusion) • Project Valuation Assessment o Criteria: ■ Numbers of residents impacted (residents on either side and possible destinations)