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<br />PROJECT SUMMARY <br /> <br />>>Redevelop several vacant and underutilized buildings in downtown Centerville <br />into retail, office and second story high-density housing in order to introduce <br />a new and different retail, office and affordable housing into the market area. <br /> <br />>>Extend utilities to serve the redevelopment site. <br /> <br />>>Create a streetscape and architectural style as part of this redevelopment for <br />this site that will be environmentally and pedestrian friendly and form a guide <br />for the redevelopment of the entire downtown. <br /> <br />>>Remove the existing vacant and marginal buildings, reconfigure and <br />concentrate them into a "critical mass" to ensure the synergy required to <br />keep the area viable and vital. <br /> <br />1. FUNDING REQUEST <br /> <br />a. List specific project components, with itemized dollar amounts that you will fund with an <br />LCDA grant and total requested amount. <br /> <br /> <br />Total <br /> <br />LCMA <br />Re uest <br /> <br />Ci TlF <br /> <br />Anoka County <br />CDBG <br /> <br /> <br />Land Acquisition <br />Demolition/Site Preparation <br />Water Main/ Storm Sewer Construction <br />Streetscape Construction <br />Total <br /> <br />$ <br />$ <br />$ <br /> <br />$ 550,000 <br /> <br />$ 150,000 <br /> <br />b. Prioritization: <br /> <br />If fewer dollars would be available, priority funding would go towards extension of the <br />water main, construction of storm water management and, finally, construction of <br />streetsca pe. <br /> <br />c. The "But-For" test: <br /> <br />The redevelopment costs of "East Block 7" are extensive due to: <br /> <br />1. The high cost of acquiring marginalized and vacant properties. <br />2. The needed publiC investment in extensive improvements to Centerville Road. <br />3. Introduction of streetscape to the downtown for improved pedestrian use; and <br />4. Greatly reduced (40%) TIF revenue due to tax rate compression. <br /> <br />After applying tax increment proceeds generated from the redevelopment, grant funds <br />and other City funds, there is still insufficient funds to finance the anticipated public and <br />private redevelopment costs. Without this grant, it will be impossible for the City to <br />assist in completing a comprehensive redevelopment effort (there is a $ 450,000 gap that <br />the grant would assist in filling, on key, selected developments). <br /> <br />Jf9 <br />