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2008_0721_packet
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2008_0721_packet
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9, <br />..... .... . . 1 1.3. In June 2008,, the City contracted with WSB to undertake design work for the public roadways and <br />30 infrastructure within the area identified as Subarea I in the Twin Lakes Business Park AUAR. <br />3 1 This work is anticipated to be completed by December 2008. <br />32 2. 0 POLICY OBJECTIVE <br />33 .1. Approving the submission of the Redevelopment Grant Application, the City is taking a proactive <br />34 step to leverage external funds to assist with the acquisition of right-of-way and construction of the <br />35 public roadways and utilities. <br />36 3.0 FINANCIAL IMPACTS <br />37 3.1. As described above,, the estimated cost of undertaking this project is $,3.3 million of which $,I <br />38 million is being requested from DEED, leaving the City to fund $,2.3 million. The City has a <br />39 variety of tools at its disposal to obtain these funds, including existing tax increment balances, <br />40 which could eventually be reimbursed by the development properties as prescribed by the 2008 <br />°11 Infrastructure Improvements Report,, and/or special assessments. These funding sources are outside <br />42 of the City's general fund and would not contribute to the City's levy. A determination of the exact <br />43 source of these funds do not need to be made at this time however, it should be noted that by <br />44 applying for this grant, the City is acknowledging that there will be matching funds available if the <br />45 grant is awarded. <br />46 4. 0 STAFF RECOMMENDATION <br />47 4.1 Staff recommends that the City Council adopt the resolution authorizing the submission of a <br />48 DEED Redevelopment Grant. (See Attachment B.- Draft Resolution) By applying for this grant, <br />49 the City is taking a proactive step to leverage outside resources to assist with the redevelopment of <br />the Twin Lakes Project Area. These funds would not need to be expended immediately; the City <br />1 would have several years to complete the activities. In addition, if the City has difficulty <br />implementing the proposed project, such as an inability to come to terms with property owners on <br />right-of-way acquisition,, at that time, Council could determine that the project is infeasible and <br />return the funds to DEED or look at alternative courses of action. <br />55 5. 0 REQUESTED COUNCIL ACTION <br />6 5.1 By resolution, allow the City to submit a grant application to DEED's Redevelopment Grant <br />Program for the acquisition of right-of-way, construction of a segment of Twin Lakes Parkway, <br />Mount Ridge Road and associated utilities, and improvements to the intersection of Cleveland <br />Avenue and Twin Lakes Parkway. <br />Prepared by: Jamie Radel., Economic Development Associate <br />Attachments: A: Map depicting proposed prQject <br />B: Draft Resolution Authorizing Submission of the DEED Grant Application <br />Page 2 of 2 <br />
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