Laserfiche WebLink
2. 2. <br /> CC Work Session <br /> Meeting Date: 12/12/2023 <br /> Primary Strategic Plan Initiative: Promote economic growth and development. <br /> Information <br /> Title: <br /> 2024 COR Infrastructure Improvements <br /> Purpose/Background: <br /> PURPOSE: <br /> To provide final direction to staff on the 2024 COR Infrastructure improvements, specifically the improvements <br /> that are TIF eligible expenses. The waterfront park improvements will come to a future meeting. <br /> BACKGROUND: <br /> Since late 2022,the city has placed the build out of COR infrastructure as a high priority. The purpose was first <br /> due to the time frame allowed to incur eligible expenses against TIF 14 would expire November 28, 2023. <br /> Through special legislation in 2023, the deadline to incur expenses was extended to November 28, 2026. The <br /> district itself is set to run through 2040. In other words,the city is allowed to capture tax increment through 2040 <br /> to repay eligible expenses that have occurred. <br /> The current focus is on the western portion of the COR given that is where the development interest is currently <br /> the highest. Three construction projects were awarded in 2023 within the TIF 14 district. First,was a utility <br /> extension and road reconstruction/extension of Ferret St NW in a commercial/industrially zoned area west of <br /> Armstrong Blvd and south of Bunker Lake Blvd. Second included a tree clearing project on city-owned parcels <br /> west of Center St. The third project was the excavation of a storm water pond within the future Waterfront Park <br /> area, and subsequently using that material to mass grade the same area as the tree clearing efforts to prepare <br /> shovel ready sites. A last component to work completed in 2023 was the full design of the remaining roadways <br /> (Center St. realignment,West Ramsey Parkway,Zeolite St.) These expenses were funded through the issuance of <br /> a$7 million bond. <br /> On July 18, 2023,the City Council began reviewing 2024 priority projects for the COR. The early consensus <br /> was to construct the full length of Zeolite St NW and the section of West Ramsey Parkway between the round <br /> about and Zeolite. The factors behind this direction are due to the active developments of Aldi and Hilton Home <br /> 2 Suites, as well as executed purchase agreements with Norhart(market rate apartment with first floor <br /> commercial) and Centra Homes (100+detached townhome project). It should be noted that both Norhart and <br /> Centra Homes will be contributing $256,000 each towards the construction of West Ramsey Parkway,west of <br /> Zeolite St. Further direction at the time was to update the financial analysis of TIF 14 to better recognize <br /> committed projects,thus impacting future tax revenue. The updated analysis is attached. <br /> Staff have been working with Bolton&Menk throughout this process on the design of the roadways. Attached is <br /> a concept showing the nearly finalized road design and estimated costs. Minor adjustments between now and <br /> bidding on the projects for construction in 2024 will have minimal impact on the cost estimate. These costs are <br /> TIF eligible expenses and have been included in the updated financial analysis. The 2024 project timeline is as <br /> follows: <br /> •December 13, 2023 Staff relay decisions made by City Council to Bolton&Menk <br /> •January 13, 2024 Bolton&Menk Finalize Plans <br /> •February 23, 2024 Staff Completes final Review <br /> •February 27, 2024 Council Approves Plans& Orders Bids <br /> •March 28, 2024 Open Bids <br />