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• $53,000 Indirect costs (3%) <br /> • $1,822,000 estimated total costs <br /> Additional 2024 improvements to consider: <br /> • $1,649,000 West Ramsey Parkway(east of Zeolite) <br /> • $640,000 Center St <br /> • $69,000 Indirect costs (3%) <br /> • $2,358,000 estimated total costs <br /> Available funding sources for these improvements: <br /> • $512,000 developer contribution <br /> • $111341000 TIF 1 Fund Balance <br /> • $2,2501000 TIF 2 Fund Balance <br /> • $6741000 TIF 14 Fund Balance <br /> • $4,570,000 total funding source <br /> Interfund loans would be created for the purpose of paying back the TIF 1 and 2 proceeds from future tax <br /> increment. <br /> Responsible Party(ies): <br /> Brian Hagen, City Administrator <br /> Bruce Westby, City Engineer/Public Works Director <br /> Diana Lund, Finance Director <br /> Outcome: <br /> Provide direction on 2024 COR Infrastructure Improvements. Staff is recommending the council authorize <br /> bidding and award a contract in 2024 to construct Center St,West Ramsey Parkway, and Zeolite St. Funding is <br /> available for cash payment by utilizing available funds in TIF Districts#1, 2, & 14. An added benefit would also <br /> be to reduce the number of summer construction seasons impacting residents and business in the area. <br /> Attachments <br /> TIF #14 District Financial Analysis <br /> COR Roadway&Trail Concept <br /> TIF #14 Reimbursement Policy <br /> Form Review <br /> Inbox Reviewed By Date <br /> Bruce Westby Bruce Westby 12/05/2023 03:27 PM <br /> Brian Hagen Brian Hagen 12/07/2023 03:27 PM <br /> Form Started By:Brian Hagen Started On: 12/05/2023 07:43 AM <br /> Final Approval Date:12/07/2023 <br />