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PROJECT AND DESCRIPTION <br /> <br />KING AND MAIN REDEVELOPMENT: <br />The city HRA has purchased three properties and is <br />working with a developer to redevelop this corner of the <br />downtown area. In 1997, the HRA will remove the <br />existing structures, prepare the site, and sell the <br />property to a developer for the construction of an office <br />complex. <br /> <br /> SURFACE WATER MANAGEMENT PROGRAM: <br /> Minor reconstruction of the southern part_of Ditch 28 <br /> . <br /> <br /> NAPLES STREET: <br /> Reconstruction of a private gravel road to city gravel <br />~~road standards. <br /> <br /> DODGE A~NUE AND STH STREET: <br /> geconstruction and expansion of the street with <br /> sidewalks and street lighting. If a petition is received <br /> soon, the planning will ~ake place in 10~7 and <br /> construction will start and finish in 1~8. <br /> <br />COST AND FINANCING <br /> <br />$426,000 - The HRA received a loan from the city for most <br />of this project and will repay the city over about a nine <br />year period. Approximately $225,000 will be recaptured <br />through the sale of the land to the developer. Excluding <br />this payment, the principal on the loan that the HRA <br />needed to pay offwas for about $177,000. The HRA has <br />already repaid $75,000 of this loan. The HRA will <br />recapture the funds with a TIF district. <br /> <br />$25,000 - the city will finance this through its Surface <br />Water Management Fund. (Major reconstruction of this <br />ditch will cost about $140,000 and may take place in 1998 <br />or 1999) <br /> <br />$20,000 - from the city streets reserve. No assessments to <br />adjacent property owners, but the city receives street <br />easements in exchange for the improvement and this road <br />will become a city street. <br /> <br />$400,000 - $135,000 assessed out to benefited property <br />owners. This project would be bonded for in 1997 and the <br />bonds would be repaid through the collection of <br />assessments to benefited property owners over a five year <br />period. The city contribution of $265,000 will come from <br />its capital projects and street reserves. <br /> <br />Capital Improvement Program (CIP) Year - 1997 Page 4 <br /> <br /> <br />