12-05-1988 EDA MIN - Laserfiche WebLink

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Page 2 . EDA Minutes December 5, 1988 group had some concerns that would have to be worked out in the final stages of the development. The main concern expressed by the downtown business people was parking availability. Mr. Schoenbauer indicated that the project was proposed to be done in 4 stages with the first stage being in relationship to the proposed hardware building. This first stage would not require extra parking and would be able to stand alone as its own project. Mr. Schoenbauer distributed a cost estimate of the project broken down in four phases. Mr. Fursman stated that the project can be done over a period of time as funds and priorities are established. He also indicated that the costs portrayed in the estimate are not necessarily the actual cost to the City as some of the costs would possibly be taken care of by the business owners. As engineering costs were not included in the figures the fact that this would raise the total cost was discussed. Commissioner Schuldt indicated that the EDA or City Council has never been asked what they would like to see in the proposed area. Mr. Fursman indicated that the Council had directed Staff to obtain a concept plan, and cost estimates for the boardwalk. . Commissioner Holmgren questioned where the financing would come from for the first phase of the project. Mr. Fursman indicated that the tax increment generated from the new construction which will occur on the vacated site will be used as well as grant monies. Commissioner Tra11e questioned where the money will come from for phases 2, 3 & 4. Mr. Fursman stated that he could only speculate as to where the money would come from such as grant funds, money set aside by the City for parks, park dedication fees, and tax increment financing plus possible assessments to benefited property owners. Commissioner Tra11e indicated he is 1eary of initiating phase one of the Boardwalk plan without knowing how the other three stages will be completed. He indicated that he did not want to "saddle" new councils or EDAs with this type of cost. Commissioner Gunkel indicated that this riverwa1k has been a desire of the City for a long time and stated the City would be neglecting a responsibility if it did not adopt a plan while the opportunity was present. Gary Santwire commented that there was no interest debt service included in the figures for the boardwalk. He further stated that the people in the downtown area could petition for the riverwa1k improvement and the assessment would be minimal if divided between the owners and put on a 15 to 20 year assessment roll, therefore eliminating the need for tax increment financing. . Cliff Lundberg stated that in the next five years there will be much more downtown development. He also indicated that the riverwa1k would spur on downtown redevelopment.