HomeMy WebLinkAboutTIF Request exhibits Cottonwood+Ida 2-27-19Exhibit A
EXHIBIT A URBAN RENEWAL PROJECT REQUEST
COTTONWOOD AND IDA MIXED USE PROJECT 5/8/2019
PROPOSED IMPROVEMENTS RELATED TO TIF
PROJECTS ESTIMATED COSTS
OFF-SITE INFRASTRUCTURE 1,647,108$
IMPACT FEES 522,120$
TOTAL ESTIMATED TIF FUNDED PROJECTS 2,169,228$
POTENTIAL BOND ABLITY BASED ON TAX REVENUE AND REQUIRED DEBT COVERAGE
BOND AMOUNT 2,169,228$
PROJECT DETAILS
OFF-SITE INFRASTRUCTURE 1,647,108$
See Engineers estimates
COTTONWOOD 544,842$
IDA 191,316$
ASPEN 590,950$
TAMARAK (BOULEVARD ONLY)20,000$
WALLACE (BOULEVARD ONLY)20,000$
FRONT STREET / PARK PARKING 280,000$
IMPACT FEES per unit (93 residential / per 1,000 SF commercial)
Transportation/ Residential 3,053$ 283,894$
Transportation / Commercial 4,535$ 136,501$
Water / Residential 559$ 60,962$
Water / Commercial 3,556$ 12,497$
Fire / Residential 186$ 17,265$
Fire / Commercial 365$ 11,001$
TOTAL IMPACT FEE COSTS 522,120$
Exhibit B
EXHIBIT B URBAN RENEWAL PROJECT REQUEST
COTTONWOOD AND IDA MIXED USE PROJECT 2/27/2019
PROJECT ESTIMATES FOR TAX GENERATION AND BONDING ABLITIY
TOTAL PROJECT COST 35,215,856$
ESTMATED TAXES 1%352,159$ annually - all increment
Debt coverage limits 1.5
Amount availible for Bond payment 234,772$
Estimated bond rate 4.5%
BOND TERM 20 years
ESTIMATED BOND POSSIBLE 3,100,000$
with above assumptions on debt coverage and taxes collected
PROPOSED BOND REQUEST 2,169,228$
ESTIMATED BOND PAYMENTS 184,949$
ESTIMATED BALANCE OF PROJECT TAXES AVAILIBLE FOR FUTURE NEURB PROJECTS
167,210$ ANNUALLY
SUMMARY of Cottonwood+Ida Off-Site Costs – updated 2-27-19
East Cottonwood ($544,842.12)
Improvements for East Cottonwood include the following:
• replacing a 6-inch water main with a new 8-inch main, from the west property line to Ida Avenue
• replacing a 6-inch sanitary main with a new 8-inch main, from the west property line to a manhole
near Plum Avenue
• New diagonal parking on the north side of Cottonwood street
• New concrete sidewalk on the north side of the parking
• Gravel base and asphalt paving patch for new water and sewer mains
Ida Avenue ($279,987.35)
Improvements for Ida Avenue include the following:
• New 31-foot asphalt street section with 1-1/2-inch base course gravel (16-inch section) and curb and
gutter
• New 5-foot wide sidewalk on west side
Front Street ($191,316.16)
Improvements for Front Street Parking:
• New 31-foot asphalt parking section with 1-1/2-inch base course gravel (16-inch section) and curb
and gutter.
East Aspen Street ($590,950.05)
Improvements for East Aspen Street include the following:
• New 8-inch water main from North Wallace to Front Street, with new water and fire service lines
• New 8-inch sewer main from North Wallace to Front Street, with new service lines
• New 8-inch storm drain main from the west property line to Wallace Street, including 2 new
manholes
• New 8-foot sidewalk on the north side
• New 5-foot sidewalk on the south side
• New 35-foot asphalt street section with 1-1/2-inch base course gravel (16-inch section) and curb and
gutter from Wallace Avenue through the Ida/Aspen intersection
Summary
East Cottonwood $544,842.12
Ida Avenue $279,987.35
Front Street / parking $191,316.16
East Aspen Street $590,950.05
Total $1,607,095.68
Cost estimates include 15% contingency and 13.5% design/inspection/testing fees