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<br />Winslow, and modifications to Broadway for proposed protected drop-off for Cinema and Fox
<br />Theater. This concept was approved by the City Council /Agency Board in the Joint Study
<br />Session in March, 2003.
<br />Courthouse Plaza $ 6,483,190
<br />Estimated hard and soft costs associa`ed with the demolition of the Annex on Broadway, the
<br />restoration of the fagade of the Courthouse, and the construction of the proposed new plaza.
<br />Miscellaneous Downtown Projects $ 650,000
<br />Estimated costs to Theater Way 2 (Middlefield between Broadway and Veteran's Blvd);
<br />gateway improvements and directional signage for downtown; enhanced public open spaces;
<br />Winslow realignment; and improvements to redirect traffic back unto Broadway. These
<br />improvements help implement the Downtown Plan and reflect direction received in the Joint
<br />Study Sessions with the Council /Agency Board, Planning Commission and the Architectural
<br />Review Committee. Money originally budgeted to fund a fountain in the plaza between City
<br />Hall and City Center Plaza will be redirected to this project.
<br />Development Incentives /Contingency $ 3,067,000
<br />Estimated costs for offsite reimbursements for the Franklin Street Apartments; downtown
<br />precise plan; incentives for private development projects; and contingency for unforeseen
<br />opportunities and expenses.
<br />These projects total almost $37M. The plan for funding these projects includes $1.5M in
<br />existing Agency resources, approximately $31 M in Agency bonds, and an estimated $4.5M in
<br />a loan from the City. This funding plan is detailed below.
<br />Downtown Fund ing Plan III FY 03/04 I L_ FY 03/04
<br />Item ��� Cost I Existing Funding
<br />Parking Improvements
<br />19,175,000
<br />Land Assembly
<br />11,500,000 9,500,000
<br />Culvert
<br />3,800,000
<br />Streetscape Improvements
<br />1,675,000
<br />Courthouse Plaza
<br />7,050,000 566,810
<br />Miscellaneous Downtown Projects
<br />850,000 200,000
<br />Development Incentives /Contingency
<br />3,067,000
<br />Total 1 47,117,000 10,266,810
<br />Estimated Unappropriated Fund Balance'
<br />held in reserve for
<br />Additional Funding Needed
<br />BOND FINANCING PLAN
<br />Net Bond Proceeds
<br />City /Agency Loan
<br />Total Additional Funding
<br />`Actual una ppropriated fund balance is $2,695,814. $1,200,000 is
<br />FY 03/04
<br />Funding Needed
<br />19,175,000 --
<br />2,000,000
<br />3,800,000
<br />1,675,000
<br />6,483,190 I
<br />650,000
<br />3,067,000
<br />36,850,190
<br />1,495,814
<br />35,354,376
<br />30,894,376
<br />4,460,000
<br />35,354,376
<br />3
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