AG 2018 01 16 - Laserfiche WebLink

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• Purchased in 2015 for $8,750,000. $11 million was borrowed to include limited funding for property upgrades/deferred maintenance. Update: Master Plan and Development Finance Initiative Agreement • Agreement with Development Finance Initiative (DFI) executed in 2014. • Master Plan Adopted in 2016. • 10 -year Market Analysis with transformative public investments: 1,500 residential dwelling units, 300,000 square feet of retail, 400,000 square feet of office and 1 hotel. • 10 -year Market Analysis without transformative public investment: 500 dwelling units, 55,000 square feet of retail and 70,000 square feet of office and 0 hotels. • Key elements of the plan o Density: Encourage density of development to create activity on the street, drive demand and capture value. o Mixed Use: Create a mixed-use district that supports day to night activity, attracts diverse users and expands the downtown market. o Generate Demand: Generate local and regional demand through appropriately scaling, phasing and locating anchors and amenities. Near-term transformative public investments include streetscape/linear park, sports and entertainment venue, and parking deck. o Historic Preservation: Respect the historic integrity of downtown by leveraging historic assets and creating a unique sense of place. o Leverage Public Investment: Leverage public dollars in order to maximize private investment that improves the quality of life for our citizens Update: Infrastructure and Streetscaye/Llnear Park • Final Design completed in August 2017. • Phase I Guaranteed Maximum Price (GMP) contract with Construction Manager Barton Malow approved by City Council in August 2017. Phase II GMP approved December 2017. • $29 million total project cost. • Significant part of the cost is to replace severely aging water, sewer and stormwater infrastructure to facilitate new development demands. • Will result in a major linear park through the middle of downtown along West Avenue. o Extensive new landscaping including the preservation of most of the large oak trees. o Outdoor seating in numerous "living rooms" with different themes. o New street lighting. Decorative fountains. o Two traffic circles with "shifting" two way traffic streets creating very large open spaces and plazas in two quadrants of the West Avenue corridor. o Urban swings, seat walls, canopy structures, open stages. o Angle and parallel on -street parking remains. o Electrical and USB connections throughout downtown in seating areas. o New restroom building. o New sidewalks and decorative pavers. o New downtown wayfinding (signage) system. 2 Attachment number 1 \n G-2 Page 153