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MAJOR CAPITAL PROJECT DESCRIPTION <br />FOR YEARS 2005 - 2008 <br />Funding Source <br />Redevelopment Authority/ <br />Activity Date Commission Lease TIF Revenue <br />2005 4 400 000 Bond <br />TOTAL $4,400,000 <br />Projected On oing Operating Cost Impact <br />Operating costs will increase significantly but will be offset by revenues from parking customers. <br />Though the East Bank parking deck will be different from the downtown decks and their operational <br />environment, a net operating income will be generated. Current income per space per year in the <br />downtown garages range from approximately $85 a space per year to a high of $200 a space per year. <br />The East Bank Area parking deck could generate between $35-$50 per space per year, given the <br />difference in parking needs in the East Bank Area. <br />Sample-Ewing Development Area (SEDAN $ 16,950,000 (2005-2007) <br />Studebaker Corridor/Oliver Plow Works Project <br />This project includes the large scale acquisition, relocation, and clearance of major obsolete <br />industrial buildings and incompatible land uses. The project also includes the reconstruction or <br />construction of major streets, curbs, sidewalks, and parking lots in the prof ect area. In addition, new <br />streets will be constructed when necessary, and street and pedestrian lights will be upgraded. <br />Construction of new water, sanitary and storms sewers will be included in this project. The <br />Studebaker Corridor/Oliver Plow Works is a mix of building types and conditions and a mix of <br />businesses and is located in the merged and expanded Sample-Ewing Development Area (SEDA). <br />The Redevelopment Plan calls for the revitalization of the project area by protecting existing <br />businesses and attracting new businesses and industrial development to assembled and cleared sites. <br />Obsolete buildings and incompatible land uses must be eliminated in order to allow for continued <br />development that will create new jobs and increase the tax base. <br />Activi , Date <br />2005 $12,500,000 <br />2006 3,000,000 <br />2007 1,450,000 <br />TOTAL $16,950,000 <br />Funding Source <br />Federal Sec. 108 Loan and Federal <br />Grant Funds, TIF Revenue Bond, <br />County Option Income Tax (COIT), <br />and County Economic Development <br />Income Tax (CEDIT) <br />Projected Ongoing__Operating Cost Impact <br />Operating costs may increase slightly due to the acquisition and clearance of deteriorated buildings. <br />Given our experience in the balance of the Sample-Ewing Development Area (SEDA) project, <br />D-35 <br />