No. 2383 contracting the boundaries of the West Washington-Chapin Development Area

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Preliminary Estimates of Development Project Scope and Costs The scope of redevelopment summarized on the following pages is intended as a preliminary indication of the workloads, cost, and potentials of each of the major development areas identified in the Plan. The actual scope of each redevelopment project will depend on specific development proposals and public/private resources available to support implementation of the development projects. Estimates are based on the following: Recommended. program actions in the areas of image and identity, safety and security, and general economic development involve the continuation or expansion of programs already established by the City and available to the neighborhood. Other than expanded administrative efforts, no new costs are anticipated. Estimates for housing program actions are based on surveys conducted by the City and the consultant, and on experience of the City and the consultant on similar projects. Estimates for property acquisition relocation and demolition as part of the recommended development plan for the Washington Street and Chapin Street areas are based on current real estate property assessment records, and City and consultant experience on similar projects. Estimates for community facilities and improvements are .based on recent cost experience of the City, and the consultant's review of existing conditions. Estimates shown on the following pages provide an indication of the funding required to undertake all of the neighborhood improvement projects and activities identified as needed. The revitalization and development program will require along-term, multi-year commitment. Estimates are presented to illustrate the annual funding and performance levels to successfully undertake and complete the program within five and ten-year time frames. These estimates should be used as a general guide during the implementation phase, and adjusted to allow for inflation and for the cost of administration. The five year completion schedule would require annual funding estimated at $1,670,000 to $2,137,000. Aten-year completion schedule would require annual funding estimated at $835,000 to $1,069,000. The early commitment of Section 108 Loan funds together with CDBG funds that may be allocated for neighborhood improvement projects, will provide total funding close to that required for annual performance at a ten-year implementation program pace. Although it may be desirable to achieve more rapid progress at higher levels of funding, it would not be realistic to raise expectations based on a time frame of less than ten years. If the annual performance of the ten year program can be maintained, highly visible progress will be evident in just a few years. • 33