HomeMy WebLinkAboutZ4. 2014 Budget Hearing 11: Community Investment Update Presentation 10-22-13DCI BUDGET UPDATE
• Smart Streets
— Economic Rationale
— Phasing Plan
— Budget
• Deconstruction
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Downtown counts on 2-
way streets to get going
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SMART STREETS
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Restore the role of the street
as shared, enhanced public
space — for pedestrians,
cyclists, public transit and
private vehicles to attract
investment and residents.
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•'i COL'FAXST
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WHY SMART STREETS?�. .,�
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Costs Year Completed Project # Projects/ Total
qq� Population 41
Lafayette / W. 50,000 Main Street 1994 N/A N/A
Lafayette, IN
Columbus, OH 810,000 Gay Street 2008 $7.7M $137M
Wichita, KS 385,000 St. Francis Street 2012 $2.3M 6 Projects /$10.1M
Toledo, OH 323,000 Adams Street 1997 N/A N/A
- "Very big plus for retail" — Dennis Carson, Dir of Economic Development, City of Lafayette
- "Project area went from a 90% to 10% vacancy rate in just over 1 year." — Jason Gregory, Executive Vice
President, Downtown, Wichita, KS
- "The project, which cost an estimated $7.7M, is part of the City's larger move to give downtown
[Columbus] a neighborhood feel, one that cant be achieved with so many one -way streets" Mary Carran
Webster, Assistant Director of Public Service, City of Columbus, OH
"Two -way streets enhance neighborhood liveability," Councilmember Maryellen O'Shaughnessy said, "and
the resulting activity will improve the business climate and encourage more downtown living." —
Columbus, OH
- "The [street] conversion projects, coupled with other projects have brought an increased comfort level to
residents, employees and visitors — downtown has a new feel." Bill Thomas, Executive Director —
Downtown Toledo Improvement District
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SMART STREETS
• Phase I: Williams /Lafayette
— Signal modification, restriping, street
trees, two `bulb out intersections'
• Phase I B: Jefferson Street
(Niles to St. Peter)
— Pavement markings, landscaping,
drainage solutions
• Phase IC: Bartlett Street /N.
Michigan
• Phase ID: Design details for
Main /St. Joseph
• Phase II
— Main/ St. Joseph Street
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CONCEPTUAL PLAN
Lafayette Street — 82' ROW (Before)
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CONCEPTUAL PLAN
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82'
Lafayette Street — 82' ROW (After)
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SMART STREETS
SOURCE Amount ($) USE
Fund 412 - Major Moves $4,500,000
Phase 1A: Williams /Lafayette
Phase 1B: Jefferson Street
Phase 1C: Barlett Street /N. Mich
Phase 1D: Design & CDs: Main /St. Joe
Contingency ( -15 %)
Sub -Total
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10/22/2013
Amount ($)
$671,000
$1,540,000
$1,006,500
$700,000
$582,500
$4,500,000
Fund 227 - Loss Recovery $2,500,000 Corridor Plan implementation $2,500,000
Fund 404 - COIT $720,000 Curbs and Sidewalks $720,000
Total Appropriation $7,720,000 $7,720,000
Fund - 426 -CMDA TIF (1) $3,700,000 Memorial parking, Barlett Street access $3,700,000
TOTAL $11,420,000 $11,420,000
ROI Model / Lafayette and Williams
Additional Tax Revenue Existing $40,805 $40,805
New Development Tax Revenue to City - $37,300
Signal Operating & Maintenance $21,000 $21,000
Savings
Total Additional Revenue and Savings $61,805 $99,105
Payback Period 10.9 6.8
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Removal of 7 signals
Scenario A: No new development on William or Lafayette
Scenario B: Williams: Development of parcels fronting Williams and Coveleski, and at Manor site. Lafayette: 2
mixed -use buildings, assessed at $250,000 each
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DECONSTRUCTION
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Creation of 12 jobs through the deconstruction and
recycling of 14 structures per year
Chance for residents to become engaged
Soft skills training initiative
Create opportunities out of blight
Potential partnerships with Youth Build, Habitat and
Monroe Circle
Development of architectural salvage retail store that
will create additional jobs
Lost cost materials for homeowner rehab projects