Fiscal Note
Any redevelopment of Allied Drive area properties by the City or CDA is expected to have a significant budgetary impact. Until a specific development proposal and budget is completed, however, it is difficult to speculate on the total cost of that redevelopment.
This resolution would authorize the CDA to contract for outside professional services including architectural, financial and development consulting services consulting services costing up to $75,000 and needed to create a final development plan. This procurement work could be accomplished with the reallocation of current Economic and Community Development Division staff resources and would likely be funded with available City budget resources since the CDA does not have sufficient resources available to fully fund the costs of the anticipated pre-development services. There is presently $500,000 of City funding budgeted in TIF District #29 for Allied redevelopment in 2007, of which about $88,000 has been spent to date.
This resolution also outlines a proposed Allied Drive redevelopment plan that would commit the City to $3,500,000 for property demolition and infrastructure construction costs. The proposed 2008 Executive Capital Budget includes $3,500,000 of City funding for redevelopment of the City owned properties in TIF District #29 that could be made available for these specific purposes.
Title
AMENDED - Authorizing representatives of the Office of the Mayor, Office of the City Attorney, and Comptroller’s Office to negotiate a Cooperation Agreement with the CDA and authorizing the CDA to enter into contracts for outside services.
Body
WHEREAS, by Amended Second Substitute Resolution No. 07172, adopted on September 4, 2007, the Common Council authorized the City to negotiate with the CDA to act as Master Developer of the City-owned properties located at 2317, 2345, and 2409 Allied Drive and 4705 and 4713 Jenewein Road; and
WHEREAS, the City and the CDA have been in discussions r...
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