HomeMy WebLinkAboutCity Hall Block.pptCity Hall Block with flood plain delineated
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Original Project
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Original Project - Plan A
VIEW - NORTHWEST (Intersection of Gilbert St. and Iowa Ave.)
UU51C Allen Development Neumann Monson Arcinecr. 2
Original Project — Plan A
SITE PLAN
IOWA AVE
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PARKING RAMP
4 LEVELS
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10 S. Gilbert/410 E. Washington: Allen Homes, Inc.: Neumann Monson Architects 4
Plan A Total Development cost $39.3 million
Public benefits:
• Fire truck bays
• Office space: 2 floors for future expansion (11K SF)
• 6 units Affordable Housing owned by City, plus 6 units for rent (15%)
• Preservation of Church
• Parking structure (-118 City spaces)
City resources:
$3.3 million from land sales proceeds
+ $3.7 million TIF (20 years)
+ $8.8 million in cash or other funds
$15.8 million
purchase price of fire truck bays, commercial space & parking deck
+ $1.08 million in Affordable Housing funds
purchase price of 6 Affordable Housing units
Development gap remaining:
$5.1 million
Plan B Total Development Cost $34.3 million
Public benefits:
• Fire truck bays
• 6 units Affordable Housing owned by City, plus 9 units for rent (15%)
• Preservation of Church
City resources:
$3.3 million granted back to developer from land sales proceeds
+ $5.6 million TIF to fill Development gap (20 years)
$8.8 million
$2.2 million purchase price of fire truck bays
$6.6 million development gap for some of residential, AH + church gap
+ $1.08 million in Affordable Housing funds
purchase price of 6 Affordable Housing units
+ $32,500/yr
for - 40 parking spaces leased from Developer
Preserves Church
Adds 15 units of Affordable
Housing
Space for future fire expansion in
5K sf floor of commercial
Expands tax base
No cash outlay
Activates street frontage
Plan B
Loss of control of City property
No City -owned parking
Annual lease expense for critical
parking
Requires significant capital expense
to fit out fire bays and connect to
existing station
Increases pressure on adjacent
parking facilities
Commits Tax Increment