City of Gedar Falls Gapital lmprovement Program Department:


Developmental Services Project Descr¡ption


Economic Development Division:


State Street and Broom Factory Site Development


The City has transferred ownership of the land along the "State Street Corridor" (between 1st and 4th Streets and the Cedar River) and the former "Chamber of Commerce/Broom Factory" site to River Place Properties. River Place Properties is nearing construction of their first residential building at 4th and State. River Place Phase ll (MU1) will begin in earty 2014. Likewise, the Phase I development by the Western Home on the Chamber/Broom Factory site is scheduled to commence in early to mid 2014. This development project will continue in phases over the next S+ years.


and Maintenance lmpact on Current:


River Place Properties and Western Home are the developers on this long term development project. A Developmental Agreement identifying all terms and conditions (including potential tax rebates) was approved by city council in July 2012. Expenses incurred with this development, including incentives to the developer, will be reimbursed through the Downtown TlF. This could extend


Term: payoff date on that district. Project Costs Design


Land/Right of Way Utility Relocation Construction


Landscaping Equipment & Furnish Other


Total Gosts Source of Funds


Gen. Obligation Bond Federal/State Funding Local Sales Tax Capital Projects Tax lncrement Financing Private Sources CFU lnfrastructure


SSMID (Parking Potential) TotalSource


Funding Source: TIF-DT PRIV CFU lnfrastructure SSMID (Parking)


Total 7,000,000


5,100,000 25,900,000 625,000 375,000


$32,000,000


7,000,000 FY14


7,000,000 FYIs


5,000,000 FYI6


5,000,000 FY17


5,000,000 FYIS


3,000,000 FYI9


32,000,000 Total


7,000,000 7,000,000 5,000,000 5,000,000 5,000,000 3,000,000 32,000,000 Fundíng fro them FY14 Downtown TI F and SSMID shownts FYIS FYI6 may also have eligible nfrastructu re installation costs to be possibly rermbursed by the Downtown TIF District. FY17 FYIS as potential participatio n for futu Downtownre FY19 parking expansron. Total E


E E EE E


NE (D


CIP Number: 22 Project Number:


500,000 6,500,000


1,000,000 5,600,000 250,000 150,000


7,000,000 Design


Land/Right of Way Utility Relocation Construction Other:


Total Proiect FY14 FY14 FY20 FY20


1,200,000 3,600,000 125,000 75,000


5,000,000 Proiect Schedule


1,200,000 3,600,000 125,000 75,000


5,000,000 Start


1,200,000 3,600,000 125,000 75,000


5,000,000


3,000,000


5,100,000 25,900,000 625,000 375,000


3,000,000 32,000,000 Finish


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