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L <br />At o <br />L uis ille <br />COLORADO + SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />FUNDING OF REGIONAL DETENTION PROJECT FOR THE <br />CORE PROJECT AREA <br />DATE: AUGUST 11, 2014 <br />PRESENTED BY: AARON M. DEJONG <br />SUMMARY: <br />This memorandum is to update the LRC on progress of the Core Project Area TIF <br />revenue bonds. <br />BACKGROUND: <br />The Core Project Area Agreement among the City, Takoda, and the LRC was executed <br />on July 1, 2014. A regional water detention facility is an eligible project costs out of the <br />TIF revenue bond proceeds up to $350,000. Early estimates by the City's consultant, <br />Olsson Associates, did a preliminary design and estimated total costs for design, and <br />details are provided below. <br />Core Area Pond Details <br />• Pond Volume = 5.6 Acre -ft (AF). <br />• Uses approximately 60,000 sf of <br />land area on the Wastewater <br />Treatment Plant Site in the former <br />biosolids /compositng area. <br />• Value of the land was assumed to <br />be $3 /sf = $180,000 <br />• Construction Costs = $450,000 <br />• Combining costs for the core area <br />pond are more economical than <br />each site having ponds. <br />• Land in the Core Project Area is <br />more expensive than <br />undevelopable land behind the <br />waste water treatment plant. <br />• LRC and Property owners in the <br />core area are interested in the off - <br />site detention solution. <br />• Design, construction, and <br />maintenance of the pond would be <br />paid by the LRC or property owners in the Core Project <br />Area. <br />LOUISVILLE REVITALIZATION COMMISSION <br />