Laserfiche WebLink
SUBJECT: REGIONAL DETENTION FUNDING <br /> <br /> <br />DATE:AUGUST 11, 2014 <br />PAGE2OF3 <br /> <br />A summary of the preliminary costs for the Core Area detention and water quality pond <br />(paid for by the Core Area) are: <br />Core Area Pond Preliminary Cost Estimates <br />5;­-©z¦·zš“ /š­· <br />Cz“Œ 5;­zm“ Å r <br />/š“­·©Ò-·zš“ /š­·­ Å  r <br />[“7 /š­·­ Å <br /> r <br />Total Cost $675,000 <br />Cost per Acre-ft of Pond Volume (5.6 AF) $121,500/AF <br />Cost per Wastewater Treatment Plant area (60,000 sf) $11.25/sf <br />The City Council on July 1, 2014, gave direction to city staff they are willing to pursue a <br />regional detention facility north of the existing water treatment facility to free up the need <br />for on-site water detention within the Core Project Area. <br />DISCUSSION: <br />With the regional detention facility costing $675,000, an additional $325,000 is needed <br />to fully fund the project. All projected Tax Increment revenues within the Core Project <br />Area are committed to repayment of the TIF revenue bonds for public infrastructure, <br />which includes a $350,000 allocation for regional detention. <br /> water detention facility as a component <br />of the Phase 2 development submittal. More accurate assumptions relating to <br />impervious surface and detention requirements will likely reduce the size of the needed <br />facility and reduce costs. Refined costs have not been provided as of the date of this <br />memorandum. <br />The 2014 LRC budget has an existing fund balance of approximately $150,000 that is <br />uncommitted to a particular project. Preliminary TIF projections from the County have <br />not been provided, as they are typically provided in early September to the City for <br />budgeting purposes. <br />The LRC on June 30, 2014 expressed a willingness to contribute to the additional <br />$325,000 to fully fund the regional water detention facility. <br />The other option for funding the remaining $325,000 is to pursue agreements with the <br />property owners within the Core Project Area. They would benefit from the facility as <br />their properties would not need to accommodate water detention on their properties <br />when they redevelop. The agreements could take two forms; <br />1) -rata share of the needed detention <br />facility, or <br />LOUISVILLE REVITALIZATION COMMISSION <br /> <br />