05/14/2001 Council Packet - Laserfiche WebLink

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Funding Request Last year's Demonstration Account award made to the city will be used to write down the cost of public improvements for Village Phase I development of retail, office, daycare and rental apartments geared towards empty nesters. The city owns the land planned for Phase I development, but the viability of this phase is dependent, in part, on the integration of the remaining housing in The Village. The 29 acres planned for the majority of housing, including the townhomes, live /work and rental apartments, is privately owned. Public assistance with infrastructure costs will be necessary to enable the developers to purchase the land. Development pressure has made the acquisition of the remaining land in The Village even more critical. A conventional shopping center on the northeast quadrant of 35W has been proposed. This is likely to bring additional commercial interests to the Village site. The key to making The Village development successful is providing a means for the city to assist a development team that is willing to follow the Calthorpe development guidelines to gain site control of the remaining land. Covering the cost of infrastructure for the next phase is necessary for financial feasibility of the project. Phase II development of the Village plan requires the following improvements: • Extension of Town Center Parkway to provide access to the housing sites • Design, engineering and construction of new residential neighborhood streets, alley /courts and connections, such as pedestrian walkways, mews and bikeways • Design and installation of streetscape amenities, including sidewalks and special paving The cost of these improvements is estimated at $1.5 million Amount requested $1.5 million It is the city's and developers' intent to complete this plan in two phases. The 2000 Livable Communities award will assist in the completion of infrastructure to Phase I. An additional funding request may be required in 2002 to complete Phase 2 infrastructure, and public amenities such as the Village Green, streetscape and lighting. 5