Ord 2005-017 - Laserfiche WebLink

Home Browse Search

I I I PRELIMINARY REINVESTMENT ZONE FINANCING PLAN Part 1. A DETAILED LIST DESCRIBING THE ESTIMATED PROJECT COSTS OF THE ZONE, INCLUDING ADMINISTRATIVE EXPENSES AND A STATEMENT LISTING THE KIND, NUMBER, AND LOCATION OF ALL PROPOSED PUBLIC WORKS OR PUBLIC IMPROVEMENTS IN THE ZONE Table C lists the estimated costs for the proposed railroad overpass public improvement project (the "Project") to be constructed in the Zone It is anticipated that the owner of the bulk of the real property included in the Zone, Carma Blanco Vista, Limited (the "Developer"), will advance funds for the Project costs, and will be reimbursed from tax increment revenues of the Zone as provided in a separate agreement and other documentation between the Developer and the City (the "Reimbursement Agreement") It is anticipated that the infrastructure improvement costs will include interest costs associated with the Project. Line Item amounts may be adjusted with approval of the Zone Board of Directors, and will be reimbursed or disbursed based on actual audited costs for the Project. Table C Estimated Zone Project Costs . Railroad overpass -------------------$5,000,000 . Interest costs ---------------------------$2,000,000 . Zone creation costs----------------------$ 100.000 Total estimated project costs $7,100,000 . Portion of Project Costs to be Borne by Developer $ 658,714 . Portion of Project Costs Subject to Reimbursement by Zone $6,441,286 Part 2. ECONOMIC FEASIBILITY STUDY Appendix B contains an economic feasibility study prepared for the proposed commercial, residential and light industrial development to assess the market for the proposed development. The study concludes that the proposed development is feasible and the demand for the development is strong. (The study is underway It will be completed before the project plan is finalized) Page 6 of27 of Exhibit C 1/31/05 6