Discussion:
This area has been planned for redevelopment for many years. The former HRA acquired the rear parcel many years ago. The city's Comprehensive Plan's have contemplated redevelopment for some time.
The city has completed the redevelopment study along with extensive soil and environmental investigations. The area is partially bedrock and also has been the site of a quarry and subsequent landfill. The fill materials should be removed for any redevelopment and also at least partially under the Levee Drive area since it is not suitable for loads, hence, the current rapid deterioration of the road bed.
There have also been environmental issues found in the area including a former oil depot across the street and a former drycleaner on the adjacent parcel on Scott Street. The uses over the years have had releases that have impacted the sites.
The city retained Terracon and they have completed extensive site investigations. They also have completed test pits on the site to examine the waste materials and actual makeup for calculating disposal costs to assist in the final estimates for removal.
LHB has also completed a redevelopment report for the existing structures on the site and have found that they meet the requirements for a Redevelopment District.
The TIF analysis shows that the project can support a TIF note of present value of $3.8 million. The current proposal is to repay the EDA/city for property acquisition and environmental investigation out of the TIF and have the developer reimbursed out of the TIF for the site remediation, demolition, utility relocations and public improvements along with the costs for the removal of the bedrock.
The developer, consultants and city staff will be bringing back the proposed costs at a later date along with the public hearing for the sale of the properties.