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6A - 2003-2008 CIP Downtown/University Hill Management Division~ Downtown/ Universit Hill Y Mana ement g Division • • • DOWNTOWN MANAGEMENT COMMISSION OVERVIEW The Downtown Management Commission is submitting the 9th and Canyon underground parking structure for inclusion in the Capital Improvements Projects Budget (CIP). POLICY ISSUES There are no policy issues at this time HIGHLIGHTS The CAGID-owned surface parking lot at the corner of 9th and Walnut is within the boundaries of the Boulder Urban Renewal Plan for Ninth and Canyon. CAGID and St. Julien Partners have designed a 2Q0 room hotel and underground parking structure for 656 spaces on two underground levels. The project has gone through the tech doc review and submitted for building permit in May. St. Julien is finalizing the financing for the hotel. The urban renewal plan also requires a civic use on the site. The Village Arts Coalition and Collage Children's Museum gained planning board approval for a design on the southeast corner of the site. Collage has negotiated with the Boulder History Museum to take over their role in the civic use building pending the Museum's financial analysis. City Council approved the History Museum as a qualified civic • user. FINANCING CAGID will finance its portion of the underground parking structure through CAGID genera] obligation bonds. In November 1998, a CAGID election was held to approve the issuance of $12,500,000 in general obligation bonds. The measure passed. The funds to repay the debt will be revenues from the structure and certain TIF revenues generated from the future development of the site. As with the 15th & Pearl bonds, CAGID will pledge a mill levy increase if the other revenue streams should not prove sufficient to cover the CAGID debt. RELATIONSHIP TO OP~RATING BUDGET In addition to the $12,500,000 in general obligation bonds being issued, CAGID has spent $461,000 on design fees and other pre-construction costs. • 2003-2008 CAPITAL IMPROVEMENTS PROGRAM , CAGID Bond Fund rs-~ur-oz $ Prior to Zpp3 Zppq Zppg Zpp6 2007 2008 Comments 2003 Projected Projected Projected Praj¢cted projected Projected New Construction - Gmwth Related Facility / Additions 9th and Canyon/Walnu[ Pazking sWCture 700,000 12.500,000 Q New Construction - Growth Related Facility / AddiNons Total: 700,000 12,500,000 0 0 Caaied Fonvard Grand Total: • 700,000 12,500,000 0 2 ~ Aelati'onship to ~M'aet0r-Rlans ;~~ _ . ~ ~Rel~zipnebip wISN"Other 4~aRaF~mentst - .? . ' `, : ; ~ ~ ' ~~_ . _: , , ..._.._.. _ . _ ,....,. ~ Working wlth BURA throughout the process. ~ ; ` _, ._... .~ ,,.. ,.. ~ ~ ! P C'i~*'t' 4'r V~N~t~(rv*' i~ ..: . y~ ~y p.:~. . YJ n4 l~ ~} 'dl I ~ ~ . ~,y - i t t q~.. tvL9t PJ'sl~d ~ u ~~Pf ~ ~ ~'~~~IP s l~T 4 t ~ "{ ~~ ~~ h~' ' F ~~~~~ ~ ~ ~ : q ,.i ` h.,i, .,rv} . i 1 ~ . 1 t*w, 1: f'.. , , "S*, , ~... ; ~ _~ .m . . .~n ,i[ . A i ~ Punding Prior 2003 2004 2005 2006 2007 2008 Planned Funding ? to 2003 (Cerry Over to 2008) "`) Pro~ected Funding: ~ 700,000 12,500,000 0 , 0 0 0 0 13,200,000 '~: ~ 70TALCl1PI,7ALCOSTS " ~ ~' ~ ~~ ~ ~ tetYearoTFunding:~ ~ 1~sss ~ ~ ~ ~ ~ 13,200,000 , ~ ~,~ ~ . ~ funds. 20R2 Approued ~ _. ~. . _..w $o . , ~ ~ : ; ~ ~ ' ~ ~ ~ , , „ ~ - Ghangesfr9mpastClP ' ;CardedForvverd ~: ~ ~.. ~ ~ ~ ~ . ~~ 3