DEED Redevelopment Grant Application

July 24, 2012

Project Scope – 2014 Construction

• West Lyon Street - Water, Street, Sewer, Storm sewer Reconstruction (water priority).

• Parking Lot Resurfacing.– Reconstruction of the Addison Lot.– New public parking lot on Block 11.

• Aesthetic Streetscape and Parking Lot Enhancements• Demolition of Blight and Shovel Ready Lot.• Pending commitment of Varsity Pub patio expansion

& private parking addition.

Downtown District Zoning

Mixed-Use Development Concept

Proposed Amateur Sports Mural Varsity Pub

Sports Mural Location & Varsity Pub Expansion

Varsity Pub Expansion Recap

• Amateur Sports Mural.• Private patio and bar expansion.• Proposed City construction of the parking lot

with privatization to the Varsity Pub in Conjunction with Private Development Commitments.

DEED Redevelopment Grant Project Budget

Description Total Cost ($)

City($)

DEED Grant($)

Varsity Pub ($)

Demolition Vacant Buildings 57,000 57,000 0 0

W. Lyon St. Street & Infrastructure (assessments to be included in”City” funding participation)

$1,351,000 868,500 482,500 0

Varsity Pub Parking & Related Sidewalks & Alley (city financed)

101,000 0 0 101,000

Addison Lot 183,000 0 183,000 0

New Public Parking Lot (Block 11) 260,000 0 260,000 0

Varsity Pub Patio Expansion Not yet determined

0 0 100% total cost

Subtotal 1,952,000 925,500 925,500 101,000

Recommendation

• Approve Resolution to authorize grant this evening.

• Future approvals will be necessary including final grant agreement, private development agreements, TIF amendments, etc.

Questions