Carver Park and Ride Carver County CDA request for assistance June 4, 2013 Workshop Carver County Board…

Carver Park and RideCarver County CDA request for assistance

June 4, 2013 Workshop

Carver County Board Workshop

The Project

• This project - Joint Carver, Carver County, Carver County CDA project– CSAH 11 improvements– Street, water, sewer to abutting properties including

CDA’s property– Park and ride facility

• Related project – sale of balance of property for single and multifamily development

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The Project

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CSAH 11

Park and Ride

Proposed Park and Ride Preliminary Concept Plan

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The Project - perspectives

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47 single family lots

Future multifamily parcel/s

Park and Ride

CSAH 11

History of the site

• Purchased in 2010 for CDA housing project/s

• Designated for City Hall at City’s request

• Evolved to City transit site in current proposal

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Benefits of CCCDA participating

• “Tees up” alternative use for balance of CDA land• Accelerates sale for private development of site• Provides public improvements that increase land

value• Returns most of the land to the tax rolls with near-

term increases in value from market value homes• Provides for future multifamily development at the site

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The budget – CSAH 11/Park and Ride

Phase I cost $4,357,500Engineering base 839,000 Subtotal $5,196,900

Phase II cost 340,400TOTAL $5,537,300*

* $3.0MM provided through CMAQ grant, $1.2MM from County, $1.0MM from CDA, $0.3 from City. Source City provided project budget.

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The budget – CDA projectPhase I cost $450,950Eng., planning, legal 595,050 Subtotal $1,046,000

Change order contingency 60,000Platting, annexation 164,110Insurance, etc. 14,140Financing, other 106,000Existing loan 1,150,000TOTAL $2,540,250*

* Not including first mortgage on land of $1.15MM

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