04-06-2004 CC RPT 07 - Laserfiche WebLink

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People Serving People l~Jve£side CITY OF RIVERSIDE HONORABLE MAYOR AND AGENCY MEMBERS DATE: April 6, 2004 ITEM NO: 7 SUBJECT: CONCEPTUAL APPROVAL OF REDEVELOPMENT ASSISTANCE FOR INFRASTRUCTURE IMPROVEMENTS TO MARLBOROUGH AVENUE TO ENABLE OFFICE AND INDUSTRIAL DEVELOPMENT IN THE HUNTER PARK/NORTHSlDE REDEVELOPMENT PROJECT AREA BACKGROUND: Over the past several months, staff has been working with developers and expanding businesses interested in developing large office and industrial projects in the Hunter Park/Northside Redevelopment Project Area, more specifically in the area of Marlborough Avenue near Iowa Avenue. The storm drain system in this area is insufficient to accommodate new development, as are the streets and sidewalks. In addition, the odd alignment of Marlborough Avenue at the railroad crossing impedes development. To attract new development that would bring desirable jobs into the community, significant infrastructure improvements are needed. Identified improvements include: · storm drain improvements; · street widening; · curb, gutter, and sidewalk construction; · relocation of utility poles; · removal of the rock hill and realignment of Marlborough Avenue at Rustin Avenue; and · realignment and signalization of the railroad crossings on Marlborough Avenue. The estimated cost of the improvements is $14 million, the majodty being for the storm drain system. Public Works staff has been working on the formation of an assessment district and the project design. The formation of the assessment district is essential to and will provide the majodty of the project financing. The Redevelopment Agency has been asked to provide a $500,000 contribution for construction of the infrastructure. On November 4, 2003, this matter was presented to the Agency Board for conceptual approval. The Board directed staff to present the request for financial contribution to the Hunter Park/Northside Project Area Committee and the Development Committee for their review and recommendation. On December 11,2003, the Hunter Park/Northside Project Area Committee (PAC) discussed the funding request and passed on a favorable recommendation for Agency Board consideration. The PAC members believe the improvements will benefit the area overall and serve to attract employment opportunities, thus meeting the goals of the Project Area's Redevelopment Plan. They are sulpportive of the Agency borrowing $500,000 from the City until property tax increment revenue for this new project area is sufficient to repay the loan. 7-1