Title
Third Creek West Financing
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Summary and Background Information:
Funding the Third Creek West development as proposed will allow for the installation of critical infrastructure across E-470, helping to facilitate economic development in the E-470 corridor, and generate revenue for the City, ECAGID, and ERAGID.
In order to fund Third Creek West infrastructure, the proposal is for the two GID to issue bonds for $6.7 million and to obtain an additional $5.1 million via a loan. The developer is investing $7 million as advance for the establishment of the metro districts installing the rest of the infrastructure.
Is Council comfortable with funding the regional infrastructure for facilitating development east of E-470?
What other information will Council want to aid the decision-making process?
Staff Responsible (Department Head): Roger Tinklenberg, Deputy City Manager
Staff Member Presenting: Roger Tinklenberg, Deputy City Manager
Financial Impact:
Funding Source:
Staff Recommendation: Provide direction to staff regarding the proposed funding for regional infrastructure construction in conjunction with development of Third Creek West.