Public Hearing for the Union Station Phase 2

Project Plan (Tax Increment

Financing)

September 11, 2018

Union StationRedevelopment District

• Established in 2014

• Approximately 10 acres

• Historic renovation of former Union Station and related buildings

• Development to occur in 3 phases

2

Union StationTIF District

Phase 2 Project Area

Phase 2 Project

Phase 2 Project

Phase 2 Project

Phase 2 Project – Proposed Improvements

• Rehabilitation of existing buildings• Union Station Terminal• Express Building

• Additional 30,000 sf second floor

• Reconstructing existing parking and inclusion of sidewalk pavers

• New planters and landscaping

8

Use of Tax Increment Financing

Demolition and Earthwork $ 483,423

Site Improvements 1,584,076

Site Electric, Ductwork and General Expenses 240,862

Soft Costs 646,164

$2,954,734

Developer Commitments

• Pay-as-you-go TIF financing

• Provide parking easement for free evening and weekend parking

• Commence construction no later than one month from execution of the agreement

• Substantial completion of Phase 2 Project no later than December 31, 2020

City Commitment

• Acquisition of a 10-year parking easement for 283 spaces for $200,000

• Payment of $650,000 for Mead Corridor utilities• Pay-as-you-go TIF reimbursement for eligible

expenses of $2,954,734

Recommended Action• It is recommended that the City Council close the public hearing, approve first reading of the ordinance adopting the Union Station Project Area 2 Project Plan and authorize the necessary signatures.

Office of Economic Development

Public Hearing for the Union Station Phase 2

Project Plan (Tax Increment Financing)