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PROJECT DESCRIPTION AND OBJECTIVES
The Lake Grove Village Center Plan (LGVC) was adopted by the City in 2008. The plan includes a list of projects to help create a walkable, mixed use center in Lake Grove. The projects include bikeway and sidewalk connections to surrounding neighborhoods, public plazas and gathering spaces, parking improvements, and major improvements to Boones Ferry Road. The financing strategy project is intended to help the City prioritize the projects in the plan and to identify the best methods to pay for the improvements.
Metro has provided a $50,000 Construction Excise Tax (CET) grant to assist in the development of a financial strategy for the Lake Grove Village Center. The City’s 2011-12 budget includes an additional $25,000 for the project, bring the total amount budgeted to $75,000.
The funding is intended to pay for a consulting team to help with the following tasks over a 5-month time frame:
- Prioritize Plan Projects - estimate project costs and identify the projects that would serve as catalyst projects to encourage private development. Projects in the plan include road improvements, sidewalks and pathways, pedestrian plazas, signalization, and parking improvements.
- Funding Strategies – Identify possible funding strategies including tax increment financing, formation of a local improvement district, systems development charges, general funds, general obligation bonds/revenue bonds, and grants.
- Feasibility Analysis – Examine the strategies to determine the amount of revenue that could be generated.
- Implementation Strategy – Prepare a report that outlines a strategy for funding. It is intended that the strategy report will be presented to the City Council prior to their goal setting session for 2012.
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