The city of The city has been approved for the loan and grant, each worth
"It represents a great chance for the city to develop and create jobs," City Manager
The money, plus a matching allocation from the city of
The city has already completed traffic studies carried out with the state and
Design work also covers other environmental projects, including sewer improvements, stormwater and industrial waste lines for future commercial development. The former mill site is about 225 acres, and the city is initially looking to purchase less than half of that area to construct the new thoroughfare.
The city has already budgeted the purchase of the future right- of-way to occur this year, though there is no firm date for moving forward on it.
The biggest part of the mill site lies north of the railroad tracks, totaling roughly 150 acres. The city may look to purchase that area in the future or hope it attracts private development, but city officials have said that for now they're focused on acquiring the land it needs to develop the east-west corridor.
The planned road, which would include a new
The loan would be repaid by the city in a lump sum by no later than 2017, when the city plans to issue its first construction bond on the project. According to the loan application, the city wants to defer the payment to 2017 so that it may incorporate the loan debt into a construction bond and thereby avoid using general fund money to repay the debt.
The city has the option to bond up to
The city, which will provide an additional
The city of
The city has been approved for the loan and grant, each worth