BC 2010 11 15 Regular - Laserfiche WebLink

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November 15, 2010 (Regular Meeting) Page 213 Status: This project was funded by the City through interim financing in anticipation of the TIF /COPS being issued. The deadline to spend the federal grants dictated that this project could not wait until a future date. The project is now under construction and nearing completion. The current installment purchase financing will be paid off by proceeds from the TIF /COPs issue. Stormwater Line and Pedestrian Tunnel Budget: $1,350,000. This project is being partially funded ($1,200,000) through the ARRA (federal stimulus package) via the North Carolina Department of Transportation ( NCDOT). The City's funds are required to be provided to NCDOT before the project begins. Description: This is the second (and final) phase of approximately 1,000 linear feet of 84 -inch storm drain piping under Loop Road and through Village Park to serve about one half of the NCRC. This phase represents about half of the original project and includes a focus of the stormwater line under Loop Road and the Installation of approximately 140 linear feet of pedestrian tunnel under Loop Road at Village Park. Status: This project is fully designed and ready for construction. All rights -of -way have been secured. NCDOT will be constructing this project. Pending the City providing its share of the funding, bids should be let by NCDOT in January 2011 with construction anticipated to begin by March 2011. Reimbursement to City of Kannapolis for NCRC Phase I Infrastructure. Budget: $1,344,978. Description: When it became clear that the proposed TIF was not going to reach a rapid conclusion in 2006 -2007, the City of Kannapolis chose to proceed with spending City funds to support the construction of the initial $400 million private investment. Since that time, the City has spent approximately $4 million on three major waterlines and a major stormwater line. These projects were all part of the original TIF plan. More specifically, this reimbursement will be for the remaining principle on financing a portion of a $2,045,457 stormwater line that serves the NCRC. The City funded $364,207 of this project with cash and $1,681,250 through interim financing of which the remaining balance is currently $1,344,978. Status: This stormwater line is already completed and in service. Reimbursement to Castle & Cooke for NCRC Phase I Infrastructure Budget: $6,291,726. Description: When the market for Tax Increment Financing (TIF) projects became severely depressed in 2006 -2007, Castle and Cooke NC, LLC self - funded the initial $400 million investment in the Pillowtex mill demolition and the North Carolina Research Campus construction, including the primary public infrastructure to serve the new buildings. Since the start of the project, Castle & Cooke has spent in excess of $17 million on infrastructure projects that were originally included in the comprehensive TIF funding plan. This includes roughly $7 million for roadway, storm drainage and traffic control improvements in the public rights -of -way in connection with several of the initial campus buildings. Most of this $6.29 million reimbursement is for street construction but some is also related to wet utilities. Status: This project is nearly complete, with some storm drainage and pavement overlay work outstanding. Improvements to Veterans Park. Budget: $397,000. Some additional funds will likely be necessary to add veteran's memorial components to the park.