BC 2010 11 15 Regular - Laserfiche WebLink

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November 15, 2010 (Regular Meeting) Page 215 economic development prospect that has targeted this location on the campus for a substantial new private investment. The proposed roadways will include on- street parking, concrete sidewalks, lighting to match the campus fixtures, street trees and a landscaped island in the Research Campus Drive extension. The proposed utilities include water, sewer and reclaimed water mains. A portion of the cost for the extensions of the on- campus duct bank system for electrical and telecommunications lines has been included. Additional hardscape and landscape elements such as pavers and planting beds are proposed at the intersection of Research Campus Drive and Laureate Way to match the existing improvements. Status: Pending funding, this work will begin in Spring 2011. Additional Supplemental Projects (not part of the proposed COPs) The original. TIF plan to support the NCRC included more than $200 million in public infrastructure. In 2006 -2007, the originally contemplated amount of for the planned TIF was $168.4 million dollars. There is still well in excess of $168.4 million in projects that could be constructed in support of the continued development of the NCRC. The projects that make up this larger total amount are all viable projects but are not as time sensitive as the projects included in the proposed $37 million COPS transaction. However, there are a few additional projects that could easily be added to the transaction if additional funding were available. These supplemental (or "back -up ") projects are as follows: 1. $5,500,000. Continued replacement of aging Downtown Infrastructure. This project includes sewer, stormwater and private utility infrastructure improvements to replace the aging infrastructure in the Oak Avenue and West Avenue roadways in downtown Kannapolis and on the NCRC. Also included is the re- construction of paving, pedestrian hardscape and landscape for these streets. Water line improvements in this area have been constructed and are not part of this budget. Status: Only preliminary cost estimates have been developed for this project. 2. $3,600,000. US 29 (Cannon Blvd) / NC Hwy 3 (Dale Earnhardt Blvd) Intersection improvements. This project includes the construction of an eastbound left -turn lane on Dale Earnhardt Boulevard, a westbound left -turn lane on Dale Earnhardt Boulevard, a westbound right -turn lane on Dale Earnhardt Boulevard, a concrete median on westbound Dale Earnhardt Boulevard, increasing the northbound left -turn lane storage length, and signalization of the intersection. Signalization in the TIF budget was to be provided by metal strain poles (allotted $172,000). Property acquisition was included in the estimate. This project will ultimately be required by NCDOT when additional NCRC investment is made (ultimately creating more traffic). Status: Only preliminary cost estimates have been developed for this project. 3. $842,967. Additional Reimbursement to City for NCRC Phase I Infrastructure. This amount represents the amount of remaining principle on interim financing by the City of several major waterline projects to support the initial development of the NCRC. These projects include a 12" waterline on Main Street, a 24" waterline on Dale Earnhardt, a 16" waterline relocation on 'A' Street and a 30" waterline to re- establish service to the NCRC. The original amount financed was $1,149,500. Status: These projects are already completed. 4. $540,000. Intersection Improvements. Ridge Avenue /First Street /Main Street. This project includes traffic signal upgrades including metal -pole mast arms at the intersections of (1) Main Street and 1st Street including interconnection to 1st and Ridge Avenue, and (2) N. Main Street and Jackson Park