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OLD SAWMILL DISTRICT. 2006 AGREEMENTS. 2012 AGREEMENTS. URD II Bonds which will be serviced by the tax increment from URD II to be sold publically Wyoming Street, completion of Silver Park and reconstruction of the railroad trestle to be financed by issuing URD II Bonds
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OLD SAWMILL DISTRICT 2006 AGREEMENTS 2012 AGREEMENTS URD II Bonds which will be serviced by the tax increment from URD II to be sold publically Wyoming Street, completion of Silver Park and reconstruction of the railroad trestle to be financed by issuing URD II Bonds MRP to convey the park parcel to the City at no cost when they purchase the property from Silver MRP will have access to 100 parking spaces in the Silver Park parking lot and the Civic Stadium will have the right to park in 100 commercial spaces within the OSD at no cost to either party • Project Bonds which would be serviced by tax increment from development of the project to be purchased by MRP • Project Bonds to be used to build infrastructure and pay for part of the cost of Silver Park construction • MRA to pay MRP $662,500 for the park property when MRP purchased the land from the Silver Foundation • MRP would have access to 100 parking spaces in Silver Park and the City would purchase the right for stadium parking in 100 commercial spaces in the OSD at a cost of $226,500
2006 AGREEMENTS 2012 AGREEMENTS The project will be constructed in a series of phases with plats recorded as demand dictates There is no commitment of tax increment funds to finance future infrastructure or other improvements MRP or other developers may apply for tax increment assistance on a project by project basis • The project would be constructed in one phase with the final plat recorded at one time • Bond proceeds financed by the project development would be available to build all of the infrastructure
OLD SAWMILL DISTRICTOTHER AGREEMENTS • Exchange Agreement – Cleans up a stadium encroachment on the OSD property in exchange for land that will allow a restaurant to be built adjacent to the stadium structure. To be brought to City Council in the near future • Street and Overpass Use Agreement – Creates a permanent access under the Bitterroot Branch trestle at Cregg Lane and Wyoming Street. Approval of the agreement between the City and MRL is part of this referral.
OLD SAWMILL DISTRICTINVESTMENT TO DATE Public Investment Private Investment • MRA Planning Grant $ 125,000 • EPA Assessment Grant $ 150,000 • URD II 2006 T. I. Bonds $3,600,000 • Brownfields Loan $1,775,000 • EPA ARRA Grant $ 833,000 • Professional Services $ 178,000 • Silver Park Construction $1,885,000 • Public Investment $8,546,000
