Friday, June 5, 2009

PDC report: Urban renewal funding would be decimated by stadium construction

Meeting materials are available for the upcoming meeting of the Lents URAC (a date has not been set), and the news is not good for redevelopment funding for Lents.

The PDC came up with four budget scenarios for the URAC:

• No stadium
• A $42 million stadium with a 30% set-aside for affordable housing
• A $42 million stadium with a 15% set-aside
• A $42 million stadium with a 15% set-aside and a $15 million loan to the Lents URA

Some lowlights:

"In the first five years, all programs would be eliminated. PDC would likely have no tools available in Lents to assist small businesses or do business recruitment or retention." After that, programs would be reinstated but not to their full level.

"In the first five years, the only project likely to be funded would be the Foster/Woodstock Streetscape. All parks and street paving projects would be cut." A reduced Johnson Creek project might happen in the final six years.

"In the first five year period, all programs would be cut and all redevelopment, acquisition/land assembly and revitalization projects and programs would be suspended. There may be no funding for the Johnson Creek Industrial Area project in early years, and only about $5 million in later years."

"In the first five year period some programs and projects would be minimally funded."

"There may be no funding for the Johnson Creek Industrial Area project in early years."

"In the final six years of the URA, all planned infrastructure projects would be eliminated, including facilities, Johnson Creek Flood Mitigation, parks and transportation improvement investments."

"The impact would likely be discontinuation of all housing programs and projects, other than limited home repairs or homebuyer assistance."

"In the final six year period, programs would be reinstated, but at significantly lower levels than originally planned."

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