2020-007 - TIRZ Final Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number One

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In addition, key catalytic projects are envisioned for the reuse of historic buildings or sites, such as the Grand Theatre, the Scott Building, the Gibralter Hotel, the First National Bank, and the Belford buildings. In order to accommodate such redevelopments, improvements in street infrastructure, public parking, and pedestrian features are planned. The following types of projects are proposed: 1. Catalyst Projects - Significant Downtown projects with individual sites, buildings or groups of buildings for which total project investment from all sources will exceed $2.0 million per project. Catalyst projects anticipated during the life of the TIRZ are listed below. ■ Plaza Expansion (curb and gutter, sidewalk, landscaping and on -street parking modifications) ■ Parking Facilities (locations will vary and will be based on availability of parking improvements to public or private lots with city partnerships) ■ Development of a Downtown Police Station of Substation ■ Development of new buildings (or redevelopment of existing buildings) as mixed-use residential/civic projects or other projects with direct community benefit ■ Development of major employment center supported by residential, retail and entertainment uses and serving as a signature development within the community ■ Traffic modiflcations providing improved vehicle or pedestrian safety, reducing speeds, delineating lanes or on -street parking, conversion to two-way traffic, or other traffic or pedestrian related improvements outlined in the Downtown Plan or Downtown Visioning Plan ■ Transit improvements providing for accommodation of multi -modal transportation including but stops, shelters, and signage ■ Redevelopment or expansion of the Farmers Market as outlined in the Downtown Visioning Plan, including associated parking, streetscape and pedestrian elements along 11t Street SW and the library property II. Vacant/ Underutilized Sites and Buildings —Relatively smaller projects (under $2.0 million) for the incremental redevelopment of vacant/underutilized Downtown sites or buildings. The Vacant/Underutilized Sites and Buildings Improvement Area is designated as Sub Zone 2: Downtown Central Area in Exhibit A. The following categories of TIRZ-eligible expenditures shall be applicable to both Catalyst Projects and Vacant/Underutilized Sites and Buildings: a) Street, Utility, Landscape and Streetscape Improvements: This category includes TIRZ-eligible expenditures for improvements to local streets, including paving, utility infrastructure upgrades/relocation (water, wastewater, storm water), burial of overhead utilities as well as lighting improvements, street trees/planters, trails, and sidewalk improvements for enhancing pedestrian linkages between the downtown core and surrounding neighborhoods. Key street,