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January 31, 2006Questions still aboundCity doesn't understand all the costsTRAVERSE CITY - A number of questions about a proposed West Front Street project remain unanswered three weeks before city commissioners are scheduled to decide on a $15.26 million public investment there.Developer Michael Uzelac of Federated Properties addressed some of the queries Monday at a meeting of the Downtown Development Authority board and the city commission. Uzelac plans a 100-foot-tall building at 145 W. Front St. that includes 530 public parking spaces. Uzelac said 22 people inquired about the 67 residential units he plans to build above the public parking deck. Uzelac said there is also interest in the ground-floor retail space. The developer also showed how he arrived at the cost of the public's share in the project and compared the deck to the city-built parking structure on State Street. The project is slated for DDA consideration on Feb. 17. It would go before the city commission for approval Feb. 21. Should city officials agree to a bond issue to pay for the deck and other public improvements, residents could request a referendum. "There's still a long, long way to go," said city attorney W. Peter Doren. Among the "major, major issues" Doren said remain outstanding: The cost of the project, when the city would pay for it, and what - exactly - the city would buy. A draft of a developer's agreement between the city and Federated Properties is still a work in progress, city officials said. Commissioner Rick Csapo asked about how the city would pay for the difference between it's bonding capacity - $14,125,000 - and the $15.26 million project total. City manager Richard Lewis and DDA executive director Bryan Crough said there are several ways to cover the "gap," such as a contribution from the city utility to bury utilities. But, all of the payment options require further investigation, they said. See related stories:
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