THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, MARCH 29, 2006
Numbers Still Coming In On Uptown Projects
By DWIGHT ESAU
Journal Reporter
For several months now, Park Ridge officials have been adding up the final numbers on how much the city will pay for public improvements in the Uptown redevelopment project.
The total, as of the end of March, was $18,919,753.
According to the redevelopment agreement with PRC Partners, the city agreed to pay a portion of construction of a parking garage, and pay for water main and sewer upgrades, streetscaping on the Target Area II site as well as the city commons on the library block, cleanup of the former Bredemann dealership site before it was sold to PRC, traffic signals, and also help existing city businesses in Uptown upgrade their facades.
All of the city's debt for Uptown is being collected into one bond issue, which is expected to be approved by the city council in April.
On a line-item list basis, here is what is planned in this nearly $19 million financing:
* $6.5 million for the shared parking facility, to be used by new Uptown condo residents and shoppers and visitors.
* $139,200 for site preparation work.
* $377,655 for infrastructure improvements (sidewalks, curbs, gutters, driveways, etc.)
* $3.2 million for streetscaping and landscaping.
* $112,200 for existing roadway and signal improvements.
* $450,000 for a new traffic signals at Touhy and Summit Avenues.
* $2.6 million for purchase of the Summit Mall (deal close din January). Plus $400,000 for paving the Summit lot.
* More than $1 million for the city commons streetscaping.
* $396,,600 for the Bredemann property cleanup.
* $850,000 for the cost-sharing facade improvement program with local businesses.
* $400,000 for modifying Northwest Highway
* $200,000 for the Summit Retirement Home settlement (to help pay for a new entrance area for the home on Summit Avenue).
* $610,000 for street lights.
* $19,800 for sewer and water main upgrades.
Plus about $316,000 for the usual design, insurance, legal, and administrative costs associated with these bond issues.
All of this is being funded through the tax increment financing (TIF) district in which the entire Uptown redevelopment project is located. These expenses will eventually be repaid out of the proceeds from the higher property tax increment expected to come in future years from the redevelopment improvements.