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HomeMy WebLinkAboutWS Item 02 - Downtown Master Plan DiscussionMEMO TO: FROM: MEETING DATE: SUBJECT: RECOMMENDATION: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL ROGER NELSON, CITY MANAGER )V JUNE 5, 2001 WORKSHOP — DOWNTOWN MASTER PLAN DISCUSSION City Council to consider action and future funding requirements for Master Planning issues in Downtown Grapevine and adjacent areas, give staff direction concerning this matter, and take any necessary action. FUNDING SOURCE: Not required at this time BACKGROUND: The City Council may desire to consider items related to future improvements within the historic downtown district. Staff will inform the City Council of issues that they may desire to consider during future master planning efforts. The items are related to the Downtown Historic District and adjacent areas with regards to landscaping, utilities, streetlighting and parking structures. Staff would like to get input and receive direction from the Council regarding the aforementioned subjects. Specifically, council may wish to consider the foliowing subjects: Landscaping: In the coming weeks, the staff and Council members who wish to participate, will review the existing landscape in the downtown area and will begin to make recommendations to Council on potential landscaping projects that may improve the appearance of the area. Specifically, we will focus on using flowers and ground level plantings that will provide color and diversity to the area, while still preserving the uniqueness of the streetscape as a historic commercial area. Parking Structures: Due to the growing popularity of the Downtown historic district, providing adequate parking within the proxii-pity of the downtown area is a growing challenge for the City. May 31, 2001 (11:30AM) A parking study completed recently recommends the construction of two parking f structures in the downtown area. The possible locations for these parking structures are at the North end of downtown, at the Northeast corner of Wall and Jenkins Streets and the second location will be somewhere south of the downtown near the B&D Mills and /or the Grapevine Visitor's Information Center. In order to provide adequate parking capacity, these facilities will need to be three levels. The cost of these structures is anticipated at approximately $5 million per structure. These structures will be architecturally designed to blend with the turn of the century architecture found in the downtown district. Staff will bring an architectural design contract back to the Council on August 6, 2001. Approximately $250,000 of funds has been made available for the design of the North area parking structure through the sale of Certificates of Obligation. It is anticipated that design of the facility will take approximately four months. The bid process will take two months and initiation and mobilization of construction will take one month. Construction could begin as soon as March of 2002. Construction is anticipated to take nine to twelve months to complete. Certificates of obligation will be sold to fund the anticipated $5.0 million construction cost. A workshop is planned for August 6th with the Council to discuss the aesthetics and design of the parking structure. More refined project cost estimates will be provided at that time. Refinancing of Palace and Lancaster Theatres: Staff is currently working on steps necessary to refinance the Palace and Lancaster Theaters' reconstruction loans. The original bank loan financing entered into by the City was considered to be interim financing in order to proceed with the project in a timely manner. Market conditions are now such that the City will be able to issue 20 -year certificates of obligation with a 5-5'/% interest rate. This will produce an annual debt payment of approximately $350,000. This is a much more manageable amount from the standpoint of making the payments from contributions and proceeds from theater operations. In order to accomplish the CO sale, the City Council will need to approve a Notice of Intent at the June 19th City Council meeting. The sale will take place on July 17th and delivery of funds will be August 21, 2001. The amount to be financed, including principle and interest payment to the banks and issuance costs will be approximately $4,385,000. The amount may vary slightly, depending upon interest rates at the time of the sale. In order to meet legal requirements for this type of debt issuance by the City, it will be necessary for the City and Heritage Foundation to agree to transfer title of the Palace / Lancaster Theaters to the City and for the City to lease the facilities back to the Foundation for the life of the debt repayment. The Foundation also must agree to May 31, 2001 (11:30AM) provide funds from operations and donations for the City to make the debt payments. Upon payoff of the debt, title of the facilities will revert back to the Heritage Foundation. The City Attorney and Bond Counsel are preparing the necessary documents for Council to approve to accomplish the refinancing described above. Northwest Highway Landscape and Street Lighting Improvements Council may wish to consider expanding the look of the downtown historic district along Northwest Highway. These improvements could tie the downtown business community together with the Northwest Highway Business Community. These improvements which may include both the addition of period streetlights along Northwest Highway and landscaping, may encourage future private improvements in the corridor similar to the architecture found on Main Street. Should Council desire staff to look at these improvements, cost estimates for the Northwest Highway Improvements will need to be prepared. It is anticipated that staff could bring these cost estimates back to the Council in a workshop session in conjunction with the first Council meeting in November. North Main Street Lights: Another item Council may desire to consider is whether period street lighting should be included in the roadway design of North Main Street, North of Northwest Highway. This project is currently being designed and is anticipated to be completed by July 2003 in conjunction with the Dove Loop Road construction. Downtown Historic DistrictStreetLighting Expansion Project: Council may wish to consider if you would like staff to initiate design of period street light improvements to the neighborhoods located to the east of Dooley Street. Citizens who live around the Grapevine Middle School have requested these improvements. Approximately $180,000 is currently available for this project should Council desire to move forward with it. In addition to the above, consideration should be being given to period street light improvements on Main Street to the south of the Cotton Belt Railroad. These improvements could extend to Highway 114. Cost estimates for the period street light improvements, south of the railroad will be prepared once Council has had a chance to give staff their input on the scope of work to be included in this project. If Council desires to pursue this matter, it is anticipated that staff will bring these cost estimates back to the Council in a workshop session in conjunction with the first Council meeting in November. May 31, 2001 (11:30AM) 0 Main Street Improvements: Council may wish to consider reviewing the scope of work for Main Street improvements specifically in the areas of landscaping, utilities, paving and drainage at a workshop session to be held in conjunction with the first City Council meeting in September of 2001. RHP/JLH May 31, 2001 (11:30AM)