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<br />REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM <br /> <br />Agenda Date Requested: 8/23/10 <br />Requested By: Stacey Osborne <br />Department: <br /> <br />Appropriation <br />Source of Funds: <br /> <br />Account Number: <br /> <br />Report: Resolution: <br /> <br />Ordinance: <br /> <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />1. Area Map <br />2. Cost Breakdown Summary <br />3. Ownership & R-O- W Closings <br />4. Paving & Drainage <br />5. Water & Sanitary Sewer <br />6. Landscaping & Maintenance <br />7. Ogden Development Layout <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Alton Ogden and adjacent owners desire to develop approximately 20 acres of land adjacent to South 14th Street <br />between West "D" and West "0" Streets (Sector 23 Area). He has recently acquired several properties in the area in <br />order to aggregate land for development. Additionally, several adjacent property owners have joined Mr. Ogden in <br />filing an application to close the existing rights-of-way required to facilitate the development. <br /> <br />On April 28th of 2008, Staff requested direction from Council on Mr. Ogden's request to apply the funds from the <br />right-of-way closings toward the cost of constructing South 14th Street which is integral to the development. At that <br />time, Council advised Staff that it was agreeable to Mr. Ogden's request to partner in constructing South 14th Street <br />using the abandonment proceeds. <br /> <br />Currently, Mr. Ogden's Street/Alley Closing application is administratively complete. A subsequent appraisal of the <br />rights-of-way to be closed has established fair market value at $1.75 per square foot. The application calls for <br />closing 180,120 square feet of right-of valued at $315,210. By ordinance, the value ofthe subject rights-of-way will <br />be discounted 25% resulting in total closing fees of $236,407.50. <br /> <br />The total cost estimate for construction of Mr. Ogden's project is $612,240 and is detailed below: <br /> <br />. Paving: $174,240 <br />. Drainage: $215,000 <br />. Sanitary Sewer Extension: $10,000 <br />. Water Extension $117,000 <br />. Engineering (% will apply to each party) $55,000 <br />. Surveying (% will apply to each party) $30,000 <br />. Landscaping $11,000 <br /> <br />(Refer to Cost Breakdown Summary for further information) <br /> <br />Upon applying all funds from the proposed street & alley closings, the project will require additional funding of <br />$375,832.050 to be constructed. <br />