During a recent council meeting, Mister Grimes provided a comprehensive update on the Riverwalk project, highlighting its progress and financial implications for the city. The project, which includes nearly 500 residential units, a hotel, and mixed-use retail space, is set to significantly impact local sales and lodging tax revenues. The city will receive 15% of the sales tax revenue, while 50% of non-education property tax will be shared equally.

Grimes emphasized that all expenses related to the Riverwalk project require budget amendments, as the project was approved after the city’s budget was finalized last September. He noted that the first year of the lease for the fourth floor of the south tower incurs no payments, with costs beginning in the second year. The lease is set at approximately $706,000 annually for the next ten years.

A significant aspect of the Riverwalk project is its connection to the National Computer Forensics Institute (NCFI), which is undergoing an expansion to accommodate a growing number of students. The NCFI's move will free up space in the public safety center, facilitating its growth from 5,000 to 10,000 students annually, which is expected to have a positive economic impact on the area.

Grimes also addressed the ongoing efforts of the Health Care Authority, which is pursuing a Certificate of Need (CON) for healthcare expansion in the city. A hearing regarding the CON is scheduled for September 18, following previous opposition that delayed the process. The outcome of this hearing will influence the future of healthcare services in the region.

In conclusion, the Riverwalk project is poised to enhance the city’s economic landscape while addressing critical infrastructure needs. The council remains engaged in discussions to ensure the project aligns with the community's long-term goals.