Council heard an extended update Nov. 4 on Hyde Park from Steve Ball of MAB Capital, followed by staff presentations and introductions of several bond ordinances and a resolution creating new allocation areas.

Ball described completed and in-progress infrastructure work across the ~275-acre Hyde Park area west of Hamilton Town Center: cut-and-fill/earthwork, water and sanitary installation, regional detention, two lift stations, legal drain reconstruction and road extensions. He said the bridge over Sand Creek requires FEMA approval, which he expects to receive after an application process that could take about a year; the city and developer remain committed to opening the bridge by Dec. 31, 2027. Ball estimated MAB's investment at about $48 million and projected total private investment in Hyde Park could reach $300'$350 million as projects move forward.

Ball walked through projects now under construction or about to start: JC Hart (358 units across two phases), Edward Rose multi-family (three 4-story elevator-served buildings), Trinitas/Avanza (townhomes and duplexes starting site work), Fisher Homes townhomes, local commercial buildouts (a dentist), and other for-sale and rental products. He said the park and trail network is largely in place with remaining trail work to be finished this season.

Staff then described a proposed amendment to a prior bond authorization for Edward Rose (Ordinance 41-11-25) to increase the not-to-exceed bond amount from $5 million to $7.5 million, for a term up to 25 years and interest not to exceed 8%, with tax increment in the Hyde Park allocation area pledged for debt service. Staff said Edward Rose intends to construct phases 1 and 2 simultaneously. Similar developer-purchase taxable bond ordinances were introduced for Avanza (Ordinance 42-11-25; not to exceed $7 million) and the Village at Hyde Park/Empire Project (Ordinance 43-11-25; not to exceed $7.5 million). Each project will have a separate allocation area and pledge tax increment to debt service.

The council considered and approved Resolution RC-40-25 creating the Avanza and Village allocation areas inside the Hyde Park redevelopment area; staff said the increment from these areas will be pledged at 85% to the projects. Economic Development Commission and finance committee review preceded these introductions. Council will vote on the bond ordinances at a future meeting.