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Staff outlines Phase 2 downtown break-even and recommends RFP for design firm
Summary
City staff told Hudson City Council that sanitary-sewer costs for the downtown Phase 2 project would likely not be a city expense and presented a break-even analysis showing approximately $48.5 million of development value needed on the north parcel (about 54 $900,000 homes) to cover outstanding debt; staff recommended issuing an RFP for a design firm to develop a preliminary plan.
City planning and finance staff on Tuesday returned to Hudson City Council with the financial details the council requested for the proposed downtown Phase 2 project.
Emily Fernandez, working with city finance staff, said the county told the city it does not anticipate charging the city for sanitary-sewer infrastructure design/construction costs tied to the project; staff cited a county cost estimate of about $2,750,000 and said that cost would likely be split with the developer. Fernandez presented a break-even analysis showing roughly $10.6 million in current outstanding debt on…
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