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Willow Creek draft feasibility study shows up to $91 million potential investment; payback timing depends on utility and blasting costs
Summary
A draft feasibility study for the Willow Creek redevelopment area estimates roughly $91 million in potential private investment across three phases and identifies $11.7 million in potential agency/city projects; including utilities and blasting pushes a payback horizon to about 2042, while removing those costs accelerates payback to about 2038 under moderate revenue assumptions.
Brad presented a draft economic feasibility study for the Willow Creek area, describing the roughly 100-acre study area, geotechnical constraints and cash-flow scenarios the agency should consider.
Brad noted shallow rock in portions of the site that may require additional blasting and site work. Including estimated costs for rock removal and extending public utilities increased the agency’s capital assistance needs; Brad said the three-phase buildout could lead to roughly $91 million in total investment, with about $11.7 million of the projects being those the agency or the city might carry out or support.
Brad walked the board through conservative and moderate revenue models: with blasting and additional utilities included, the model’s payback pushes to about 2042; removing those extra costs accelerates payback to roughly 2038 under the moderate revenue case. Brad gave example line items including about $500,000 for rock removal and roughly $1.6 million for utilities in his scenario. He emphasized the figures are preliminary and are meant to test feasibility rather than obligate the agency to specific expenditures.
Commissioners asked about funding sources and phasing; Brad said some costs would be developer-driven, others could be supported by agency assistance, grants or city funds as appropriate. The board discussed that the report lists potential public projects to allow the agency to consider assistance if those projects are included in the plan.
