Board discusses River Market redevelopment; staff estimates $25M total cost, city share $20M

Board members discussed authorization to engage the New and Found team to begin design and cost estimating for a River Market redevelopment project. Nick Nicholas told the board the authorization would allow the city to begin design work and potentially reimburse itself from future bond proceeds.

Asked for an overall cost estimate, staff said, "The current estimated project cost is about $25 million," and clarified the city's portion as currently structured would be $20 million with the developer providing about $5 million for tenant improvements. Staff emphasized that the contract had not yet been fully executed and that the immediate work would be to complete design and arrive at a firm project cost.

Officials described the comprehensive development agreement as phased with multiple opt-out points: if the design returns a cost outside the board’s comfort level the board could require value engineering or walk away, in which case the city would still pay for design work completed to that point. Staff described a stepwise sign-off process involving the city manager and mayor before committing city funds to construction.

Board members thanked attorney and finance staff for their work and sought clarity on timing; staff estimated a roughly 1½ to 2-year timeline for the project through completion if the board chooses to proceed after design. The board did not record a roll-call vote in the transcript; the discussion centered on scope, developer contributions and next procedural steps.