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North Urban Renewal District set for Northeast Front Street infrastructure work funded by city loan
Summary
The committee heard plans for the Northeast Front Street project in the North Urban Renewal District, including street, water and sewer construction; the city will loan $4,515,000 to the district, recorded as a transfer, and repayment will follow as property taxes are collected.
The North Urban Renewal District's principal capital project is the Northeast Front Street corridor, which also includes work on 3rd Street, 4th Street and extending Bourbon Avenue to Olson, the presenter said. Construction contracts for streets and utilities have been awarded and work is expected to begin in the coming weeks.
The presenter explained the financing: the city will loan money to the North district and the transcript records a transfer/loan amount of $4,515,000 that will be repaid over time as property-tax increment revenues are collected. "So that's the transferring of the 4,515,000. It's the loan from the city," the presenter said.
