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City eyes Village Square street acquisitions and URA partnership for private redevelopment
Summary
Staff said the property owner is interested in transferring three streets to the city and proposing a URA-funded private redevelopment; the city may loan URA funds for an estimated $600,000 street repair and will review owner's contractor estimates in September before formal URA/council action.
City staff updated council on a long-running conversation about acquiring Village Square Drive, Village Square Terrace and a Commercial Street to improve pedestrian access and bring them up to city standards.
"I think the estimate to repair the streets and bring them up to our standard is about $600,000 that was originally proposed," staff said, and added the owner is preparing updated contractor estimates in September. The owner is expected to propose a URA project to partner with the city on funding; the city would own only the roadways and would not acquire private parking or adjacent parcels. Council members asked staff to provide a clear community-benefit analysis and cost/benefit rationale before approving any URA partnership.
Provenance: topicintro SEG 541, topfinish SEG 575
Speakers: ["Michael","Council member (S4)"]
