Block 11 Redevelopment Phase I: Varsity Pub Expansion Varsity Pub Private Patio Expansion. Fogarty Amateur Sports Mural. Sidewalk Reconstruction. City reconstruct and finance. 50% city, 50% Varsity Pub per assessment policy. Total Cost $44,405. Parking Lot Development. City construct and finance. 100% Varsity Pub Cost. Total Cost $118,177 Transfer of Property to Varsity Pub for Private Parking. $1 for transfer of ownership. Assessed value of property = $87,100
1996 Comprehensive Plan Downtown “…focal point for retail, specialty retail & services.” Should remain “unique in its character” and “offer a distinctive atmosphere that functions to draw people for many reasons…” Compact & upper uses for housing. Improve parking landscaping and buffering elements. Building appearance “improved in order to create a positive image and introduce an important element of character into the downtown area.”
Downtown Redevelopment Priorities (1997) Not Yet Completed Items Short Term (1-5 Years) Enhance alley entrances & parking lots. Rehab corner bar block. Long Term (6-10 Years) “Do Something” with Marshall Hotel Create additional rental units. Add a downtown grocery source.
Downtown Redevelopment Priorities (1997) Organizational & Administrative Tasks Create a central theme. Manage parking. Design guidelines. Encourage storefront renovation. Change building codes to allow for additional housing upstairs. Create a downtown organization.
Comprehensive Plan Downtown Goals Appropriate Housing Mix. Atmosphere Conducive & Supportive of Housing. Mix of retail and service. Encourage a positive, vital & unique image. Encourage redevelopment…promote cooperation of public and private sector redevelopment.
Comprehensive Plan Downtown Policies Promote adequate parking. Promote additional adjacent housing. Support new and/or expanded businesses in the downtown area through staff support and/or financial assistance. Encourage a program directed to building owner awareness of building appearance with an emphasis on upgrading rear building appearance. Create gateways into the downtown area.
City Benefits Phase I Complimentary to Arts & Entertainment District designation to expand entertainment experience. Adds to the goal to create multiple points of destination to downtown Marshall. Enhance the visual appeal of the Amateur Sports mural planned for installation in 2014. Beautification of private commercial area across from Memorial Park. Reduce maintenance duties of lot serving primarily Varsity Pub customers. Create taxable property.
Varsity Pub Benefits Phase I Enhanced sales through customer interest in expanded seasonal patio experience. Improve curb appeal of business. Ensure ability to maintain parking for business and higher quality improved hard surface. Ability to allow customer overnight parking. Added physical asset to overall property.
West Main Street North First Street West Lyon Street East College Drive
Future Development Proposed Varsity Pub Parking Patio Expansion Future Improved Public Parking Varsity Pub West Main Street North First Street West Lyon Street East College Drive
Cost Participation Parking Lot = $118,177 total cost, 100% assessment, 8 years, 4.3% interest. Sidewalks = $44,405 total cost, 50% assessment, 8 years, 4.3% interest. Patio = cost not identified, 100% Varsity Pub cost, no city assistance.
City Property to be granted to Varsity Pub at no cost. Assessed Value $87,100
Block 11 Redevelopment Phase II: Street and Alley Reconstruction (Future)
Block 11 Redevelopment Phase III: Parking Lot Development (Future)
Future Development Development Concept Block 11 Redevelopment Phase IV: Demolition and New Development (Future)
Recommendation Approve final agreements February 25 th. Continue to pursue future redevelopment phases II-IV. Market and Respond to Private Development proposals consistent with past defined goals. Potential Incentives: Redevelopment TIF, demolition of existing, property value write-down (dependent on quality of development and ability to meet community goals) Mixed Use Uses Consistent with Comprehensive Plan & Downtown Planning Priorities. Pursue grant opportunities for infrastructure improvements including street, utilities and public parking (example: DEED Redevelopment Grants August & February).