On August 14, 2014 the River Terrace project team hosted a funding strategy workshop with River Terrace Implementation Subcommittee members and staff from the city, Washington County, and Clean Water Services. The purpose of this meeting was to review some of the city’s key funding assumptions, review the city’s near-term project list, and discuss preliminary funding strategies.

The following funding assumption questions were discussed:

  • Are the city’s development assumptions correct regarding the number of units that will be built per year and their location?
  • Are the city’s funding assumptions correct regarding cost shares for larger projects?

Workshop participants reviewed and discussed the city’s preliminary list of near-term projects, i.e. those projects targeted for funding in the first 6 years of development.

Projects being considered for near-term funding include:

  • Segments of River Terrace Boulevard, as development occurs
  • Key traffic signals and intersection improvements, as development occurs
  • 550-zone water reservoir
  • Community park land acquisition
  • Regional stormwater detention pond in the north
  • Regional stormwater high-flow conveyance alternatives analysis in the south
  • Sewer pump stations (Clean Water Services)

There was general agreement among workshop participants about where development would happen first and what projects would be needed in the near term. There was also agreement that it is imperative for the city to calculate and adopt any new utility fees and system development charges (SDC) as soon as possible, to give the development community a clear picture about what it will cost, per unit, to develop in River Terrace.

The project team will brief City Council on the Funding Strategy in September and solicit input from the community and the Stakeholder Working Group in October. Stay tuned for more details.