On September 23, 2014, the River Terrace project team briefed City Council on the River Terrace Draft Funding Strategy. The briefing’s purpose was to explain how the funding strategy was developed, summarize key recommendations and policy issues, receive feedback on the strategy’s preliminary recommendations, and discuss next steps. Key components of the strategy include:

  • Near-term (0 to 6 years) and long-term (7+ years) project lists for each infrastructure system taken from the master plans for water, sewer, stormwater, parks, and transportation.
  • Evaluation criteria for scoring each infrastructure funding package to understand, for example, how equitable or financially sustainable a particular funding package is relative to another funding package for the same infrastructure system.
  • A preliminary funding recommendation for each infrastructure system based on the evaluation criteria results.

Council members provided the project team with the following feedback:

  • Council requested additional analysis on a citywide versus a River Terrace specific System Development Charge to fund park projects.
  • Council expressed concern about the proposed use of an Urban Renewal District to fund transportation projects. They questioned the fairness of implementing an Urban Renewal District in an undeveloped area, and whether this would create a disadvantage for other taxing districts (for example, school districts).
  • Council suggested using a River Terrace specific street utility fee as a transportation funding option.
  • Council requested that the transportation project list be fine-tuned, to focus on near-term projects and projects that are specifically needed for River Terrace (versus the larger region).

The project team will return to Council on October 21, 2014 to follow up on these suggestions and requests.