Amendment to 1971 Downtown RedevelopmentAMENDMENT TO 1971 DOWNTOWN
REDEVELOPflLNT PLAN (as amended 1976)
The following public improvements included in the previously approved
Redevelopment Plan of 1971 were completed prior to December 31, 1980:
Water Service Cutoffs (various)
Water Main Abandonment (330 lineal feet)
Sewer Abandonment (various)
Reconstruction of 7th Ave. So., llth Ave. So., 2nd St. So.,
9th Ave. So., 1st St. So., 8th Ave. So.
Storm Sewer Improvement (various)
Water Main construction (various)
Street Lighting (throughout area)
Beautification and Street Signs (various)
The total expense for these improvements, through the end of 1980, was
$748,918. This compares with the sum of $798,755 pledged to the Departmnt
of Housing Urban Development as the minimum City contribution necessary
to offset Federal R -46 Urban Renewal expenditures.
The following improvements have been approved by the City Council, either
as part of the R -46 Redevelopment Plan of 1971, or in separate actions
since that time:
Reconstruction of 10th Ave. So. $33,343(outdated)
Installation Traffic Signal,8th &Cty.Rd. #3 $56,100
Beautification(to include replacement planters)$80,735
Sidewalks outside R- 46(9th Ave.,lst St.No.) 9,260
Sealcoating of new streets when necessary
Downtown Market Study $33,000
Old City Hall site Repurchase $45,000
1976 Amendment to Redevelopment Plan
A major change was made in December 1976, when City Council expanded
the redevelopment area and adopted the "CBD North" redevelopment amendment.
Under that amendment, the City acquired (as an HRA project) the private
homes and property between the then existing 1st National Bank drive -in
facility and the alley to the south, on the east side of llth Avenue North.
The homes were demolished and the property sold for land value to the 1st
National Bank for drive -in expansion, Tait`s Super Valu for supermarket
construction, and the City for parking lot. A retail 'iquor store was
physically moved a short distance to allow the new construction. Some side-
walk was also constructed, and parking lot planters replaced. Total ex-
penditure: $528,991. The bond issue necessary to make up the difference
between land sale income and expense ($400,000) was floated on November 1,
1977, and as of December 31, 1981, a total of $340,000 principal and
$67,643 interest will still be owed. The repayment schedule runs through
1989 although it could be paid off early, the net interest rate of 4.3%
makes that option inadvisable.