Petition to Renovate Faade 500 S. Topeka Office of Economic - PowerPoint PPT Presentation

Petition to Renovate Façade 500 S. Topeka Office of Economic Development September 3, 2019

Project 2 • Rehabilitation of 500 S. T opeka into shared office and maker space • T otal est. project costs: $1,000,000 • Estimated Façade Improvements $200,000 • Façade Improvements: N ew windows and doors, power washing, awnings, and additional work to restore the building and meet code requirements

500 S. Topeka 3

Existing Facade

Existing Facade

New Facade

FAÇADE PROJECT Estimated Project Costs $175,374 City Administrative Fee 3,189 Financing costs 21,437 Total Project Costs Façade Improvement Grant (30,000) Maximum Assessment $170,000

Financing • Special assessments spread against 500 S. Topeka • Interest rate set by bond sale • Repaid over a 15-year period • Owner will pay construction costs and be reimbursed after project is complete and special assessments can be placed on the property

Next Steps • Resolution sets a public hearing for September 17, 2019 for consideration of the project and a maximum assessment ordinance • Following completion of façade improvements, final assessment amount will be set, if less than the maximum

Recommended Action It is recommended that the City Council approve the petition, adopt the resolution setting a public hearing for September 17, 2019 and authorize the necessary signatures

Petition to Renovate Façade 500 S. Topeka Office of Economic Development Serving You, In Many Ways, Every Day