$30M in tax credits approved for multi-use development

New Jersey– The New Jersey Economic Development Authority provided approval to the city to use $30 million in state tax credits toward a multi-use development. Funding comes from a $130 million tax credit package that the state Legislature awarded the city several years ago. The project will seek to revitalize an area around the city’s train station by constructing housing, offices, retail space and a new parking garage. The site of the project currently contains a 735-space parking garage.

 

The $30 million in tax credits could be used by Paterson Parking Authority for a new 940-space garage along with office space and retail. The mayor’s administration is in the process of crafting other plans, that are due by June 30, for the remaining $100 million in state tax credits. A request for proposals for development of the parking garage and business space is expected soon.

RFQ coming soon for a $398M removal of four dams

California and Oregon- The Iron Gate, Copco No. 1, Copco No. 2 and J.C. Boyle dams, located on the Klamath River at the California and Oregon border, were built between 1903 and 1962 to provide hydroelectric power. Now they are being demolished at an estimated cost of $398 million. The Federal Energy Regulatory Commission (FERC) is reviewing Transfer and Surrender applications submitted by the Klamath River Renewal Corp. (KRRC). KRRC plans to take ownership of the dams from its current owner – PacifiCorp – then remove them, restore formerly inundated lands and implement required mitigation measures in compliance with all applicable regulations. The corporation has performed site assessments and engineering studies leading to the development of the Definite Plan for the Lower Klamath Project, filed with FERC on June 28, 2018. The 2,300-page plan provides comprehensive analysis and detail on project design, dam removal, reservoir restoration and other post-deconstruction activities.

The KRRC is securing the engineering and construction resources needed for dam removal and site restoration. KRRC will soon issue a request for qualifications (RFQ) for the dam removal design-build contract, followed by a request for proposals at the end of the year. The selected firm will operate under a progressive design-build delivery method. Pending regulatory approval, this massive project will take place in phases, beginning with site preparation in mid-2020 and deconstruction expected to begin in 2021.

$1.1B in bonds approved by Wake County voters

North Carolina– Wake County voters approved more than $1.1 billion in bonds for new school construction and park projects. County officials stated that the new bonds will help the county with more economic development opportunities and make the area a greater attraction for businesses. Broken down, $548 million will be used for the Wake County school system on new construction projects, including seven new schools, 11 major renovations and upgrades to security and computers. Voters could be asked to decide on another school bond referendum as soon as 2020 since county leaders opted to go with two smaller referenda rather than one large one this year.

 

Another $349.1 million will be used to construct new buildings and provide repairs and accessibility upgrades for Wake Technical Community College. Some of those new buildings include a health science building, a public safety simulation building, an auto and collision repair facility and a 1,200-space parking garage for its Research Triangle Park campus. Additionally, $120 million in bond money was approved for parks, open space and recreation construction in the county. The parks bond would go toward acquiring 1,800 acres for future parks and open space, building 15 miles of greenways and renovating existing parks. Those renovations could range from small projects like adding new benches to larger projects like adding a nature or education center.

City of Port St. Lucie has new ideas for 1,161-acres of land

Florida- The city of Port St. Lucie is developing a new master plan for the city-owned Tradition Center of Commerce. Experts are examining how the 1,161-acre Tradition Jobs Corridor along Interstate 95 can thrive. This process will involve looking at the existing 6-year-old development plans. The original plan for this area was a 3.7 million-square-foot mall, but with online shopping on the rise, this idea is being called an archaic vision.

The city community redevelopment director envisions a new plan, with an emphasis on small scale retail shopping with a boutique-like feel. The city is also seeking a private partner to develop a recreational complex in the Tradition Jobs Corridor. Officials are slated to make a recommendation regarding other plans to develop 4.5 million square feet of industrial space, 2.5 million square feet of research-and-office space and another 2.4 million square feet of office space in the area in order to achieve the best value.