Wednesday, June 17, 2009

Stimulus funding for The Banks moves up schedule, costs

The $25 million awarded in the American Recovery and Reinvestment Act of 2009 (ARRA) for public infrastructure at The Banks will put the project's overall timeline ahead of schedule, but could drive up its costs.

Construction of the infrastructure, a part of Phase 2A that includes the project's street grid, public parking, transit accommodations, and overbuild support for the private development, is required to begin by January 2010 to be eligible for the funding.

But Phase 2A was not scheduled to begin for another 5 to 7 years.

A recent report from Cincinnati city manager Milton Dohoney Jr. says that, because the private development mix for Phase 2A is not yet known, costs for the overbuild support – ineligible for ARRA funding – could rise by as much as an estimated $4 million to $5 million.

A better estimate is expected by mid-summer, he says.

Any additional costs will be split equally between the City of Cincinnati and Hamilton County, and the City already is investigating possible funding sources.

Dohoney says that the overages likely will be budgeted over a three-year time frame.

Construction of the parking decks that will support Phase 1A of The Banks, which will include up to 300 apartments and 70,000 square feet of retail space, is already underway.

A portion of Freedom Way, the first street to be poured since last year's groundbreaking, began last month.

Previous reading on BC:
First street poured at The Banks (5/26/09)
Cincinnati passes three funding ordinances for The Banks (3/30/09)
Three ordinances to be considered for The Banks (3/9/09)
More than you ever wanted to know about The Banks (3/3/09)
The Banks photo update, 12/28/08 (12/31/08)



Mark Miller said...

What "transit accommodations" are you talking about? Is SORTA going to include a bus stop?

UCstudent said...

Is that sarcasm? Riverfront Transit Center immediately comes to mind as a destination for some of this funding. First in a long list of "transit accommodations" this new area will be need to be successful.

This is the only place I found any pictures:

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