The Chelsea Downtown Development Authority board unanimously approved a $450,000 bond request for two downtown projects at a special meeting on Thursday, Jan. 30.
The revised bond resolution will be in front of the Chelsea City Council for possible approval on Monday night, Feb. 3 at its regular meeting.
The DDA and the council held a work session on Monday, Jan. 27 to answer questions that the elected officials had regarding the projects included in the bond request.
The revised bond is planned to cover these projects.
About $50,000-$75,000 for streetscape improvements, including stamped crosswalks at the intersections of Main and Middle streets and Main, Park and South streets, American Disability Act curb cuts and pavers and increased crosswalk visibility.
About $250,000-$300,000 for the Longworth-Jackson Road corridor project, which includes the demolition of the Livery building and placing area utilities underground. Also planned is cleaning up and enhancing the alley beside the First Congregational Church, which runs from East Middle Street to Jackson Street and additional parking spaces.
The DDA also plans to erect a decorative fence along the railroad tracks behind The Depot to block pedestrians from walking across the tracks. The barricade is being required by the railroad in advance of high speed trains going through the area.
City Manager John Hanifan said in the 2014 fiscal year, the DDA is expected to have about $451,000 in estimated tax increment revenue to pay for the bonds. And, based on a 1-percent growth projection, in FY 2015, it’s estimated that the DDA will have about $455,500 in estimated tax increment revenue available to pay for debt service. That estimated revenue number increases to about $550,300 in FY 2034.
