Print Page   |   Sign In   |   Associate Member?
News & Press: City News

Post Falls Urban Renewal Commission Completes Major Public Improvements

Tuesday, January 24, 2017  
Posted by: Gay Dawn Oyler
Share |

The Post Falls Urban Renewal Commission has completed three major public improvements in two of its Urban Renewal districts.

 

Construction of the Greensferry Overpass in the Commission’s East Post Falls urban renewal district was completed and all final approvals and acceptances received from the City of Post Falls and the Idaho Department of Transportation.  The overpass provides enhanced connectivity between the northern and southern portions of the City, across Interstate 90 and reduces public safety response times. 

 

The original cost projection for the overpass was $16,076,000.  The total cost of the overpass including the acquisition of numerous properties for public right of way, was $15,414,079.  Final costs represented a savings over the projection cost of $661,921 or a savings of 4.1%.  The project required approval and close coordination with the Idaho Department of Transportation and the City of Post Falls.  Future costs associated with the maintenance of the overpass will be managed by the City of Post Falls and the Idaho Department of Transportation.

 

The Commission also completed the construction of the Spencer Street extension also in the Commission’s East Post Falls urban renewal district.  The Spencer Street extension provides additional access to residential areas south of Seltice Avenue.  The public improvements included new signalization at Seltice, and an additional crossing over the BNSF railroad line.

 

The original cost projection for the Spencer Street extension was $1,715,000.  Final costs, including right of way acquisition, signalization and the rail crossing totaled $1,684,922, a savings of $29,576 or 2.8% less than the projected construction cost.

 

Funding for both the Greensferry Overpass and the Spencer Street extension was provided by the Private Placement of tax exempt revenue anticipation bonds to Washington Trust Bank.  A total bond issue of $13,000,000 provided financing for both the overpass and the street extension.

 

At the close of its 2016 Fiscal Year (9/30/2016) the Commission had reduced that debt to $7,145,045 and had debt service reserves which will be applied to pay down the debt in the future of $1,000,000.

 

In the City Center urban renewal district, the Commission completed all of its planned street improvements to the Spokane Street corridor.  New improvements included enhanced street lighting, lane dividers, curbs and sidewalks, signalization, bike paths and additional public parking.  Projected costs for the project were $2,668,626.  Final cost, including additional sidewalk and curb extensions to several side streets was $2,578,067, a savings of $90,000 which represents a 3.4% savings over projected costs. 

 

Funding for the Spokane Street improvements was provided by a Private Placement of tax exempt revenue anticipation bonds to Community 1st Bank in Post Falls.  A total bond issue of $1,200,000 was provided. 

 

At the close of its 2016 fiscal year (9/30/2016) the Commission had reduced that debt to $603,281.

 

The Commission also worked closely with the City of Post Falls in the completion of a pedestrian and bicycle pathway along Highway 41 from Seltice to Mullan in the East Post Falls urban renewal district.  The Commission’s original planning for this improvement provided the City with the information required to submit a grant request under the State of Idaho’s Community Choices Program.  The $500,000 grant was supplemented by $300,000 provided by the Urban Renewal Commission which provided for full funding of this public safety improvement.


Membership Software Powered by YourMembership  ::  Legal