More Downtown Concord Complete Streets Financials Released

More financials have been released for the Downtown Concord Complete Streets project giving the Concord City Council more information about what everything could potential cost.

The documents (attached in PDF) eye a few potential strategies to pay the city’s portion of the nearly $11 million project. The city’s portion of the construction costs is going to run between $1.3 million and $2.5 million, depending on whether or not tax credits come through.

The city could create three different sized “special assessment districts” and “business investment districts” running the length of the project, from Storrs Street to the Holiday Inn, in varying widths. The costs would be passed onto property owners and lessees.

As an example, with the SAD, it would run anywhere from 57 cents to 86 cents, per $1,000 assessment, during the next 20 years. For a BID special assessment could run $30 to $75 more per month, for a 2,000 square foot tenant, according to the documents.

According to the documents, officials noted that they were not trying to persuade the councilors to take a specific avenue for funding but, instead, the “purpose is to inform.”

The hearing begins at 7 p.m. on Monday, June 3, in the council chambers.