No additional funds are required to obtain the HUD grants. These resources may be used to match other federal funding. The City must invest one dollar for every dollar of Corps' funds. By creating interdependency with the Central Business District, Riverpoint West can enhance the success of downtown redevelopment initiatives by meeting its need for new workers and consumers, providing parking, and offering support services. Initial results of the limited Phase II environmental assessment indicate that to date, there are no systemic problems in the groundwater and soils are not required to be remediated.
Continued study is needed in order to complete the redevelopment feasibility study.
Results of the comprehensive Phase II environmental assessment will assist in structuring an economically feasible redevelopment project. Future uses of the site will be determined by the cost to remediate environmental contamination and allow for a reasonable return on investment both to the taxpayers and to private developers. As studies are completed, funds may be reallocated among categories to meet project needs. It is anticipated that HUD will forward a grant agreement to the City in spring 2001 upon completing its environmental review of the project. Grant funds must be spent within five years from the effective date of signing the agreement.