Cayuga Green a step
closer Council votes to spend $1.2
million on studies, buying property
By LAUREN BISHOP Journal Staff
ITHACA -- The City of Ithaca plans to spend more than $1.2
million on studies, acquiring property and renewing a contract
before a private developer begins work on the housing and retail
components of its Cayuga Green project.
Ithaca's Common Council voted 9-1 Wednesday night to spend the
money by issuing bonds or using capital reserve funds. Alderwoman
Carolyn Peterson, D-4th Ward, cast the sole "no" vote.
"I was concerned with our total budget situation in the next two
years and moving into phase two when we haven't completed, or even
started, phase one," she said after the meeting.
The first phase of Cayuga Green is a 700-space, seven-level
parking garage south of the Tompkins County Public Library and a
walk along Six Mile Creek. The National Development Council, the
not-for-profit organization that is developing the garage and creek
walk for the city, is finalizing its financing plans for the $20
million first phase.
The largest portion of the $1.2 million is $850,000 to acquire
privately-owned property underneath the Green Street parking garage.
After Alderwoman Susan Blumenthal, D-3rd Ward, questioned why the
city was considering spending that amount when it was looking at a
budget deficit next year, lawmakers amended the resolution to say
that they must give a separate approval when they are ready to
acquire the property.
The $1,223,000 also includes:
$50,000 to renew the city's contract with the National
Development Council.
$148,000 for engineering analyses, designs and cost estimates
for rebuilding or repairing the nearly 30-year-old garage.
$25,000 for a state-required investigation of petroleum
contamination under a city parking area east of the library.
Apartments or condominiums and ground-floor retail space are planned
for that site, which was once home to car dealerships and auto
repair shops.
$150,000 for state-required archaeological investigations east
of the library and between City Hall and the Green Street garage.
Council voted unanimously Wednesday to authorize Mayor Alan Cohen
to sign a preferred developer agreement with Cincinnati-based
Bloomfield Interests for the housing and retail space, after adding
an amendment that subsequent agreements must return to council for
approval.
The preferred developer agreement is a first step that gives
Bloomfield certain rights to pursue the project that no one else
has, H. Matthys Van Cort, the city's director of planning and
development, told lawmakers. More agreements will follow, he said.
"This deal doesn't go anywhere without council concurrence," he
said.
Also Wednesday, lawmakers voted unanimously to add $285,000 to a
$1.6 million project created for design and studies related to
Cayuga Green's first phase.
The city is borrowing that money until the National Development
Council finalizes its permanent financing for the project. The city
would cover any debt payments and operating expenses not covered by
income from the new garage.
