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50 <br />• Phase I - <br />$2.4 million: <br />Improvements to Ephesus Church @ Fordham (West Bound) <br />• Phase II - <br />4.0 million: <br />Improvements to Fordham Road @ U -Turn (Superstreet) <br />• Phase III - <br />1.3 million: <br />Improvements at Fordham Road @ Elliot Road <br />• Phase IV - <br />1.1 million: <br />Multimodal connection between Elliot Road & Willow Dr. <br />Total <br />$ 8.8 million <br />• Stormwater Improvements: As part of the SAP study, Kimley -Horn & Associates <br />conducted a detailed storm water study for the area. As a result of that study and <br />subsequent analysis it was determined that the technical standards for stormwater will be <br />applied to the district as a whole and implemented when each parcel is developed or <br />redeveloped. In order to help address existing water quality and water quantity issues, <br />the Jordan nutrient treatment requirements would also apply to sites that that do not <br />increase impervious surface as a result of redevelopment. The planned $1.2 million in <br />capital funding will be used for up- stream stormwater improvements. <br />The Town also plans to create a Municipal Service District to collect a tax for <br />management of the stormwater facilities in the district. The district tax, if established at <br />the planned rate of 4 cents, would generate about $60,000 per year based on current <br />assessed values. Stormwater management planning for this project is ongoing and there <br />may be changes to some of the elements described above to improve the effectiveness of <br />the plan. <br />The Financing Plan <br />The total cost of the planned public improvements is $10.0 million ($8.8 million for traffic <br />improvements and $1.2 million for Stormwater). The Town plans on issuing debt to finance the <br />capital cost for these public improvements. The most efficient and cost effective way for the <br />Town to finance this project is to coordinate the financing with other projects that can provide <br />collateral for a combined financing. <br />The Town is planning on financing the Town Hall Renovation project and other CIP projects <br />with debt. By combining the financing of these projects using two- thirds bonds and an <br />installment financing using the Town Hall as collateral, the total cost of financing these projects <br />will be reduced and can be completed on the timetable established for the Ephesus Fordham <br />Proj ect. <br />The Projects <br />Town Hall Repair & Renovation $ 900,000 <br />High Priority CIP Projects 800,000 <br />Ephesus Fordham: <br />Traffic Improvements 8,800,000 <br />Stormwater Capital 1,200,000 <br />Total Ef Project 10,000,000 <br />Total All Projects 11,70 0.00 0 <br />