How much funding is expected from the Riverwalk developer(s) from which mechanisms; when is that money expected (dates or tied to phases); and what is that money allocated for?
The Riverwalk project will contribute an estimated total of $8.22 million toward roadway and sanitary sewer infrastructure improvements, of which $1.52 million is considered impact fees. Of that $8.22 million, $4.9 million is slated for the expansion of Morriss Road to six lanes. In addition to the $1.52 million in impact fees associated with direct impacts, another $5.3 million in roadway impact fees, $1.5 million in water impact fees, and $2.6 million in wastewater impact fees will be paid as the project develops to cover impacts made by the Riverwalk throughout Town. The developer has already paid $247,500 toward the Morriss expansion, half of which is considered impact fees. The remainder of the $4.9 million in Morriss funding will be paid in future phases per future updates to the TIA, and through impact fees as development occurs.
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