Part-time Steamboat Springs resident Jan Dring rides her bike Thursday along the Mounter Werner Road and AprÃs Ski Way traffic circle.

Photo by Matt Stensland

Part-time Steamboat Springs resident Jan Dring rides her bike Thursday along the Mounter Werner Road and AprÃs Ski Way traffic circle.

Bond issue may yield $19.4M

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Past Event

Urban Redevelopment Authority Advisory Committee meeting

  • Friday, September 12, 2008, 1 p.m. to 3 p.m.
  • Torian Plum Plaza, Steamboat Springs
  • All ages / Free

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— Steamboat's base area redevelopment authority will be able to tap into a portion of more than $19 million this fall as it begins the design and development of its next round of projects.

Consulting investment banker Alan Maltose told members of the Urban Redevelopment Area Advisory Committee that the net proceeds of a bond issue expected to close in October would be $19.4 million. Projections indicate ample revenue to service the bonded indebtedness, he added.

Among the highest priorities for the next round of design and construction is daylighting Burgess Creek and beginning the pedestrian promenade that will wrap around the base of the ski area. But the menu of options also includes rebuilding two street intersections close to the ski area base.

The Urban Renewal Authority completed a new roundabout intersection at AprÃs Ski Way and Mount Werner Circle this summer.

The Urban Redevelopment Area Advisory Committee will be asked this afternoon to endorse the redesign of the intersection of Ski Time Square Drive and Mount Werner Circle to include a roundabout, as well as a portion of the promenade between One Steamboat Place and the Sheraton Steamboat Resort. That stretch takes in the Steamboat gondola building and the entrance to Gondola Plaza.

Today's agenda includes "everything we can do in the next few years," base area project manager Joe Kracum said. "We hope to begin design and development in late October or early November."

Kracum said the estimated $19.4 million proceeds of the bond issue may not be made available in one chunk.

"We may receive $9 million or $10 million to start with," he said.

Looking four years into the future, he added, the revenue stream the Urban Renewal Authority captures from private sector improvements at the base area could be sufficient to construct new public improvements without issuing bonds.

"It won't be next summer, and probably not by 2010 or 2011," Kracum said, "but maybe by 2012."

- To reach Tom Ross, call 871-4205

or e-mail tross@steamboatpilot.com

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