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September 16, 1998 <br />Alan Costic <br />Chairman, Downtown Development Board <br />Salem Civic Center <br />555 Liberty St. SE <br />Salem, OR 97301 <br />Dear Chairman Costic and Members of the Board, <br />On behalf of the Courthouse Square project, we would like to express our appreciation for the <br />opportunity to meet with you once again as we move forward with the project and the <br />streetscape design. Our staffs will be joining you on September 24 to present the streetscape <br />specifications and budget, and we are taking this opportunity to provide you with detailed <br />information about the project, as well as advance knowledge of the requests that they will <br />place before the Board. <br />First, staffwill be asking that the Board review and approve the streetscape design and <br />specifications, and the related budget. We have completed design development for the <br />project, and a formal cost estimate indicates that we are within budget. Staff will be <br />presenting the detailed streetscape specifications and budget for your review and approval. <br />Next, we will ask tnat you forward your recommendation to the Council for consideration at <br />their October 12, 1998 session. Timely review by the Council is needed in order to facilitate <br />the County's process of issuing certificates of participation (COP'S) for the project. We hope <br />to be able to capture the benefit of a very favorable interest market as we move ahead toward <br />the bidding and funding of the development. <br />Finally, we'd ask that the Board recommend the Council's approval of the streetscape plans <br />and budget, and that they appropriate the streetscape funds as they are programmed in the <br />property tax management plan. Securing the City's commitment will, again, improve the <br />County's ability to issue COP's and gain the best interest rate possible. <br />As you are aware, several conditions were set by the City regarding the availability of up to $2 <br />million in urban renewal funds for Courthouse Square streetscape. With the submittal of this <br />budget and specifications document, each of the conditions has been met. Additionally, you'll <br />find that the budget is consistent with City staf~'s instructions relative to the types of projects <br />for which streetscape funds can be made available. <br />