Efforts to redevelop the dredged material site are expected to take up to 10 years as the Town of Storm Lake does not have the surety capacity to fund the $ 2.3 million cost and the Lake Improvement Commission has no source of income.
City manager Keri Navratil said city engineer Bolton & Menk estimated the cost of developing the spoil site with a dog park, native prairie, an extension of the LakeTrail, wetlands last month. and a football complex would be $ 2.3 million. The first geotechnical tests determined that the city could build a soccer complex on the site, the most expensive part of the redevelopment plans.
Navratil has ruled out binding for the project. In 2019, the city refinanced a series of Project Awaysis bonds, extending their end dates beyond 2028. As a result, the city will not have much capacity for new general debt except for a renovation of the fire station on East Milwaukee Avenue, she said.
“We have a lot of existing debt that we are paying off. Our finance team told us it wouldn’t make sense to add more debt, even if we could, while we pay off the rest of King’s Pointe and the outdoor water park, ”Navratil said Monday.
The city and the Lake Improvement Commission “jointly own” the 220-acre debris site just south of the highway. 7. The committee was informed on Monday that the city was exploring a possible redevelopment of the site. The commission would not be asked to contribute because it does not receive state funding for lake restoration or fundraising from the Lake Preservation Association, Navratil added.
Storm Lake City Councilor Tyson Rice, who also chairs the commission, said Monday he approves the redevelopment as long as the city “doesn’t spend a lot of money to do something with it.” At a meeting last month, he offered the city to sell a 21-acre portion of the site on the west side of the site, just off Radio Road.
Navratil said the city’s finance team is looking at what’s available in its reserve accounts and sources of local option and hotel-motel sales tax revenue. Redevelopment plans are expected to be presented to city council next year.
“The dredged material site is not going to be something we’re going to go head-to-head in,” Navratil said. “We’re excited about the opportunity, so we’ll be approaching it in phases. It will take many years, if not a decade, to implement. “