Dublin City Council this week heard the first reading of an economic-development agreement for Bridge Park that includes a $43.1 million investment from the city.

Dublin City Council this week heard the first reading of an economic-development agreement for Bridge Park that includes a $43.1 million investment from the city.

In a special July 13 council meeting, an economic development agreement outlined a new community authority, tax-increment-financing districts, a Community Reinvestment Area and public and private investments that would bring Bride Park to life.

With Bridge Park, Dublin developer Crawford Hoying is planning "a mixed –use redevelopment project, including residential units, restaurants, office, retail spaces, a hotel, community event/conference facilities, public and private parking and related public improvements on a series of new blocks located within the" Bridge Street District, a staff memo to council stated.

Per the proposed economic-development agreement, the city would fund all roadways in the first phase for about $11 million and the construction of two parking garages for $32 million.

Crawford Hoying would have to fund the remaining five parking garages, roadways in subsequent phases and an events center.

The city expects to recoup the costs of the two parking garages and roadways with two TIF districts on the site, or with service payments, said Dublin finance director Angel Mumma.

Read the full story in the July 16 edition of ThisWeek Dublin Villager.