Motorsports building redevelopment begins
Construction on the Estacada Motorsports building redevelopment will soon be underway.
During a meeting on Monday, May 14, the Estacada Urban Renewal Agency awarded the bid for the redevelopment of the property to Endres Northwest. Work started this week and is expected to finish in eight weeks.
The project will redevelop the building for You Treats frozen yogurt and Clackamas River Outfitters. When the work is complete, the building will front Main Street rather than Fourth Avenue.
The redevelopment project is the first under an amendment to the Urban Renewal Agency's plan that allows for the acquisition and redevelopment of properties in downtown Estacada.
The subsidy from the Urban Renewal Agency will amount to $101,100. The total cost of the project is projected at $447,570, and the project is expected to generate $346,470 over the next 10 years in income through rent revenue, tenant contributions and other sources. Endres Northwest bid $199,995 for the redevelopment work.
During meetings on May 14, both the Estacada Council and the Urban Renewal Agency authorized a loan of $220,000 from the city's Sewer System Reserve fund to the Urban Renewal Operating Fund for the Motorsports redevelopment project.
Economic Development Manager Matt Lorenzen explained that while the Urban Renewal Operating Fund does have cash for the project, the loan would ensure sufficient funds are available for grant requests and other projects.
During the May 14 meeting, the Urban Renewal Agency also approved a $22,306 targeted improvement grant and a $14,074 facade improvement grant to Crescendo Dance Studio, a new business that will occupy 344 S.E. Main St. Business owner Chelsea Blackmon has signed a letter of intent to lease the vacant space.