City council receives Space to Create project review and update

City council receives Space to Create  project review and update

by Bill Knowles

TRINIDAD — Estimated costs to the City of Trinidad for the Space to Create project will be around $1,825,000, according to the information the city’s services development director Tara Marshall released to the city council during the Sept. 18 regular meeting.

Note that there are two different entities involved in the Space to Create project at this point. Artspace Trinidad GP LLC is the major partnership between Artspace in Minnesota and Space to Create in Trinidad. The other entity, Artspace Trinidad LP, is the partnership between the City of Trinidad and the other entities in town which have partnered to get Space to Create together. In the end Artspace Trinidad GP LLC will be the only one in existence.

The Trinidad Housing Authority joined Artspace Trinidad LP after the June 11 groundbreaking celebration. The City of Trinidad officially joined Artspace Trinidad GP LLC on Sept. 18. This Friday, Sept. 28, the Artspace Board of Directors will vote to execute the contract, take out the loans, and guarantee overall financial transactions for the project.

So far the total development costs for construction and rehabilitation of both sites, the Main Street site and the Elm Street site, is estimated to be $18,656,032. The expended predevelopment costs are approximately $925,000 for a total project cost for predevelopment and construction to be $19,581,032.

Of this total, the city has funded $1,825,000. That expenditure has purchased the feasibility study, the market survey, the acquisition of buildings and other ancillary costs.

 

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