Easton Will Borrow $4.4 Million For Intermodal Center

Easton will borrow approximately $4.4 million to finance the intermodal bus station and parking deck planned for the , and the parking authority will pay the city back when it refinances the project, city officials said Tuesday evening

The city will use the funds to reimburse its general fund, which was tapped to purchase the properties, pay for about $300,000 in miscellaneous related expenses incurred so far and finance the coming demolition of the two buildings to make way for the new project, said.

The short-term bond is set to last three years, upon which the Authority will reimburse the city and buy it back.

“It's much easier for the city to obtain financing...than it is for the parking authority,” Panto said, noting the authority doesn't have the reserve funds to finance a short-term note, and the city can get a better interest rate.

The city would be ultimately responsible in either case, he added.

Construction won't begin until tenants are found for the space, Panto added, which is set to include a restaurant and retail on the first level, 45,000 square feet on the second that will likely house the High School Sports Hall of Fame, and high-end office space on the third floor, along with room for 8 to 10 buses on the ground level and a 350-spot parking deck on the second and third levels.

“It's not (just) the High School Hall of Fame,” Panto said. “That's only the second floor.”

Panto said the deal for the museum is not yet done, but that talks are progressing with the National High School Coaches Association.

“We were hoping they have some very prestigious sponsors,” he added.

The intermodal complex should be “revenue-neutral” or be self-paying for the first three years, then generates revenue in years after, Panto said.

“We don't make money on , and we should,” he said.

He added that he doesn't think the city should be “in the real estate business,” but if Easton can make money on the outright sale of the mixed use part of the complex to a developer or on a 20-year lease, it would be worth it.

Conceptual plans for the new parking deck, bus station and mixed-use building show a park-like space and fountain on the south end of the property, which was a deliberate use of the portion that lies in the 100-year flood plain, said Becky Bradley, Easton's planning director.

“That was a conscious decision, and it also allows us to create another urban (park) space,” she said.

The project is planned to achieve a LEED silver designation, Bradley added, and environmentally-friendly details have been added throughout to achieve that, including a mesh that will harbor plants growing up the sides of the parking deck.

The city will continue to pursue grant funding to help finance the project, city officials said.

It is hoped the demolition will take place later this year, and ground broken for the construction of the project sometime in 2012, though probably later than the original June target that had been previously set, Panto added.