During a recent government meeting, officials provided an update on the Serena Park development project, highlighting significant changes in the project's management and financial structure. Originally planned in 2001, the project aimed to install essential infrastructure, with preliminary costs estimated at over $8 million. The city had anticipated assessments of approximately $34,000 per lot based on these costs.

However, a new development group, consisting of Serena Park LLC, Alan Jeffrey Sites Revocable Trust, and Inge Park Properties Incorporated, has proposed to take on the responsibility for constructing the infrastructure improvements. This group currently owns 202 of the 236 lots in the area and is actively acquiring more. Under this new arrangement, the city will cover costs related to project engineering and wetland mitigation, while the developer will handle the construction costs.

The updated construction cost estimate, including a 10% contingency, is approximately $10.6 million, translating to about $44,915 per lot. This figure could rise to nearly $50,000 when factoring in additional costs such as engineering and legal fees. To formalize this new approach, the city must enter into a development agreement with the developer and adopt a new special assessment resolution to credit the developer for their construction efforts.

The city will also need to acquire additional right-of-way along Butterfield Street and Messinger Avenue, which are currently owned by the developer. The agreement stipulates that the city will purchase these rights at their appraised value. Construction is expected to commence within 90 days of receiving the necessary permits and is projected to be completed within a year.

As part of the agreement, the developer will be required to solicit bids from qualified contractors for the construction work, ensuring compliance with city standards. The city will oversee construction inspections and will ultimately assume maintenance responsibilities for the completed infrastructure. The meeting underscored the collaborative effort between the city and the developer to advance the Serena Park project, which is poised to enhance local infrastructure and community development.