Following the May 2017 City Council vote that unanimously approved the schematic design and ordered the project into funding development and design review, staff formed a working group consisting of community members to discuss potential funding opportunities and approaches. Shortly after, staff also initiated a conversation with a representative of a local family to see if there might be interest in financially supporting the project.
After many months of discussions, on January 13, 2020, the Foley Family Foundation submitted a pledge in the amount of up to $7,000,000 to partner with the City to fund the proposed 3 North Street - Farmers’ Market project. The pledge comes with a requirement that the family have naming rights, and is conditioned on entering into a funding plan agreement between the City and Foley Family Foundation that outlines the overall arrangement.
On March 2, 2020, City Council unanimously approved moving forward with the Foley Family pledge. (Download a copy of the meeting presentation and staff report, and watch the meeting agenda item starting at 14:00 into the recording here. )
The City is currently developing the agreement that will formalize the funding arrangement. However, the onset of the COVID-19 pandemic has delayed this work. City Council is expected to consider the final funding agreement in early 2021.
Once the funding agreement is in place, the project will move into final design and design review/environmental review, and then construction plans will be developed for construction.