Augusta Corporate Park Valencia Way Widening Project 2023

The Development Authority of Augusta, GA seeks RAISE Grant funds to widen Valencia Way in Augusta Corporate Park, attracting new tenants and creating jobs.

• Augusta Corporate Park
• Valencia Way
• widening
• RAISE Grant
• economic development
• industrial park
• traffic congestion
• capital investment

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Uploaded on Dec 08, 2023 | 3 Views

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1. AUGUSTA CORPORATE PARK Valencia Way Widening Raise 2023 Submitted by: Development Authority of Augusta, GA Inquires regarding this RAISE Grant should be made to the primary point of contact: Michael Norris Project Manager Augusta Economic Development Agency 1450 Green Street, Suite 3500 Augusta, GA 30301 706-513-0644 MNorris@AugustaEDA.org

2. PROJECT DESCRIPTION The Development Authority of Augusta, GA, seeks $5,232,579.17 in RAISE Discretionary Grant funds to complete the $6,683,842.46 road widening project in the Augusta Corporate Park. This industrial park is located in Richmond County, Georgia, in an area experiencing high levels of poverty and low household incomes. The Development Authority of Augusta, GA has committed matching funds in the amount of $1,451,263.29

3. PROJECT DESCRIPTION The Development Authority of Augusta, GA, is looking to attract new tenants to the Augusta Corporate Park (ACP) to help provide new jobs and economic benefits. Purecycle, Aurubis, and Denkai America are currently building at ACP. These three projects alone will generate nearly 500 new jobs and provide nearly $1.5 billion of capital investment. The existing two-lane Valencia Way is suitable for access to these facilities; however, the roadway will need to be expanded to a four-lane in order to land prospects on the remaining 475 acres of developable space. Valencia Way will not be able to accommodate the expected increase in vehicle traffic, preventing future prospect from locating to the site.

4. PROJECT DESCRIPTION The Augusta Corporate Park could benefit from the growing demand for industrial sites in Georgia. One of the major hurdles for the industrial park to overcome is future traffic congestion. The existing two-lane Valencia Way is able to provide access to the three projects that are currently under construction but will struggle with traffic congestion if more industries locate to the industrial site.

5. PROJECT BUDGET Uses of Funding RAISE Non-Federal Match Total Project Cost Demolition Erosion Control Clearing and Mass Grading $18,666.67 $18,666.67 $133,200.00 $133,200.00 $371,500.00 $371,500.00 Storm Drainage Paving and Base Mobilization Landscaping Miscellaneous Site Costs $450,000.00 $4,149,800.00 $128,079.17 $450,000.00 $4,149,800.00 $128,079.17 $192,500.00 $192,500.00 $21,000.00 $21,000.00 TOTALS Subtotal: Design: Grant Admin.: Contingency: TOTAL COST $5,232,579.17 $232,166.67 $546,474.58 $65,000.00 $607,622.04 $1,451,263.29 $5,464,745.84 $546,474.58 $65,000.00 $607,622.04 $6,683,842.46 $5,232,579.17

6. PROJECT BENEFITS The widening of Valencia Way in the Augusta Corporate Park will accommodate future growth of both automobile and truck traffic coming to the industrial park due to the recent addition of Purecycle, Aurubis, and Denkai America. Projects of this size can create an increase in traffic volume that requires sufficient infrastructure to be in place to ensure the safety of all motorists utilizing the park infrastructure. With nearly 475 acres of land available for development, this widening project will make the site attractive to future prospects looking to locate in Georgia.

7. PROJECT SCHEDULE EVENT PROJECT DATE Begin Design July 2023 Complete Design September 2023 Advertise for Proposals September 2023 Obtain Permits October 2023 Accept Proposals October 2023 Begin Construction November 2023 Complete Construction May 2024 Closeout June 2024

8. PROJECT COST-BENEFIT ANALYSIS The current two-lane Valencia Way has yielded approximately $3.1 million per acre of development among the three companies located in the Augusta Corporate Park. There are approximately 475 acres of developable land remaining in the park, which would potentially produce around $1.5 billion of benefit. With the estimated cost of two new lanes to service this park s development being around $6.7 million, the anticipated benefit-to-cost ratio sits around 220.29. This means that for every $1 spent on infrastructure improvements on the road, it would yield approximately $220.29 in capital benefit for the local community.

9. PROJECT COST-BENEFIT ANALYSIS