On November 4, 2013, the Town Council authorized the Town to proceed with preliminary engineering for a road construction project that would make improvements to Thomas Point Road as well as add two new roads; one connecting Gurnet Road to Thomas Point Road and a second connecting Thomas Point Road to Tibbetts Drive. The proposed project had several goals, among them to make a connection between the Cook's Corner Mall and Wal-Mart, and to provide access to aid development in the area. Sitelines prepared the preliminary engineering report. The engineering report was delayed by the need to secure commitments from abutting landowners. Those commitments included contribution of right-of-way and the extinguishment of certain shared easements. In 2015, the Town prepared a project budget and tax increment financing model for the project. That model indicates that debt service related to the project could be recovered in ten to fifteen years, should the expected development occur. Since the more recent estimated cost of the project exceeded the original estimated cost carried in the CIP ($1,500,000), a number of efforts were undertaken to reduce the cost. Significantly, one of the abutting land owners agreed to fund and construct the Thomas Point to Tibbetts connection. This reduces the Town's estimated cost by approximately $300,000. Additionally, the Town asked developers to make an additional $200,000 cash contribution to the project. As of July 24, 2024, this project is currently in the FY 2025-2029 CIP. Funding for this project is allotted in the city's capital improvement plan for construction FY 2025-2026. Further information regarding a design firm or detailed construction timeline has not been made available. *Project information has been obtained through a public capital improvement plan (CIP). A CIP is a financial schedule for short- and long-range projects which is updated regularly. Information listed in the CIP often evolves based on funding availability and the project details, including timeline and value, are subject to change. The content management team will continue to pursue additional details as they become available.
.webp)
