Council presses Portnoy Valley Development on CREST project steps, costs and accountability

Representatives from Portnoy Valley Development (PVD) gave a detailed update on the CREST development concept for city‑owned airport property, describing work to date on feasibility, market analysis and confidential developer interviews.

PVD representatives said they have compiled investor interest and hired consultants for concept and feasibility work; they asked the council to consider funding a $35,000 marketing/“M&A” book that would package feasibility, site offerings and return-on-investment information for potential developers and lenders. The presenters said potential investors have expressed interest but expect a professional marketing package to proceed.

Council members pressed for clarity on several fronts before committing additional city funds: who formally owns or leads the project (city vs. PVD), how infrastructure needs (water, sewer, roads, electrical) would be funded and staged, what the TIF district arrangement means for revenue sharing, and whether PVD or the city will hold developers accountable to deliverables. Councilors repeatedly requested a clear, phased roadmap of tasks and costs (marketing book, feasibility and infrastructure study) and cautioned against repeating past projects that yielded renderings but limited delivery.

City staff and PVD agreed on next steps that staff would bring back: a written phased plan with cost estimates for each phase (marketing package, feasibility and infrastructure engineering — a grants manager referenced a $750,000 possible infrastructure grant), identification of funding partners (PDA, county or others) and clearer milestones that would trigger subsequent work or funding requests. Several council members said the council supports economic development in principle but needs concrete, accountable steps before approving the marketing book or additional seed funding.