Agenda - Council - 01/26/2010 - Laserfiche WebLink

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Funding: Financing for this project to date has been from the park payment obligations that were collected as part of the original RTC park agreement. Additional funding sources that could be utilized to supplement the grant money include additional RTC park payment obligations and park dedication money. A potential funding scenario for the staff recommendation is as follows: Met Council grant $364,000 RTC park payments $347,000 Park dedication (within district) $438,000 Park dedication (outside district) $750,000 $1,899,000 Recommendation: Staff recommends option B, with the addition of the asphalt parking lot within Rhinestone Park, at an estimated total cost of $1.9M for phase 1 construction. Development under this scope would allow the installation of critical stormwater elements adjacent to the grant eligible improvements, keep open the potential for a stormwater recirculation system, and substantially complete this water feature amenity within the park. It will also be an attractive marketing tool for future development, enhance the uses within the park, satisfy obligations to existing residents and businesses, and create a solid foundation for future expansion within the park to incorporate additional elements as the revisioning process for the Town Center unfolds. Motion: Motion to authorize staff to prepare plans and specifications for phase 1 construction within East Meandering Commons Park, based upon the scope provided by Council, and authorize the project for bid. Attachments: Various construction options with associated 2010 estimates Reviewed by: City Administrator <~~ Public Works Dir ctor CC: 1/26/10