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funding source for the arterial infrastructure includes both the EDA Fund and Anoka County <br /> EDA/HRA accounts. <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. He reviewed <br /> the three alternatives with the Board. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the benefits of Alternative A is <br /> that it appears it can work for all parties and is an agreeable deal. This would trigger a 300 to <br /> 350-unit residential development which would help drive traffic and consumers to The COR and <br /> would help to push their demographics to bring in retail restaurants. This would also help to <br /> trigger development of the new Itasca Park and modifications to Alpine along with allowing for <br /> new pedestrian connections within their community. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated Alternative B would minimize <br /> the City's exposure to risk and Alternative C is to hold tight. They are able to meet their primary <br /> goal of getting their business park ready to go and have land available. He stated Capstone is at <br /> the meeting to discuss and answer any questions the EDA may have. <br /> Chairperson Steffen asked if 60/40 is past policy. Economic Dev. Mgr/Assistant City <br /> Administrator Brama stated this is not past policy but it is what happened for Legacy Christian <br /> Academy, Sunwood Drive and Rhinestone. The City does not have a formal policy so is usually <br /> negotiated. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the proposal that stands today is <br /> typically assessments are going to be over a ten to fifteen-year term. Capstone Homes has <br /> requested that the assessment be paid back at the time the property is sold. He thought the City <br /> would not want to sit on the assessments for any length of time so he feels a five-year sunset <br /> clause for when assessments would be due is appropriate. That would state that if the lots are not <br /> sold within five years, those assessments will come due. He noted this is sort of a hybrid <br /> approach. He stated Capstone Homes and staff have not had a lot of time to review this MOU in <br /> detail. <br /> Member Williams asked to revisit the past practice statement. She asked if the 60/40 split is the <br /> basis for other residential developments in the City. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated from a residential perspective, <br /> typically residential projects do not get involved with arterial infrastructure. Usually they will <br /> locate a development off a County Road or an existing city collector street. He added the City of <br /> Ramsey typically does not get involved with infrastructure for residential projects, especially <br /> interior to a site. In this project, there is going to be a lot of interior residential roads and the <br /> City of Ramsey would not pay for any of that. What is less clear is arterial infrastructure <br /> collector roads; he would have to do some more research to determine what has been the practice <br /> in the past. He stated it was his understanding that those roads are typically City responsibility. <br /> He stated in this scenario they are extending those roads ahead of development and he did not <br /> know if that has been done that in the past. <br /> Economic Development Authority/March 9, 2017 <br /> Page 5 of 11 <br />