Agenda - Council - 08/08/2017 - Laserfiche WebLink

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Councilmember Riley aye Councilmember Shryock aye Councilmember Williams aye Councilmember LeTourneau aye Councilmember Johns aye Councilmember Kuzma aye Mayor Strommen aye Motion carried. Motion by Councilmember LeTourneau, seconded by Councilmember Johns, to Adopt Resolution #17-07-186 Granting Final Plat and Development Agreement Approval of Riverstone Addition. Motion carried. Voting Yes: Mayor Strommen, Councilmembers LeTourneau, Johns, Kuzma, Riley, Shryock, and Williams. Voting No: None. 7.02: Consider Assessment Agreement: Arterial Infrastructure to Serve Ramsey's New Business Park and Riverstone Development Asst. City Administrator/Economic Development Manager Brama reviewed the staff report and noted that the City Attorney, City Engineer, and Finance Director have reviewed the documents and found the agreement to be consistent with direction from the City Council and EDA in March and April of 2017. He stated therefore, staff recommends approval of the agreement. He stated that both property owners have recently made suggested changes to the document and noted that a redline version was provided. He noted that one last update is still planned as Appendix D needs to be updated to reflect an assessment of $5,432 per lot. Councilmember Riley stated that the Council has discussed this quite a bit but asked for a high- level explanation of the agreement. Asst. City Administrator/Economic Development Manager Brama stated that it is common when there is public infrastructure placed on greenspace for cities to partner with the private sector because of the high cost. He stated that in this case the City can use its dollars as the financing tool and the City would recoup a portion of the costs through assessment (40%) against the properties which would be paid back over time with interest. He stated that this is arterial infrastructure as this is a collector road that would serve the community as a whole and not an interior road to the Capstone development. He noted that because the City as a whole will benefit, the City will pay 60 percent of the cost and the remaining 40 percent would be assessed to the properties. Mayor Strommen stated that this is a bit unique in which there are two different property ownerships moving forward on development at the same time, which gives the City the opportunity to settle that at the same time rather than in The COR where the City funded the infrastructure and has an assessment against property that has not yet been sold. City Council / July 25, 2017 Page 6 of 17