Agenda - Council - 09/10/2019 - Laserfiche WebLink

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CC Regular Session 4. 10. Meeting Date: 09/10/2019 By: Sean Sullivan, Community Development Information Title Adopt Resolution #19- 214 Authorizing Release of Encumbered HRA Funds for Bunker Lake Business Park Purpose/Background: Purpose: Provide authorization to Anoka County the release encumbered funds relating to the infrastructure installed in Bunker Lake Business Park. Background: In 2017, the City of Ramsey requested $1.7M from the Anoka County HRA fund for infrastructure improvements relating to Bunker Lake Business Park. The project came in under budget and the the entire $1.7M was not needed. The City is requesting that the remaining encumbered funds be released and a letter from Mayor LeTourneau to Anoka County is required to accomplish this. Releasing the current encumbrance will allow the City to apply for these dollars for other projects. This case does not authorize use of these funds, but simply removes an existing an encumbrance so that the City may apply for use of these funds for other projects. The Anoka County HRA levy within the City of Ramsey was originally established to create and operate the Savannah Oaks Senior Apartment building on Nowthen Boulevard at Dysprosium Street. The Anoka County HRA continues to levy dollars within Ramsey that can be used for housing, development, and redevelopment projects. Notification: Notification is not required. Observations/Alternatives: Observations: The Bunker Lake Industrial Park infrastructure project (Bunker Lake Boulevard and Puma Street improvements) has been a great success. It has provided infrastructure and access to both industrial and residential developments. The project was funded primarily by special assessments and Anoka County HRA funds. To date, the City has received reimbursement for project costs from its Ramsey HRA fund in the amount of $875,740.65. The City is not requesting additional reimbursement. Releasing the remaining unencumbered funds will alow reallocation for future Anoka County HRA eligible projects. Funding Source: Anoka County HRA Fund Recommendation: Staff recommend adoption of Resolution #19- 214 authorizing release of encumbered HRA Funds previously held for the Bunker Lake Industrial Park. Action: