Agenda - Council - 03/24/2020 - Laserfiche WebLink

Home

CC Regular Session Meeting Date: 03/24/2020 By: Tim Gladhill, Community Development 5. 10. Information Title Adopt Resolution #20-065 Approving Cost Share Framework for Riverdale Drive Improvement Project Purpose/Background: The purpose of this case is to consider a recommendation to the City Council on acceptable funding alternatives for the Riverdale Drive Development Initiated Expansion and Safety Improvement Project. Please note that this case does not approve funding or otherwise obligate to future investments. The broad intent of this case is to limit the number of options to a single framework to allow Staff to continue to negotiate with the Developer(s). The need for this project is being driven by a development proposal known as Riverstone South by Capstone Homes located on property owned by Pearson Properties of Ramsey on the south side of Highway 10. This topic was discussed at the February 11, 2020 Work Session with the City Council and Planning Commission. Consensus at that meeting was that this improvement was necessary and that a general cost -share model of an even split between 1) Capstone, 2) the Future Commercial/Industrial Development between the Riverdale Extension and Highway 10 and 3) the City was desired. These are very preliminary discussions, and high-level direction is sought. Notification: Notification is not required. Observations/Alternatives: Assessment Method All parties involved have verbally agreed to an even split of the assessment between Capstone's residential development and the Pearson's future commercial/industrial development along Highway 10. The assumption is that all parties will agree to these terms in a future Assessment Agreement that eliminates any risk and/or liability from deviating from the 'net developable acreage' method of assessment used on Puma Street on the north side of Highway 10. City Contribution to Collector Road At the February 11, 2020 Joint Work Session with the Planning Commission, consensus was that a general City contribution (Municipal Contribution) was appropriate given the status as a collector road. Direction was given that an approximate 33% contribution was desired. A key component to the success of this project is a potential grant award from MnDOT in the amount of $710,000. While Staff feels confident that this project will score well in the next application round, there is no guarantee of this award. This project is listed in MnDOT and Anoka County's 2014 Highway 10 Access Planning Study. A portion of the full Riverdale Drive project is located on real property owned by Anoka County. This corridor was originally planned for a river crossing across the Mississippi River to the City of Dayton. At this time, Anoka County does not have funding available to contribute to this project.