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CITY OF RA. MSEY <br />RAMSEY TOWN CENTER PARKING FACILITIES <br /> <br />EXECUTIVE SUMMARY <br /> <br />-l-his Feasibility Study and Report has been prepared for the Ramsey Town Center <br />Structured Parking Facilities. The proposed project includes the construction of the first <br />phases of the Ramsey Municipal Parking Facility and the RamseY West Parking Facility. <br /> <br />The Master Development Agreement for the development of Ramsey Town Center was <br />approved on September 17, 2003. The agreement required the developer to participate <br />in the cost of 1,150 structured parking stalls. The amendment to the Master <br />Development Agreement set the amount of the assessment at $6,000,.000 and locates <br />the structured parking stalls in both a parking facility in Outlot L and within a parking <br />facility next to the Ramsey Municipal Center (Ramsey Municipal Parking Facility). The <br />first phase of the two parking facilities will provide 1,150 structured parking stalls. <br /> <br />The estimated cost for the proposed improvements is: <br /> - Ramsey Municipal Parking Facility (2006): $8,510,000 <br /> ~ Ramsey West Parking Facility (2006/07): $8,750,000 <br /> <br />Total $17,260,000 <br /> <br />%he estimated project cost includes a 15% soft costs contingency and a 15% design contingency. <br />The improvements are proposed to be financed through the following sources: <br /> <br />Sources <br /> <br />G.O. Parking Improvement Bonds (1) 12,000,000 <br /> <br />Municipal Center Lease Rev Bonds (2) 1,517,616 <br />Metropolitan Council Grant 2,210,000 <br />Mn/DOT Grant 420,000 <br /> <br />Other (3) 1;112,384 <br />Total Sources $17,260,000 <br /> <br />(1) Maximum based on $6.0M <br />assessment. <br /> <br />(2) Represents Municipal Center share <br />of project - 107 stalls. <br /> <br />(3) Otherfunds to be identified <br /> <br />Source: Northland Securities, Inc. <br /> <br />January 2005 <br /> <br />Page 1 of 11 <br /> -39'/- <br /> <br /> <br />