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4. MnDOT Local Partnership Program (LRIP - competitive grant up to $1.25M) <br />5. Tax Increment Financing (for qualifying projects in the Commercial/Industrial District) <br />Recommendation: <br />For update only. Staff does recommend the following parameters. <br />1. City pays for all costs associated with County Property (ROW plus construction), but applies 100% of the <br />grant to the County Parcel <br />2. City pays for Bowers Drive cul-de-sac and Bowers Drive Connection but reduces contribution to Pearson <br />Frontage in recognition of an overall higher contribution to the overall project <br />3. The portion on the Pearson Property is split per the attached REVISED Cost Share Framework <br />4. The City's Financial Consultant should evaluate the Developer's pro -forma to ensure returns on investment <br />are within industry standard and that the assistance is truly needed for the project, unless the City's <br />contribution is further reduced <br />Action: <br />For update only. <br />Attachments <br />Riverdale Drive Planning Level Layout <br />Capstone Plans <br />Capstone Plans <br />ORIGINAL Cost Share Framework <br />ALTERNATE Cost Share Framework <br />Public Works Committee Meeting Minutes dated March 16, 2020 <br />Staff Presentation <br />Form Review <br />Inbox Reviewed By Date <br />Bruce Westby MaiyJo Warner 01/14/2021 04:59 PM <br />Grant Riemer Grant Riemer 01/14/2021 05:09 PM <br />Kurt Ulrich MaryJo Warner 01/14/2021 07:50 PM <br />Form Started By: Tim Gladhill Started On: 01/14/2021 02:48 PM <br />Final Approval Date: 01/14/2021 <br />