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Alternative 6a <br />Capstone Proposal w/City Modifications - Capstone Pearson Even Split <br />Project Costs (including ROW) <br />County Parcel $1,578,125 <br />Pearson Parcel $971,500 <br />Bowers Drive Modifications $75,375 <br />Total <br />**Note: utilities not included - paid for by Trunk Fees** <br />Sources of Funds <br />County Parcel <br />Pearson Parcel % <br />Bowers Drive <br />Total <br />Sources <br />MnDOT Grant <br />$1,250,000 <br />$1,250,000 <br />City Contribution <br />$328,125 <br />$272,020 <br />28.0% <br />$75,375 <br />$675,520 <br />Pearson Contribution <br />$349,740 <br />36.0% <br />$349,740 <br />Capstone Contribution <br />$349,740 <br />36.0% <br />$349,740 <br />100.0% <br />Uses (Project Costs) <br />Portion of Overall Project <br />37.5% <br />58.0% <br />4.5% <br />100.0% <br />Road, Trail, Storm <br />$628,125 <br />$971,500 <br />$75,3�/ <br />$1,675,000 <br />ROW <br />$950,000 <br />$1,578,125 <br />$971,500 <br />75,375 <br />Public vs. Private Dollars <br />Private (Capstone + Pearson) $0 <br />Public (City + MnDOT) $1,578,125 <br />$699,480 72% $0 $699,480 <br />$272,020 28% $75,375 $1,925,520 <br />$1,675,000 <br />Talking Points <br />But for this development, the City would wait until other funding sources closed the gap. <br />If the Developer desires to accelerate the schedule, the Developer should bring additional dollars to the table. <br />This project derives a direct benefit to the connection to Highway 10 and associated improvements. <br />While not technically the Developer's responsibility, the Development relies on a connection through the County Property. <br />It is not feasible to phase the project. <br />If the Developer desires to not contribute to off site improvements, the City has less dollars to allocate to the Pearson Frontage. <br />Minnesota Statute allows the City to assess costs for off -site improvements that are necessary due to development impacts. <br />Considering contribution to Riverdale Drive + acquisition for open space preservation, City should review financials <br />