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buffering between the Riverstone development and adjacent Bowers Drive neighborhood. He <br />stated that the seven acres plus one acre equate to over 10 percent of the site which is above the <br />required park dedication with only land contributions. He referenced the original framework for <br />Riverdale Drive that used one third contributions that everyone agreed to, acknowledging that <br />there was a gap. He stated that they do not agree to spend their funds on a public improvement on <br />County property. He stated that the mechanism of the dollar amounts, and percentages do not <br />change by much, but they do not want to contribute to the County property. He commented that <br />things were added to the project which add cost and they do not want to contribute to. He stated <br />that staff was able to develop the new framework which they agree to. He stated that they cost- <br />shared on the construction of Puma with the City in Riverdale North and is an example of how this <br />can work. He stated that they agreed to the recommendation of staff to provide the seven acres of <br />wooded area, one acre of park land and a cash park dedication of $350,000 for Riverstone South <br />as long as the City purchases the seven acres of wooded land for $350,000. He stated that they <br />have not discussed about opening books throughout this process and would not agree to that. He <br />stated that they are not asking for TIF or anything above what is typically done for public <br />improvement projects. He commented that they realize that the City and County are going through <br />the appraisal process for the County parcel and that potential purchase would provide the City with <br />benefit down the road when development of that site occurs. He stated that if Capstone had to put <br />more dollars into this improvement, they would not move the project forward. He stated that the <br />goal would be for the City to have its third-party financing in order to move forward in spring of <br />2022 when Capstone is ready to move forward on Riverstone South. He stated that they want to <br />continue working with and collaborating with staff and agree to the framework but do not agree <br />with the underwriting component. <br /> <br />John Dobbs, representing the Pearson family, commented that they have had direct conversations <br />with staff which he appreciates. He commented that there are two things different in this <br />framework, than the original which split it into thirds. He stated that the land value is different <br />and not accounted for. He stated that if grant funds are allocated for land purchase that provides <br />the City with land that would be improved as it would have both right-of-way and road access and <br />could be sold for development, therefore he struggles with the premise that the entire cost for the <br />land is shown on the sheet, but the future value is not accredited to offset that. He stated that the <br />other difference from the original framework is the Bowers Drive extension, cul-de-sac, and access <br />point. He commented that the Pearson family is donating the right-of-way for Riverdale Drive <br />and would also be asked to provide the right-of-way and cul-de-sac area for Bowers Drive, which <br />is not their responsibility to donate. He stated that the associated details and costs were not shown <br />in the original framework and it is the opinion that the Bowers Drive right-of-way and cul-de-sac <br />for Bowers Drive is the responsibility of Bowers Drive residents and not the Pearson family. He <br />stated that the original framework agreed to each of the three parties contributing one third of the <br />cost, with an acknowledgement that there was a gap on the County contribution. He stated that <br />the new framework does not show the value of the land that the City would purchase with grant <br />funds and also shows the Bowers Drive requirements as a credit on the City portion. He stated <br />that the agreed to the one third split and do not agree to the Bowers Drive components. <br /> <br />Steve Bona, Capstone Homes, commented that the original framework included the one third split <br />of costs between the parties and Capstone still agrees to that. He stated that the framework then <br />allowed the negotiation of the park dedication and tree preservation, which was then approved. <br />Public Works Committee / January 19, 2021 <br />Page 4 of 14 <br /> <br />