Agenda - Council - 01/26/2021 - Laserfiche WebLink

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CC Regular Session 7. 8. Meeting Date: 01/26/2021 By: Tim Gladhill, Community Development Information Title: Approve Revised Cost Share Framework for Riverdale Drive Extension Improvement Project Related to Riverstone South; Case of Capstone Homes and Pearson Properties of Ramsey Purpose/Background: The purpose of this case is to consider a revised Cost Share Framework for the Riverdale Drive Extension related to the Riverstone South Subdivision. 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. That being said, the project has a broader benefit for Highway 10 Safety/Congestion and the Bowers Drive Neighborhood. This topic was discussed last discussed in March, 2020. General direction has been to split costs evenly between the City, Property Owner (Pearson) and Developer (Capstone), including any funding gap related to improvements to an adjacent parcel required to make this connection. Below is a summary of topics for discussion at the request of the Developer and Property Owner. Additional detail is included in the attached presentation. • Developer/Owner object to contributing to off -site improvements (County Parcel, Bowers Drive) • City has found that acquisition/repayment of previous funding for the County Parcel shall likely be required • Planning Level Layout has been adjusted slightly • Cost Estimates have been improved • The City was unsuccessful in the planned MnDOT Grant ($710,000) • The City is applying for a different MnDOT Grant ($1.25M) Timeframe: 30 minutes. 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 The original framework is attached along with minutes from Public Works Committee and City Council for additional detail. A key component to the success of this project is a potential grant award from MnDOT in the amount of $1.25M. While Staff feels confident that this project will score well in the next application round, there is no guarantee of