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The funding for this project is proposed to be a combination of City Contributions and Developer Assessments as <br />outlined below. As it pertains to the City's Cost Share (Municipal Contribution to Collector Road + Assessment <br />Amount for Ownership of Real Property), several funding sources are available. <br />1. City's Public Improvement Revolving (PIR) Fund (generated from local property tax revenue) <br />2. Anoka County Redevelopment Authority (ACHRA) <br />3. State of Minnesota Municipal State Aid (MSA) Account <br />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 />The Public Works Committee recommends approval of the revised Cost Share Framework without the need for <br />financial underwriting. The Public Works Committee feels that a contribution to a collector road has a broader <br />public benefit and that the revised cost share framework is close to the original framework originally approved <br />(non -binding) by the City Council and that additional underwriting is unnecessary. <br />Action: <br />Motion to adopt Resolution approving the revised Cost Share Framework for the Riverdale Drive Extension related <br />to Riverstone South. <br />Attachments <br />Riverdale Drive Planning Level Layout <br />Capstone Plans <br />Capstone Plans <br />ORIGINAL Cost Share Framework <br />REVISED 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 Bruce Westby 01/21/2021 03:28 PM <br />Grant Riemer Grant Riemer 01/21/2021 03:32 PM <br />Kurt Ulrich Kurt Ulrich 01/21/2021 04:09 PM <br />Form Started By: Tim Gladhill Started On: 01/19/2021 06:41 PM <br />Final Approval Date: 01/21/2021 <br />