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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 $2,625,000 **Note: utilities not included - paid for by Trunk Fees**
<br />Sources of Funds
<br />Sources
<br />MnDOT Grant
<br />City Contribution
<br />Pearson Contribution
<br />Capstone Contribution
<br />Portion of Overall Project
<br />Road, Trail, Storm
<br />ROW
<br />County Parcel
<br />Pearson Parcel %
<br />Bowers Drive
<br />$1,250,000
<br />$328,125
<br />$272,020
<br />28.0%
<br />$75,375
<br />$349,740
<br />36.0%
<br />$349,740
<br />36.0%
<br />100.0
<br />Uses
<br />(Project Costs)
<br />37.5%
<br />58.0%
<br />4.5%
<br />$628,125
<br />$971,500
<br />$75,375
<br />$950,000
<br />$1,578,125
<br />$971,500
<br />$75,375
<br />Total
<br />$1,250,000
<br />$675,520
<br />$349,740
<br />$349,740
<br />$2,625,000
<br />100.0
<br />$1,675,000
<br />$2,625,000
<br />Public vs. Private Dollars
<br />Private (Capstone + Pearson) $0 $699,480 72% $0 $699,480
<br />Public (City + MnDOT) $1,578,125 $272,020 28% $75,375 $1,925,520
<br />$2,625,000
<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 />Public Works recommended that review of financials (above) is not necessary.
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