Agenda - Council - 10/26/2021 - Laserfiche WebLink

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CC Regular Session Meeting Date: 10/26/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development Information 7.2. Title: Adopt Resolution #21-185 Approving Revised Cost Share Framework for Riverdale Drive and Riverstone South and Authorizing Application to Anoka County Housing and Redevelopment Authority (ACHRA) Purpose/Background: The Purpose of this case is to consider adoption of Resolution #21-185 Approving Revised Cost Share Framework for Riverdale Drive and Riverstone South and Authorizing Application to Anoka County Housing and Redevelopment Authority (ACHRA) 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. The City has been working with the Developer and Landowner for over two years to negotiate an agreement that will bring this project to fruition. That being said, the project has a broader benefit for Highway 10 Safety/Congestion and the Bowers Drive Neighborhood. This topic was discussed in January 2021 by the Public Works Committee and City Council. Direction was to refine project costs and to explore grant opportunities and other funding sources to help fund the City portion of the Riverdale Drive project and the $350,000 tree preservation credit to Capstone Homes. The Ramsey HRA fund is a viable fund for Riverdale Drive project but cannot be used for the tree preservation credit. Former Deputy City Administrator Gladhill explored potential grant opportunities to help with the tree preservation credit and was unable to find a viable grant for the tree preservation credit. The City of Ramsey did not receive the $125M MnDOT Local Road Improvement Program (LRIP) grant for Riverdale Drive it applied for under the framework approved in January 2021. However, the City did apply for a MnDOT Local Partnership Program (LPP) Grant of $710K and was awarded $612K which can only be used for the construction of Riverdale Drive; not the tree preservation credit. Below is a summary of topics and new information for discussion as part of the revised framework attached. Additional detail is included in the attachments. • Developer/Owner object to contributing to the construction of off -site improvements (County Parcel, Bowers Drive) and PWC and City Council agreed to this in the past framework • Acquisition/repayment of previous funding for the County Parcel (RALF and Anoka County) will be required for ROW purchase • Planning Level Layout has been adjusted slightly and continues to be adjusted slightly to maximize development potential. • Construction cost estimate for Riverdale Drive and related improvements have been updated and is $1,706,000 • The estimated cost for acquisition of the ROW needed for Riverdale Drive from Anoka County has been reduced from $950K to $283K. • Estimated City of Ramsey total Contribution for Riverdale Drive and Tree Preservation is reduced from $1,025,520 to $1,021,486 • The City was unsuccessful in receiving the MnDOT LRIP Grant ($1.25M) • The City applied for a MnDOT LPP Grant ($710K) and received a $612K award