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

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viable funding solution. Future Discussions This case is intended to provide a recommendation to City Council for policy direction. Next steps including, but not limited to, approval of Assessment Agreement(s), authorization to prepare plans and specifications, approval of plans and specifications, and award of construction contracts, all of which will provide additional levels of detail. The intent of this step is to confirm the revised Cost Share Framework or to develop another course of action. Alternatives Alternative 1 - Recommend that the City Council approve the REVISED Cost Share Framework including Tree Preservation, including the City contribution to the County Property, updating planned grant fund revenue and ROW acquisition cost. Alternative 2 - Recommend that the City Council approve the REVISED Cost Share Framework w/o Tree Preservation, including the City contribution to the County Property, updating planned grant fund revenue and ROW acquisition cost. Alternative 3 - Direct Staff, the Pearson's and Capstone to continue negotiations. Alternative 4 - Something else. Funding Source: The proposed funding for this project is proposed to be a combination of City Contributions (HRA and PIR), Grant Funds and Developer Assessments as outlined in the Revised Framework. The funding solution presented by staff uses a combination of HRA Funds and PIR funds to satisfy the $350K tree preservation credit to Capstone. As it pertains to the City's Cost Share (Municipal Contribution to Collector Road + Assessment Amount for Ownership of Real Property), several funding sources are available below if a different structure is desired. 1. City's Public Improvement Revolving (PIR) Fund (generated from local property tax revenue) 2. Anoka County Redevelopment Authority (ACHRA) 3. State of Minnesota Municipal State Aid (MSA) Account 4. MnDOT LPP Grant ($612K received) 5. Tax Increment Financing (for qualifying projects in the Commercial/Industrial District) (could delay project) If ACHRA funds are to be used a Resolution requesting the use of funds will need to be submitted to the ACHRA. The proposed HRA funding request is $950,000. Recommendation: Staff has worked hard to bring forward a creative solution to fund the Riverdale Drive Extension and tree preservation credit that utilizes MnDOT Grants, Ramsey HRA funds and PIR funds. This project will open up more land for residential and commercial/industrial development and increase safety for existing and future Ramsey residents and businesses. The Public Works Committee met on October 19, 2021 and unanimously recommended adoption of Resolution #21-185 - Alternative 1 - REVISED Cost Share Framework including Tree Preservation, including the City contribution to the County Property, updating planned grant fund revenue and ROW acquisition cost; and: The Public Works Committee feels that a contribution to a collector road has a broader public benefit and that the revised cost share framework is close to the original framework originally approved (non -binding) by the City Council which is incorporated into Resolution #21-185.