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WHEREAS, the City has been unsuccessful in obtaining additional funding for Riverdale Drive and <br />preservation of 7 Acres of Forest. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, <br />ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1. That the Ramsey City Council hereby approves a revised Cost Share Framework for the construction of <br />Riverdale Drive and Riverstone South attached hereto as Exhibit A generally as follows: <br />a. Riverdale Drive — Developer and Property Owner's contribution towards the Riverdale Drive <br />Extension Project is currently estimated at $352,757 for each party before a private assessment <br />agreement allocation; subject to change based on final construction costs and associated lineal <br />footage. <br />i. Detailed Cost Share Framework, including the private assessment agreement allocation <br />agreed to by the developer and land owner is outlined on Exhibit A. <br />b. Tree Preservation — Developer shall convey a 7 acre parcel to preserve a portion of the existing <br />forest as indicated on the Preliminary Plat. <br />i. The City will work credit $350,000 towards Capstone's contribution to Riverdale Drive <br />in exchange for this conveyance. (ACHRA - $239,875 and PIR $110,125), subject to <br />change based on final construction costs and associated lineal footage <br />ii. The City continues to not support an additional credit to Park Dedication Fees to fund <br />this $350,000 tree preservation expenditure. <br />2. That the Ramsey City Council hereby approves a funding request to the Anoka County Housing and <br />Redevelopment Authority in the amount of $950,000 towards the City's contribution to Riverdale Drive <br />Construction Project. <br />3. That the Ramsey City hereby approves the use of the PIR Fund to fund a portion of the tree preservation <br />credit in an amount not to exceed $150,000. <br />4. The City council Agrees that a city contribution to a collector road has broader public benefit and that <br />the revised cost share framework attached hereto as Exhibit A is close to the (non -binding) framework <br />approved by the City Council on January 26, 2021. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />, and upon vote being taken thereon, the following voted in favor thereof: <br />and the following voted against the same: <br />and the following abstained: <br />and the following were absent: <br />RESOLUTION #21-185 <br />Page 2 of 4 <br />