|
Area Description
<br />County Parcel
<br />County ROW Estimate
<br />Pearson Parcel
<br />Bowers Drive Modifications
<br />Total
<br />PWC and CC Approved Framework (6a Approved via motion on 1/26/21 by CC)
<br />City/Grant Fully Funding County Para Project Costs (including ROW)
<br />Cost Allocation
<br />$628,125
<br />$950,000
<br />$971,500
<br />$75,375
<br />$2,625,000
<br />**Note: utilities not included - paid for by Trunk Fees**
<br />Sources of Funds
<br />MnDOT Grant
<br />City Contribution
<br />Pearson Contribution
<br />Capstone Contribution
<br />County Parcel
<br />$1,250,000
<br />$328,125
<br />$1,578,125
<br />Pearson Parcel
<br />$0
<br />$272,020
<br />$349,740
<br />$349,740
<br />$971,500
<br />28.0%
<br />36.0%
<br />36.0%
<br />100.0
<br />Bowers Drive
<br />$75,375
<br />Uses (Project Costs)
<br />Total
<br />$1,250,000
<br />$675,520
<br />$349,740
<br />$349,740
<br />$2,625,000
<br />Portion of Overall Project
<br />37.5%
<br />58.0%
<br />4.5%
<br />100.0%
<br />Road, Trail, Storm
<br />$628,125
<br />$971,500
<br />$75,375
<br />$1,675,000
<br />ROW
<br />$950,000
<br />$950,000
<br />$1,578,125 I $971,500 awmilI $75,375 I $2,625,000
<br />County Parcel + ROW =
<br />Funding Gap
<br />Public vs. Private Dollars
<br />Private (Capstone + Pearson)
<br />Public (City + MnDOT)
<br />Capstone / Pearson Agreement *
<br />Private Pearson Parcel Total r,
<br />$699,480 \
<br />Party
<br />Assessment Amt
<br />Capstone
<br />$237,823
<br />34%
<br />Pearson
<br />$461,657
<br />66%
<br />* Assessment amounts based on lineal footage along Riverdale Drive Pearson and Capstone
<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 />Considcring contribution to Rivcrdalc Drivc + acquisition for opcn spacc preservation, City should rcvicw financials
<br />Public Works recommended that review of financials (above) is not necessary.
<br />Total City Contribution $ 675,520
<br />Total Grant Contribution $ 1,250,000
<br />ROW Cost Estimate $ 950,000
<br />Project Costs Less County ROW $ 1,675,000
<br />So
<br />$699,480
<br />$1,925,520
<br />172,625,000
<br />Project
<br />47.6%
<br />25.7%
<br />13.3%
<br />13.3%
<br />100.0%
<br />1/3 of funding
<br />gap
<br />$0.00
<br />27%
<br />73%
<br />
|