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CC Regular Session 5. 8. Meeting Date: 03/08/2022 By: Sean Sullivan, Community Development Information Title Adopt Resolution #22-058 Approving Acquisition of Land Required for Riverdale Drive Construction, Improvement Project #20-05 Purpose/Background: The purpose of this case to obtain formal City Council authorization to acquire land needed to construct the Riverdale Drive Extension from Llama Street to Bowers Drive, Improvement Project #20-05. On October 26th, 2021, the City Council adopted Resolution #21-185 approving the cost share framework for the construction of the extension of Riverdale Drive. Within the approved cost share framework the Council approved the use of up to $950K in HRA dollars and $110,125 from the PIR Fund to pay for the City portion of the construction costs associated with Riverdale Drive and acquisition of Right of Way and to make payment to Capstone for the 350K Tree preservation Credit. The actual square footages of the land needed for Riverdale Drive right-of-way and the necessary storm water ponding have now been determined and the costs associated with them are included in the Draft Closing Statement. (See attached Parcel Area and Descriptions and Draft Closing Statement). Authorization by the City Council for land acquisition is needed to proceed with this project. Notification: N/A Observations/Alternatives: A resolution from the City Council authorizing acquisition of land for ROW for Riverdale Drive and associated storm water ponding is needed. Acquisition costs for the land is $432,401.74 as identified in the attached Draft Closing Statement. Proposed funding sources for each component include: Riverdale Drive ROW and Outlot B $303,632.49 (County HRA) Outlot A (Storm Water Pond) $128,769.25 (City of Ramsey Stormwater Management Funds) Alternatives: 1) Adopt Resolution #22-058 approving acquisition of land required for Riverdale Drive construction, Improvement Project #20-05. Funding Source: The proposed funding sources for acquisition of ROW and Stormwater Ponding needed for the Riverdale Drive Extension ($432,401.74) are highlighted below: Riverdale Drive ROW and Outlot B $303,632.49 (County HRA) Outlot A (Storm Water Pond) $128,769.25 (City of Ramsey Stormwater Management Funds) Recommendation: Staff recommends Alternative # 1.