Agenda - Council Work Session - 02/28/2023

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Notification: Notification is not required. Observations/Alternatives: Observations: The Draft West Armstrong Street Reconstruction Feasibility Report outlines the cost and timeline to reconstruct 146th Avenue NW, 147th Avenue NW, Ferret Street NW (and extension to Bunker Lake Boulevard NW) and install City Sewer, Water and Storm Sewer to serve the area. The cost to construct the improvements and land acquisition required for Right of Way (ROW) is estimated to be $1,827,159. This project will open up 26 acres for the ARAA Sports Dome Project development and additional Industrial West of Ferret Street. It will also create access and frontage for about 10 acres of property zoned COR / Retail east of Ferret Street. The study outlines a project timeline that allows for 2023 construction commencing in July and completion at the end of September 2023. There are a few potential funding sources for the project but the Study shows a model based on special assessments and other specific City Funds. Staff is looking for comments/recommendation in support or against the proposed project and suggestions as to how the project could be funded to be provided to the City Council. Items to be considered include: Project Timing Support for ARAA Sports Dome project Support for identified funding sources Suggestions for alternative funding sources Support for Special Assessments for benefited properties Other comments Alternatives: 1) EDA recommend that the City Council identify a viable funding source and move forward with construction of the West Armstrong Street Reconstruction Project in 2023 2) Something else Funding Source: The Draft West Armstrong Street Reconstruction Feasibility Study identifies the following funding structure for the project: 1. Special Assessments for properties receiving benefit for the project 2. 5-year Street Reconstruction and Overlay Program bonds for city portion of road and sidewalk reconstruction. 3. Water and Stormwater Utility Funds for all utility improvements. There are other funds that could potentially be used to offset City costs for the project. They include: 1. PIR Fund 2. EDA Fund Balance 3. Anoka County HRA (Housing and Redevelopment Authority) Fund 4. TIF 14 (Tax Increment Financing) (expenses incurred prior to November 28, 2023)