Agenda - Council Work Session - 04/09/2024

Home

Observations As declared above,planning for The Waterfront has occurred over many years and with significant public input and accordingly,the form, function,utility and scope of the concept plans for the community building and water play area are well-aligned to serve residents'needs. In light of this, and as the city nears the build-out of the Center of Ramsey, it is prudent to move forward with the project at this time or, make a deliberate decision to pause the planning for a period of time, or to proceed with finite steps. For the work session discussion, Morrissey Hospitality will have representatives present to provide insights into the operations side of a venue that the concept plan represents. (Morrissey Hospitality provides management services for the city of Coon Rapid's Bunker Hills Activity Center as one example.) Additionally, Greg Houck, Principal with the Architectural firm Cuningham,will be in attendance. Cuningham worked with the city to bring the ideas and goals for the community building into the present concept design. They also just completed a very similar project for the city of Minneapolis with the Bde Maka Ska rebuild on that city's lake front. Timeframe One hour is expected to be required to highlight the background and context of this project, and review operational aspects of community building. Funding Source: The capital cost for constructing the proposed community building and water play area is estimated at+/- $20M and the funding source(s)has not been specified at this time. However, around>$3M could be from the Park Trust Fund,which would approximate the development fees (Park Dedication)that have been received from private development projects within The COR in recent years, since the $3M construction of The Draw park& amphitheater. The remaining balance of$17M would require the issuance of a bond. Annual debt service on this amount over a 20-year term would be approximately$1.325M. In the past, a lease revenue bond was referenced as an option. Unfortunately, that is not the case. Staff is seeking input as to what bond would apply to this project. In general, the bond would be required to be guaranteed by tax levy. As part of the city's overall levy calculation,we would be able to budget for revenue from this site. Staff will come to the meeting with more information on what this project could generate for revenue. Recommendation: Staff requests the Council provide direction on the desired next steps for the proposed Waterfront project; which may include Schematic Design for the community building and water play area to determine probable construction costs, as well as organizing funding options for this prominent and valuable investment for the community. Outcome/Action: Consensus direction on the scope and planning timeline for the build-out of The Waterfront project. Attachments Community building program Building program description splash pad planning Illustrative Plan View Architect portfolio Restaurant Operations Pro Forma 2024 CIP worksheet CIP worksheet Form Review