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30 minutes. <br /> Observations/Alternatives: <br /> Assessment Method <br /> All parties involved have verbally agreed to a split of the assessment between Capstone's residential development <br /> and the Pearson's future commercial/industrial development along Highway 10. The assumption is that all parties <br /> will agree to these terms in a future Assessment Agreement that eliminates any risk and/or liability from deviating <br /> from the'net developable acreage'method of assessment used on Puma Street on the north side of Highway 10. <br /> Capstone and Pearson's have a separate agreement to allocate special assessments that is based on lineal front <br /> footage along each property(outlined on Revised Cost Share Framework). <br /> City Contribution to Collector Road <br /> The January 26,2021 approved framework is attached along with minutes from Public Works Committee and City <br /> Council for additional detail. <br /> A key component to the success of this project is obtaining grant money and identifying eligible funding sources <br /> for the City contribution to this project. Resolution#21-101 directed staff to explore grant opportunities and other <br /> funding sources to reduce the City contribution to the project. The MnDOT LPP Grant, City of Ramsey HRA <br /> Funds,MSA Funds and City of Ramsey PIR Funds are eligible funding sources for the City contribution to this <br /> project. This project is listed in MnDOT and Anoka County's 2014 Highway 10 Access Planning Study, and the <br /> City's 2019 Ramsey Gateway Study. <br /> A portion of the full Riverdale Drive project is located on real property owned by Anoka County. This corridor was <br /> originally planned for a river crossing across the Mississippi River to the City of Dayton.At this time,Anoka <br /> County does not have funding available to contribute to this project(Riverdale Drive Extension). As such,Anoka <br /> County has offered that the City can purchase the ROW needed for the construction of Riverdale Drive. This would <br /> not be a County Road- it would be a local City Street. The cost for this ROW is estimated to be approximately <br /> $283K. <br /> As a sidebar,the City still desires to plan for a river crossing,the alignment simply has changed to coincide with <br /> Armstrong Boulevard. MnDOT is currently leading a study on the feasibility of this river crossing. <br /> Total Assessment Amount and Preliminary Assessment Amount <br /> Attached to this case is a detailed breakdown of the proposed Cost Share Framework. <br /> Timelines <br /> Capstone Homes has their schedule for subdivision approval for Riverstone South by the end of 2021 with <br /> construction to commence in 2022. If the City Council is comfortable with the proposed revised cost share <br /> agreement,this timeframe is feasible. The City Council could consider a higher contribution with traditional funds <br /> or introducing an eligible Tax Increment Financing(TIF)economic development project on the <br /> commercial/industrial parcels along Highway 10. This would extend the desired timeframe. <br /> At the end of the day,the City is not obligated to contribute to any portion of this project at any given time, <br /> although there would be value in doing so. Staff has negotiated with Capstone and the Pearson's and has presented a <br /> viable funding solution. <br /> Future Discussions <br /> This case is intended to provide a recommendation to City Council for policy direction.Next steps including,but <br /> not limited to, approval of Assessment Agreement(s), authorization to prepare plans and specifications, approval of <br /> plans and specifications, and award of construction contracts, all of which will provide additional levels of detail. <br />