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PWC and CC Approved Framework(6a Approved via motion on 1/26/21 by CC)
<br /> City/Grant Fully Funding County Parci Project Costs(including ROW)
<br /> Area Description Cost Allocation
<br /> County Parcel $628,125
<br /> County ROW Estimate $950,000
<br /> Pearson Parcel $971,500
<br /> Bowers Drive Modifications $75,375
<br /> Total $2,625,000
<br /> "Note:utilities not included-paid for by Trunk Fees"
<br /> Sources of Funds
<br /> County Parcel Pearson Parcel % Bowers Drive Total Project
<br /> MnDOT Grant $1,250,000 $0 $1,250,000 47.6%
<br /> City Contribution $328,125 $272,020 28.0% $75,375 $675,520 25.7%
<br /> Pearson Contribution $349,740 36.0% $349,740 13.3%
<br /> Capstone Contribution $349,740 36.0% $349,740 13.3%
<br /> $1,578,125 $971,500 100.0% $2,625,000 100.0%
<br /> Uses(Project
<br /> Portion of Overall Project 37.5% 58.0% 4.5% 100.0%
<br /> Road,Trail,Storm $628,125 $971,500 __ .�. $75,375 $1.1675,000
<br /> ROW $950,000 ri $950,000
<br /> $1,578,125 $971,500 i $75,375 $2,625,000
<br /> 1/3 of funding
<br /> County Parcel+ROW= $1,578,125 gap
<br /> Funding Gap
<br /> Public vs.Private Dollars
<br /> Private(Capstone+Pearson) $699,480 27%
<br /> Public(City+MnDOT) $1,925,520 73%
<br /> 00 / � T $2,625,000
<br /> Capstone/Pearson Agreement* Party Assessment Amt
<br /> Private Pearson Parcel Total Capstone $237,823 34%
<br /> $699,480 Pearson F $461,657 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 /> 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
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