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Alternative 6a
<br /> Capstone Proposal w/City Modifications-Capstone Pearson Even Split
<br /> Project Costs(including ROW)
<br /> County Parcel $1,578,125
<br /> Pearson Parcel $971,500
<br /> Bowers Drive Modifications $75,375
<br /> Total $2,625,000 "Note:utilities not included-paid for by Trunk Fees"
<br /> Sources of Funds
<br /> County Parcel Pearson Parcel % Bowers Drive Total
<br /> Sources
<br /> MnDOT Grant $1,250,000 $1,250,000
<br /> City Contribution $328,125 $272,020 28.0% $75,375 $675,520
<br /> Pearson Contribution $349,740 36.0% $349,740
<br /> Capstone Contribution $349,740 36.0% $349,740
<br /> 100.0% $2,625,000
<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 $1,675,000 $1,675,000
<br /> ROW $950,000
<br /> $1,5781125 $971,500 $75,375 $2,6251000
<br /> Public vs. Private Dollars
<br /> Private (Capstone+ Pearson) $0 $699,480 72% $0 $699,480
<br /> Public(City+ MnDOT) $1,578,125 $272,020 28% $75,375 $1,9251520
<br /> $2,625,000
<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.
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