Agenda - Public Works Committee - 10/19/2021

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Deputy City Administrator Gladhill explained that the City looks at the project as a whole and the benefit that it provides. He noted that all contributions to the project are valid, but the City is concerned that its contribution could be considered above industry standards and therefore it would make sense to have underwriting done. Councilmember Musgrove asked if the $350,000 would not be paid in addition to the preserve land. Deputy City Administrator Gladhill provided background information on the park dedication for the Riverstone South property, noting that park dedication focused on the one acre of park and cash contribution of$350,000. He noted that the City will look for outside funding to assist in the price for the preserved area. Chairperson Riley asked if the reason this has changed is related to the County parcel. Deputy City Administrator Gladhill confirmed that is a large portion of the discussion but noted that the developer also offered a counteroffer. Chairperson Riley asked if the offer would be to buy the entire County parcel. Deputy City Administrator Gladhill stated that there are three parcels that make up the property in discussion, noting that the County purchased that in 2008 in attempt to preserve that for a future river crossing. He stated that the parcel is split in three pieces because the County used different funding sources to purchase the property. He noted that the City would not be purchasing the entire County owned parcel,but the entire parcel outlined in the case. Chairperson Riley asked and received confirmation that the road would take up about one third of that proposed parcel. Deputy City Administrator Gladhill believed that a user could be found for the remainder of the parcel outside of the road. Councilmember Woestehoff asked if there is contingency planned if the funds are not received from MnDOT. Deputy City Administrator Gladhill stated that the deal would not move forward without that funding from MnDOT,therefore when action is taken on the preliminary plat,the City will be well protected. Tom Bakritges, Capstone Homes, commented that this has been a 13-month process thus far and a lot of different iterations to the plan have occurred, to the good. He commented that they have been cooperative with all the necessary parties, noting that by the time construction would begin they would be more than two years into the planning process. He commented on the seven acres of wooded area that will be preserved, the one acre of wooded park land,the buffering that would occur along Riverdale Drive, and the variety of housing that would be provided through their development. He stated that there are 15 acres of open space on the south side that provide Public Works Committee 1 January 19,2021 Page 3 of 14