Laserfiche WebLink
<br />Mayor Gamec stated they are looking at keeping this intersection open temporarily to keep <br />Coborn's active. Likely in about 2010 this would become a right in/right out, and possibly a left <br />out. There would not be the ability for a left in or for straight through traffic on Sunwood Drive. <br /> <br />Councilmember Elvig indicated the County is concerned about stacking at the Sunwood Drive <br />intersection. The proposal is to keep the intersection open as long as possible, but the City <br />would need to sign an agreement with the County that a signal would not be requested for <br />Sunwood Drive in the future. In the future there will be an overpass and Sunwood Drive could <br />be open all the way through. <br /> <br />Councilmember Strommen stressed the importance of reviewing the traffic patterns that will <br />result from the limitations on the Sunwood Drive intersection. <br /> <br />There was discussion of likely traffic patterns in the area, including the ability for street <br />connections when Highway 10 is upgraded to a freeway. <br /> <br />Mr. Lasher reviewed the Draft Ramsey Crossings Assumptions based on Ryan Companies <br />negotiations. Uses were outlined for the following development activity: <br />· Land Acquisition <br />· Capitalized Interest on Land (22 months) <br />· Environmental & Demo <br />· 116th Street <br />· Off-site Improvements <br />· Sunwood & Other Public Streets <br />· 116th Traffic Signal <br />· City Fee's (Estimated) <br />· Total Project Land/Infrastructure in the amount of $24,948,141 <br /> <br />Mr. Lasher outlined following sources according to the Draft Ramsey Crossings Assumptions <br />based on Ryan Companies negotiations: <br />· Ryan Companies <br />· 429 Assessments - Ryan Companies 100% <br />· City TIF <br />· Total Sources in the amount of$24,948,141 <br /> <br />Mr. Lasher stated it should be noted that the approximately $19.97 million to be paid by Ryan <br />Companies as calculated in the Draft Assumptions is nearly the exact number Ryan Companies <br />proposed in their original RFP. <br /> <br />Mr. Lasher reviewed financed 429 debt service for 20 years and 15 years as calculated in the <br />Draft Assumptions. He discussed the 429 Assessment process with the Council. Mr. Lasher <br />advised the special assessment would be paid directly to the City by the owner of the assessed <br />parcel. <br /> <br />Councilmember Look requested clarification that the City TIF amount of $5 million will not be <br />reached if the developer were to hold onto a couple of the pads in the project. <br /> <br />Mr. Lasher explained there will be guaranteed assessments on TIF and a guarantee on the 429 <br />assessments. The assessment agreement will include a minimum assessed value within the <br />project. <br /> <br />City Council Work Session I March 6, 2007 <br />Page 3 of 8 <br />