Agenda - Council - 04/10/2007 - Laserfiche WebLink

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Mayor Gamec stated they are looking at keeping this intersection open temporarily to keep Coborn's active. Likely in about 2010 this would become a right inJrigbt out, and possibly a left out. There would not be the ability for a left in or for straight through traffic on Sunwood Drive, Councilmember Elvig indicated the County is concerned about stacking at the Sunwood Drive intersection. The proposal is to keep the intersection open as long as possible, but the City would need to sign an agreement with the County that a signal would not be requested for Sunwood Drive in the future. In the future there will be an overpass and Sunwood Drive could be open all the way through. Councilmember Strommen stressed the importance of reviewing the traffic patterns that will result from the limitations on the Sunwood Drive intersection. There was discussion of likely traffic patterns in the area, including the ability for street connections when Highway 10 is upgraded to a freeway. Mr. Lasher reviewed the Draft Ramsey Crossings Assumptions based on Ryan Companies negotiations, Uses were outlined for the following development activity: . Land Acquisition . Capitalized Interest on Land (22 months) . Environmental & Demo . l16th Street . Off-site Improvements . Sunwood & Other Public Streets . l16th Traffic Signal . City Fee's (Estimated) . Total Project Land/Infrastructure in the amount of $24,948,141 Mr. Lasher outlined following sources according to the Draft Ramsey Crossings Assumptions based on Ryan Companies negotiations: . Ryan Companies . 429 Assessments - Ryan Companies 100% . City TIF . Total Sources in the amount of$24,948,141 Mr. Lasher stated it should be noted that the approximately $19.97 million to be paid by Ryan Companies as calculated in the Draft Assumptions is nearly the exact number Ryan Companies proposed in their original RFP. Mr. Lasher reviewed financed 429 debt service for 20 years and 15 years as calculated in the Draft Assumptions. He discussed the 429 Assessment process with the Council. Mr. Lasher advised the special assessment would be paid directly to the City by the owner of the assessed parcel. Councilmember Look requested clarification that the City TIF amount of $5 million will not be reached if the developer were to hold onto a couple of the pads in the project. Mr. Lasher explained there will be guaranteed assessments on TIF and a guarantee on the 429 assessments. The assessment agreement will include a minimum assessed value within the project. City Council Work Session J March 6,2007 Page 3 of8