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Budget Impact <br />The Old Highway 10 Trail Improvements project is in the proposed 2024-2028 CIP and <br />tentatively scheduled for 2025 construction (Attachment A), project funding would be derived <br />from the City's PIR Parks fund, Municipal State Aid (MSA), Ramsey County cost -share and <br />grant funding. City Staff is assuming that the project hinges on receiving external grant <br />opportunities, if grant money is not received it is likely the CIP cannot support a project of this <br />size. The below graph illustrates the projected PIR Fund balance through 2033, and this is <br />WITHOUT this project programmed in. Should the project move forward without external grant <br />funding, it would drive this fund negative for years unless the City were to consider bonding for <br />this project on its own. <br />$2.5 <br />$2.0 <br />$1.5 <br />$1.0 <br />$0.5 <br />$0.0 <br />-$0.5 <br />2024 2025 2029 2030 2031 2032 2033 <br />General Trail Construction $699,397 <br />Boardwalk $770,000 <br />Retaining walls $482,615 <br />Stormwater BMP and Sewer $950,000 <br />Construction Sub Total $2,902,012 <br />Construction Contingency (10%) $290,201 <br />Engineering (20%) $580,402 <br />Easements/Ag uistions $ 300,000 <br />Total Project Cost $4,072,616 <br />SRF has identified the most probable grant opportunities for the section of trail which are listed <br />in the table below. The Met Council Regional Solicitation — Multiuse Trail category that has a <br />maximum request of $5.5 million was not included as this trail is not within the Met Council <br />Regional Bicycle Transportation Network corridor meaning the application would not score well <br />against other applicants. City Staff has requested a corridor addition for the proposed trail to Met <br />Council recently and was denied at this time as the proposed corridor did not meet their current <br />criteria. Of course, City Council may still decide to pursue the grant if they so choose. Ramsey <br />County has programmed $550,000 to their TIP in 2025 for the proposed trail project. Due to the <br />high cost of this trail and the proposed timing of 2025 construction, the County does not have the <br />funding available to fulfill their cost -share policy which is typically 50% of construction costs. <br />Page 2 of 3 <br />